Kim Dotcom is well aware of the fact that he isn’t exactly on the best of terms with those in the music industry. Nevertheless, the file sharing guru helped create a digital music service last year called Baboom in which he owned a 45 percent stake in through a family trust.
Baboom, pitched as a way for musicians to get their tunes in the hands of fans through digital downloads and streaming while still getting paid, won’t launch publically until early 2015 but apparently the company has already suffered some setbacks due to its association with Dotcom.
As such, Dotcom and Baboom have decided to part ways. The decision appears to be amicable – at least on the surface – with Dotcom posting on Twitter that he was holding the company back and they’ll do better without him. He added that the music industry hates him (probably an accurate assumption at this point) and wished Baboom the best of luck.
Solidifying the split, Dotcom sold his 45 percent stake in the company although terms of the deal weren’t made public.
While not directly taking a jab at Dotcom, it’s clear that Baboom is more than eager to distance itself from Dotcom. Baboom CEO Grant Edmundson said the transaction means Dotcom no longer has any equity or role in Baboom, nor any relationship with the company.
Edmundson added that Dotcom is moving on to focus on other projects and both camps wish each other well with future plans.