XIAMEN, China, June 25, 2020 /PRNewswire/ -- Blue Hat
Interactive Entertainment Technology ("Blue Hat" or the "Company")
(NASDAQ: BHAT), a producer, developer and operator of augmented
reality ("AR") interactive entertainment games, toys and
educational materials in China,
today announced that it has partnered with Xiamen Xing Meng Wei Lai
Culture Media Co. LTD ("Xing Meng Wei
Lai") , a leading Chinese multi-channel network ("MCN") and
internet content development agency, to build Direct-to-Consumer
("DTC") social content marketing channels via short videos and live
streaming. Through the partnership, Blue Hat expects to gradually
release its product line on various popular short video and live
streaming platforms, including Douyin (TikTok).
In recent years, content-driven e-commerce has been surging in
China. Taobao Live, Alibaba
Group's dedicated livestreaming channel, thrived in 2019 with
livestreaming-led transactions growing over 150% for three
consecutive years. Live streaming has become one of the fastest
growing forms of e-commerce in China with over 500 million Chinese users. A
study by iiMedia Research shows that the market size of Chinese
live streaming e-commerce reached RMB 433.8
billion ($61.5 billion) in
2019, and is projected to double to RMB867,6
billion ($123 billion) in
2020. In the past, the majority of toy product sales came from the
offline market. The COVID-19 pandemic has led to an increase
in the amount of time parents and children interact at home on a
daily basis. Accordingly, Blue Hat has been taking initiatives to
shift its marketing focus to produce more social media and live
stream content.
Based on Blue Hat's product line, application scenarios and
interactive features, Xing Meng Wei
Lai intends to provide services from conception to
execution, including customized planning for live streaming events,
design and launch of online stores, and additional content-driven
e-commerce promotions.
"Establishing a short video live
streaming DTC sales model is a milestone for Blue Hat because it
not only serves to increase our brand awareness, but also to
broaden our market reach," commented Mr. Xiaodong Chen, Chief Executive Officer of Blue
Hat. "We believe that combining the power of short video live
streaming with the reach of standard e-commerce platforms will be
an important driver of Blue Hat's online sales looking forward.
With our comprehensive online and offline sales network, we believe
we are building future revenue growth for our products."
About Blue Hat
Blue Hat Interactive Entertainment Technology is a producer,
developer and operator of AR interactive entertainment games and
toys in China, including
interactive educational materials, mobile games, and toys with
mobile game features. The Company's interactive entertainment
platform creates unique user experiences by connecting physical
items to mobile devices, which creates a rich visual and
interactive environment for users through the integration of real
objects and virtual scenery. Distinguished by its own proprietary
technology, Blue Hat aims to create an engaging, interactive and
immersive community for its users. For more information, please
visit the Company's investor relations website at
http://ir.bluehatgroup.com.
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended
and Section 21E of the Securities Exchange Act of 1934, as amended.
All forward-looking statements are inherently uncertain as they are
based on current expectations and assumptions concerning future
events or future performance of the Company. Readers are cautioned
not to place undue reliance on these forward-looking statements,
which are only predictions and speak only as of the date hereof. In
evaluating such statements, prospective investors should review
carefully various risks and uncertainties identified in this
release and matters set in the Company's SEC filings. These risks
and uncertainties could cause the Company's actual results to
differ materially from those indicated in the forward-looking
statements.
Contacts:
Lexie Zhang
Blue Hat Interactive Entertainment Technology
Phone: +86 (592) 228-0010
Email: ir@bluehatgroup.net
Phil Lisio
The Foote Group
Phone: +86 135-0116-6560
Email: phil@thefootegroup.com
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SOURCE Blue Hat Interactive Entertainment Technology