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Softbank, Yahoo Japan launch web movie joint venture

Posted by inet - 2005-12-20

Japanese Internet group Softbank and Yahoo Japan said they had set up a web portal to broadcast movies and television shows, aiming to link up content providers to broadband service customers.
Softbank said it aimed to make the joint venture, TV Bank Corporation, the biggest site of its kind in the world, adding that it was still securing agreements with major providers.

TV Bank will begin with 100,000 motion pictures -- including movies, television programs and news broadcasts -- that can be downloaded by subscribers.

The service relies on Japan's advanced Internet infrastructure including prevalent broadband access.

"Japan should take a leading role in providing a new business model in internet video distribution to Asia, Europe and the US," Softbank president and chief executive officer Masayoshi Son told a press conference.

The joint venture starts with capital of about 1.51 billion yen (13 million dollars). Softbank holds 60 percent and Yahoo the rest in the new venture.

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