MP3 moves on to the Nextway

Korean-based mp3 manufacturer Nextway is hoping to capitalise on the new world of legal music downloading with its mp3 technology at Gitex.

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By  Paul Barthram Published  October 16, 2003

Korean-based mp3 manufacturer Nextway is hoping to capitalise on the new world of legal music downloading with its mp3 technology this week. The company, which specialises in trend-setting hard and software solutions for multimedia applications will be presenting not only its portable mp3 players with integrated encoding functionality but also a range of digital language trainers. The company is also promising portable players in mpeg4 format.

"We plan to be among the top manufacturers of digital audio and video applications in the portable multimedia device segment by 2005," explains Nextway's CEO Jae Ryong Bum.

Prospects are bright as the market is ready for innovative mp3 products. A fact reflected in the company's world-wide sales figures: 220,000 players were manufactured at the company's Chinese and two Korean plants in 2002, an increase of 100% compared to the previous year.

"The worldwide market for mp3 products presently amounts to a total of 16 billion Euro and registers a yearly growth rate of over 100%", comments Ted Lee, Nextway's marketing director.

"In 2002, about 7 million mp3 players were sold already and this year, the figure will rise to 12 million," Lee adds.

With the increase of legal music downloading sites on the web and the revamped Napster on its way, the newly legit music downloading business should provide a boost for manufacturers of mp3s looking to capture a young music oriented market brought up on artists such as Beyonce and Justin Timberlake.

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