A huge shoutout to everyone who helped us hit our minimum funding target in just one day! There is still time left to invest and help us push towards our maximum target to keep Tracks alive and thriving for many years to come. This campaign is generating heaps of buzz around the country, check out this latest feature from Ad News. https://www.adnews.com.au/news/surfing-bible-tracks-magazine-in-crowdfunding-capital-raise

Our article in the AFR just dropped. Here's a snippet of the key bits for those that can't access: Surfing legend Kelly Slater is among the investors to pile in to a new public investment round in long-running surfing magazine Tracks, which is calling for “surfing suits” to buy equity in the company to fund a major digital overhaul. Founded in 1970 as a monthly magazine, Tracks has changed hands many times since then. It was bought by three corporate surfing enthusiasts in 2021 – barrister Peter Strain, former Schroders CEO Greg Cooper and Usana sales chief David Mulham – in a fire sale from publishing house nextmedia. Its editor, Luke Kennedy, and marketing chief Damian Martin also bought in. “None of us were interested in purchasing a surfing magazine, but the brand was iconic, old and really well established,” Mr Strain, who surfs at Bondi every morning and now serves as CEO, said. “I asked a couple of mates if they wanted to go in to save the brand, and they were keen.” Peter Strain is Tracks Magazine’s chief executive. He is also a barrister who surfs every morning at Bondi Beach. Louie Douvis It has been run by a team of 10 or so since then, running events, parties, and selling advertising. But it has been hit by the market-wide challenges facing media, and especially print media. Currently, Tracks prints about 10,000 copies, has a bit over 1000 subscribers, and says it has a readership of about 15,000, mostly along Australia’s eastern coastline. “It’s no surprise magazine sales are on the wane. You need to innovate or die on the vine,” Mr Strain said. “We now want to develop the brand, and take it beyond the mag.” And so the team came up with a bold plan to expand into other areas. At a valuation of $15 million, the company would raise $2 million by selling 13.3 per cent of its equity to the public. The funding round opened for 15 days on Tuesday, with buy-in ranging from $250 to $10,000. It is not a simple fundraiser. Tracks has big plans for the $2 million it hopes to raise, which can broadly be described in two pillars. One is a dedicated new TV channel, Tracks TV, which it will launch alongside production house Perpetual Entertainment. “We’re expanding our offering from surfing to snow, skate, music and lifestyle. We’re really going back to our roots to expand our reach to a broader audience,” Mr Strain said. That will include a new reality TV show following three young photojournalist surfers driving to new beaches, events and beach shacks. “Basically having fun in a really free and easy way as we used to in the 1970s,” Mr Strain said. It is hoped the channel will add a new income stream. The other side is a beachside competitor to Airbnb. Tracks Shacks has already been built to sell short-term accommodation to people near surf beaches, with specific information from surfers. “We have partnered with Alloggio, the largest managed provider of holiday properties in Australia. Our partnership allows us to take from them any properties they have and put them on our site, tracksshacks.com.au,” Mr Strain said. “We take a commission from every shack sold through our site.” They take a smaller commission than Airbnb, he says, and aim to have 15,000 properties soon. World surfing champions Shaun Tomson, Wayne “Rabbit” Bartholomew and Nat Young have joined Slater in investing, as have the three original founders of Tracks. Buying in was not likely to generate a dividend in the near term, Mr Strain said, but if the company was acquired at some point it could yield benefits for investors. “We are a 54-year-old start-up. Our profits and revenue will be ploughed back into the business. This could be the last time we go to the market.” https://www.afr.com/companies/media-and-marketing/the-execs-behind-an-equity-sale-to-save-australia-s-surfing-bible-20240604-p5jj7f