2014.10.09 LINE App
Avex Digital (ADG), Sony Music Entertainment (SME), and LINE have agreed to jointly establish a new company with the aim of providing a new subscription-based music streaming service.
By capitalizing on the appealing content and experience developing music services possessed by both ADG and SME, as well as the global user base and experience developing and operating smartphone services boasted by LINE, this new company, backed by the managerial resources of all 3 companies, will not only be able to provide opportunities for users to be exposed to new music, but will aspire to further develop and accelerate the expansion of the music industry as a whole by creating all new ways of enjoying music in the smartphone era.
Overview of New Company (tentative)
Company Name: LINE MUSIC Corporation (tentative title)
1. Headquarters:
Shibuya Hikarie 27F, Shibuya 2-21-1,
Shibuya Ward, Tokyo, Japan, 150-8510
Representative: CEO, Jun Masuda (Executive Officer and CSMO of LINE Corporation)
Business description: Music streaming services, etc.
Capital (Capital Reserve): JPY 480,000,000
Established: Late-October 2014 (planned)
ADG, SME, and LINE will continue concrete negotiations on the creation of a LINE MUSIC service to be launched on the LINE platform by the aforementioned LINE MUSIC Corporation (tentative).
Future information regarding details on the new company and its services will be provided in the future once they have been decided.
Overview of Avex Digital Inc. (As of October 1, 2014)
Company Name: Avex Digital Inc.
Local: 1-6-1 Roppongi, Minato Ward, Tokyo, Japan
Representative: President Masato Matsuura and Vice President Ryuhei Chiba
Business description: Planning and production of digital content
Capital: JPY 487,550,000
Founded: October 1, 2004
Overview of Sony Music Entertainment (As of October 1, 2014)
Company Name: Sony Music Entertainment Inc.
Headquarters: 6-4-5 Chiyoda Ward, Tokyo, Japan
Representatives: Representative Director & Chairman Masao Morita, Representative Director Naoki Kitagawa
Business description: Planning and Producing Music and Video Content
Capital: JPY 100,000,000
Founded: April 1, 2003 (head company founded March 1968)
Overview of LINE (as of October 1, 2014)
Company name: LINE Corporation
Headquarters:
Shibuya Hikarie 27F, Shibuya 2-21-1,
Shibuya Ward, Tokyo, Japan, 150-8510
Representatives: President Akira Morikawa, COO Takeshi Idezawa
Business description: Internet enterprises and web-based services (LINE, NAVER, livedoor)
Capital: JPY 12,596,000,000
Founded: September 4, 2000