Major Japanese mobile carrier NTT Docomo says it will spend 60 billion yen, or about $415 million, to fully enter the metaverse market. The metaverse is a virtual space where users interact in a computer generated environment.

A new subsidiary, NTT Qonoq, will provide entertainment-related services such as virtual live performances. It will also offer metaverse space to other companies.

NTT Docomo aims to make projects a key new source of revenue. The growth of the mobile phone business has been slow due to Japan’s declining population.

The company plans to work with a variety of partners to provide a variety of content.