Nippon Telegraph & Telephone Corp and 11 other companies launched a joint venture in Tokyo to deliver music over the Internet. The venture, called music.co.jp Inc, is capitalized at $1.1m, with Nippon holding a 16.67% stake. Internet service provider MCS Inc contributed the largest share of the investment, at 25%, while karaoke equipment maker Daiichikosho Co holds a 16.67% stake. The remainder is shared by companies in the publishing and entertainment production industries. The joint venture will sign agreements with musicians and provide digital live recordings of jazz and other music on the Internet, which users will be able to download music. The company expects the number of users will come to 120,000 by the year 2000, generating annual sales of more than $18.5m. The venture will earn its revenue from subscription fees.
