A massive investment into mobile-specific video content. NTT DoCoMo (NYSE: DCM) and Japan’s largest music and movie entertainment company Avex Entertainment Inc. (AEI) are pouring in up to 7 billion yen ($66 million) into their newly formed joint venture to produce and distribute on-demand mobile video content. The JV starts in March 2009 with 3.5 billion yen ($33 million) in capital and an additional 3.5 billion yen ($33 million) in capital reserves. DoCoMo is putting up 30 percent, with AEI contributing 70 percent.

The new company will not be repurposing content originally developed for cinemas or DVD systems, the two were careful to point out. Instead, the JV will produce and distribute content developed specifically for the mobile screen, with “special consideration” given to scripting, editing, and photography and how to tailor it for the mobile environment. DoCoMo will bring its technology expertise to the JV, while AEI will bring its content experience.

The two companies said that after the JV gets off the ground, it expects to form more content creating partnerships with five video-content production companies, including Japanese national TV broadcaster Fuji Television Network, Inc., and production company Oz Co., Ltd., behind such movies as “Ringu”, the Japanese version of “The Ring”, and the “The Grudge” (release).