There isn't a press release that I can find (it's a Japanese title), but here are the basics:

1) This title requires a monthly fee. No amount was given.
2) It's karaoke.
3) 1,000 songs are added to the list every month, with plans to expand the library up to 20,000.
4) When you pay your monthly fee, you have unlimited access to all songs in the service.
-Joysound : The retail packaging (handled by Hudson) will include a USB microphone, while the music distribution side (handled by Xing) will be downloadable from Wiiware. The service will be charged monthly. After the start of the service, 1000 songs will be added each month. They also plan to introduce a social networking service called "Uta Suki", allowing online communication, ranking, and cooperation. Seems like there is no pricing yet.
Let me repeat that, one more time: 1,000 songs added every month.
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