However, investors in Japan are not yet aware of Media Content as an investment choice and similarly the number of financial institutions who establish Content Funds is extremely small. It continues to be said that the Japanese domestic industrial structure is changing from heavy manufacturing industries to the softer industries. Media Content Funds are one of the potential industries with a bright future, however, conditions in Japan are still far behind North America.

Until now, the Vertical Integration model has been the main Japanese business model for the distribution of media content. Distribution media (e.g. TV stations for Surface Wave) have been supplying assets to content creators and have and hold the business rights as well as getting involved in distribution. However, now multi-use conditions where creators have the business initiative is coming of age through the development of infra structure like distribution channel diversification and broadband. Unfortunately the systematic supply of assets to content creators is not ready yet, as these new business models have not been effectively activated.

However, in this environment, one company has set up the producing funds supply system targeting the Content Market and has discovered the potential of Alternative Investments - Osaka based YOSHIMOTO KOGYO CO., LTD., which is well known for "Comedy". YOSHIMOKO KOGYO set up "YOSHIMOTO / MILLENNIUM Content Fund" jointly with Millennium Partners Co,. LTD. and began to engage in the Media Content.

Until now there have been relatively few media related funds. Game Funds to invest in romantic simulation game soft ware, funds to invest in creating companies specializing in digital content and funds established for the specific purpose of acquiring the rights to make Japan and Korean World Cup Games DVD and Videos, for example.

However, while these funds' investment targets are specified, the characteristic of "YOSHIMOTO / MILLENNIUM Content Fund" is that they don't have any fixed content category. "YOSHIMOTO / MILLENNIUM Content Fund" aims to benefit from Diversified Investments in profitable media content. This means it is the first actual Media Content Fund in Japan. YOSHIMOKO KOGYO is financing via revolving funds. The benefit of this for YOSHIMOTO KOGYO is their ability to provide off-balance-sheet funds. The benefits for investors such as publications and promotions companies is that they can take advantage of media content resources as well as gaining fund income.

YOSHIMOTO KOGYO has actors, athletes and musicians as well as comedians under its affiliated companies and is making about 2,600 media content a year. YOSHIMOTO KOGYO has about 800 affiliated entertainers and their performance ration in variety programs is more than 50%. YOSHIMOTO KOGYO is aiming to lead the company from "comedy" to Media Content enterprise and this undoubtedly creates a big stir in the Media Content Funds Market in Japan.