In this menu you may view stories focused on bands (バンド) or events (イベント). Each band has seven episodes, the first four episodes may be bought for 100,000 sound dollars each, and the rest must be unlocked through Band Growth.
Once you select the band, episodes are ordered chronologically. Select the one you wish to view and confirm your selection by choosing "View" (再生する). To cancel your selection choose "Close" (閉じる).
Greyed out episode titles are those which you have not unlocked, the yellow text indicates what you must do to unlock the episode. For example, to unlock episode 5 you must reach 1_8 in Fukashi Gimmick's Band Growth.
As you are viewing the episodes the Menu button gives you two options: Auto and Skip, auto will cycle through the dialogue in a steady pace while skip will fast forward.
Finishing reading a new episode will net you rewards.