Boxman has also drafted plans to enter the German and Dutch markets in similar fashion by mid-year. The expansion is supported by a capital investment program totaling $20 million, provided by Boxman's main shareholders, including Swedish pop groups Ace of Base and Roxette and the Danish venture capital company 2M.
"We intend to become Europe's leading supplier of home entertainment via the Internet, and therefore become a major player in the field of European trading using electronic media," says Boxman Director Palle Viby Mogensen.
According to Mr. Mogensen, Scandinavia's "remoteness" from major centers of population in Europe no longer represents an obstacle. "In the Internet world, it does not matter whether one is located in Stockholm or Paris."
Boxman was formed in December 1997 to sell music, videos and games to Swedes via the Internet. The company's revenue exploded in 1998 growing from $8 million to $50 million.
Copyright April 1999, Crain Communications Inc.