, Vienna, Va., reported quarterly revenues of $312.3 million for the quarter ended March 31, up 185% over the same quarter in 1995. Service revenues tripled during the quarter to $285.5 million; revenues from merchandising sales, advertising, transactions, and network access were $26.9 million, almost double the 1995 count. The service reported it had 5.5 million subscribers.
The company also announced a new pricing plan, offering 20 hours per month for $19.95, and a joint venture, AOL Japan, with Tokyo-based trading company Mitsui & Co. and business publisher Nihon Keizai Shimbun (Nikkei). Mitsui will own 40% and AOL will own 50%. Nikkei will own 10%. Mitsui and Nikkei will together contribute more than $56 million to fund the service's yearend launch.