Hungary's 3G Multimedia is undertaking a HUF 567m project to develop a complex multimedia application suite for mobile internet, the technology company told MTI on Wednesday.
Half of the cost of the project is being covered by European Union funding.
3G Multimedia said it completed the two-year development phase of the project, creating a technology for real-time streaming music content among a large number of concurrent users that operates on all of the big smartphone platforms.
Managing director Ferenc Sziklay-Pap said the company solved the problem of wanting to hear all music, anytime, anywhere, easily.
PortfoLion, the venture capital fund of OTP Bank, Hungary's biggest commercial lender, owns a stake in 3G Multimedia.