Japan's U-Next to Absorb Streaming Service Peer Paravi

Economy Technology

Tokyo, Feb. 17 (Jiji Press)--Japanese video streaming service provider U-Next Co. said Friday that it will absorb Premium Platform Japan Inc., which runs the Paravi video streaming service, at the end of March.

The merger will create the biggest Japanese provider of a paid video streaming service. In the Japanese market, however, the merged provider will be second to top player Netflix Inc. of the United States.

The combined sales at the U-Next and Paravi services exceed 80 billion yen, with their paid subscribers totaling over 3.7 million.

Paravi will be integrated into the U-Next service as early as July. U-Next members will be able to enjoy Paravi's content within the current subscription plans, while existing Paravi users will be given access to most of the integrated service for their current subscription fees.

The Paravi operator is owned by such companies as TBS Holdings Inc. <9401> and TV Tokyo Holdings Corp. <9413>.

[Copyright The Jiji Press, Ltd.]

Jiji Press