On May 9, Avex Inc., a leading Japanese company handling music and visual content, announced that its board of directors had resolved to establish Avex Technologies Inc. (ATS), a wholly-owned subsidiary engaging in the planning, development, production, and sale of intellectual property (IP (e.g. games, videos, music, and VR)) and systems using cloud and blockchain technologies, effective May 14, 2019.
Guided by the slogan “Entertainment×Tech×Global,” the Avex Group is pursuing the potential of new businesses using technologies. Avex reportedly decided to establish ATS with the goal of responding to new ways of creating IP facilitated by technological advances and contributing to the Group’s digital transformation centered on IP.
In presentation material titled “Towards an Innovative Future for Entertainment” issued on May 11, 2018, Avex listed Fintech/blockchain as one of those new and innovative businesses. In June 2018, Avex established EntameCoin Inc. (ECI), a wholly-owned subsidiary, which provides an electronic payment system for use primarily in the entertainment field and issues, sells, and manages e-money.
On the same day, Avex also announced a partial revision to its Articles of Incorporation, adding cryptocurrency exchange to its business purposes along with the issuance, sale, and management of e-money and the provision of an electronic payment system. As Avex aims to enter the cryptocurrency business, increasing attention is being paid to whether the Company’s move will facilitate the use of blockchain technologies for music and visual content in Japan and give a further boost to the country’s cryptocurrency industry, which has recently seen the entry of an increasing number of leading companies.
*This article was written by Fisco