C-Media Electronics Inc (
"We are targeting the largest online music retailer in the Greater China area," Rod Lin (
Taipei-based C-Media said in a filing to the Taiwan Stock Exchange on Monday that it would invest NT$100 million (US$3.05 million) in an online music company, which Lin confirmed to be Kuro, run by Fashionow Taiwan Inc (
C-Media and company chairman Cheng Chi-cheng (
Cheng will take over the chairmanship of Kuro, while Kuro's chief executive James Chen (
Encouraged by Apple Computer's overwhelming success in bundling its iPod music player and iTunes music store, C-Media is working with Dem Inc (
Kuro started to sell "Kuro Neo" players, also designed by Dem, for its subscribers at the end of last year. But with C-Media's know-how in manufacturing computer audio products, the company hoped to upgrade the player, as well as to introduce USB powered speakers, audio controllers and other devices that would strengthen the audio quality, Lin said.
As the local market is small, C-Media also plans to boost Kuro's presence in China by cooperating with IGRS Information Industry Association (閃聯) -- a semi-official organization established in 2003 by five of the biggest Chinese computer and electronics companies including Lenovo Group Ltd (
Wang Song-ching (
"But we have established brand recognition in the market, which is a bonus for the expansion," Wang said.
But before the new music store can run smoothly, Kuro needs to solve a lawsuit filed by the International Federation of the Phonographic Industry (IFPI) in Taiwan against the company.
Kuro's chairman, chief executive and president, were found guilty of violating intellectual property rights by the Taipei District Court in September last year, and the trio were sentenced to two to three years in prison and fined NT$3 million each.
Kuro had 500,000 members in its heyday, but this declined to 200,000 after the legal dispute and now stands at around 400,000.
Wang said the company has been negotiating with IFPI Taiwan and record labels regarding the settlement and music authorization, hoping to allow users to start swapping music files legally in the platform as soon as possible.
As the new owner of Kuro, Lin said C-Media was also in talks with IFPI on the settlement, but declined to elaborate.
Shares of C-Media dropped NT$6.5 to close at NT$176.5 on the Taiwan Stock Exchange yesterday.
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