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Nintendo briefly zipped past Sony Corp. in market capitalization Monday to become one of Japan’s 10 most valuable companies as its Wii elbows out the PlayStation maker’s decadelong dominance of the game industry. Nintendo joined such global household names as Toyota Motor, Honda Motor and Canon on the top 10 list before its shares erased earlier gains and ended the day lower. The Kyoto-based company finished in 11th place by market value, just below Sony, which has sales more than eight times as big as Nintendo’s.
$8 mil funding scored by Revision3
Internet TV network Revision3 said Monday that it closed an $8 million Series B round of funding with an investment led by Greylock Partners. The money will be used to expand the network’s mix of hip, geek and pop culture-oriented Internet TV programming targeting 18- to 34-year-olds. According to the company, Revision3 receives more than 2 million downloads a month of such Internet TV shows as “Diggnation,” “Systm,” “The Totally Rad Show,” “iFanboy” and “InDigital.” The funds also will be used to ramp up direct sales efforts and supply additional working capital.
iTunes gains in U.S. market share
Apple Inc.’s digital music store iTunes is now the third-largest music retailer in the U.S. with 10% market share, according to a survey released late last week. The NPD Group report highlights the growing strength of digital music in the U.S. market as physical sales of compact discs continue to slide. Apple’s iTunes is third behind market leader Wal-Mart Stores Inc., with a 15.8% share, and Best Buy Co Inc., with a 13.8% share. Amazon.com Inc. dropped to fourth with a 6.7% share, according to the survey of 40,000 people ages 13 and older. Those retailers mostly sell music in the CD format.
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