NEW YORK, May 10, 2021 /PRNewswire/ -- Color Star
Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter referred to as
"Color Star" or the "Company"), an entertainment technology company
devoted to the application of technology and artificial
intelligence (AI) in the entertainment industry, releases
forward-looking guidance for the first half year 2021 financial
report. The Company's online celebrity-interaction platform, Color
Star APP, has been developing AI and augmented reality (AR)
systems, which will enable the Company to fully launch the Color
Star virtual universe.
In the first quarter of 2021, the Company signed cooperation
agreements with multiple companies, encompassing sectors such as
Hollywood film industry,
international collectible auctions, internet video, non-fungible
token (NFT) development, as well as internet technology research
and development. These agreements will complement Color Star's own
development, application of AI and entertainment technologies. As
of April 2021, Color Star's
"international artist" online course received more than 24.96
million hits, and the "Chinese artist" course received more than
15.9 million hits, an increase of 63% compared to 2020, while the
number of registered users has exceeded 2 million. The Company
expects the number of registered users to reach 5 million in the
3rd quarter of 2021, and the number of hits to exceed 50
million.
In the future, Color Star will leverage its entertainment
industry advantages to continue researching and developing on NFT
products. The Company will publish its own film, music, and TV
program copyrights in the form of NFT, allowing these copyrights to
trade in the market as NFT. The Company will also cooperate with
world-renowned artists and sports celebrities to launch their
exclusive NFT products, such as exclusive videos, celebrity
merchandise, and design blueprints. Meanwhile, the Company will
build the world's first intelligent copyright trading platform,
where through NFT, authors from around the world will be able to
trade their copyrighted works on the platform and benefit from NFT
technology.
While launching NFT related products, the Company has fully
integrated AI into its technology products and the Color Star
platform. The Company will replace the outdated single menu mode
with a 3D virtual community mode. In the future, all users who log
in to the Color Star APP will own more than just a username;
instead, each user will be able to choose a virtual portrait
personalized to represent him or her within the community. For
example, if a user likes to sing, she can use the virtual portrait
to convey her song, and all members will be able to listen to her
music and vote directly for the global TOP10. TOP10 winners will
have the option to hold their own global concerts on Color Star's
virtual stadium and have the opportunity to sign contracts with the
Company to become an international artist.
In this virtual universe, the Company is also seeking to extend
cooperation with global real estate companies, automobile
manufacturers, and top shopping malls to allow its members access
to shop and buy real estate, cars, and consumer goods in the
virtual world. It will also allow members to make appointments with
virtual friends to go shopping, drink coffee, watch movies, and
enroll in online courses to enrich their virtual life. In the
future, one can achieve many aspirations in the Color Star universe
which one may not be able to achieve in real life. With the support
of AR and AI technologies, entertainment industry is the most
suitable area for virtual world applications, where one can freely
sing, dance, shoot movies, or write, or even be a mega star.
The Company's future online concerts will not be limited to the
traditional video viewing mode. Through AR and AI technologies,
watching online concerts will be comparable to watching them live.
For instance, a member can choose his or her own seat, find out who
sits nearby, interact with celebrities on stage, and enjoy the
lighting, dance, and sound effects as if the concerts were held in
person. In the future, one may need to "line up" to find a seat and
may even be able to drive a luxury car bought in the virtual world
to the concert. All these aspects mimic real life, except one can
do all this while sitting at home, in virtual space.
Color Star continues to pursue the application of high
technology to entertainment, believing there is vast potential
where entertainment meets technology. Whether it is the application
of NFT, AR, or AI, entertainment industry is an ideal field for the
application of these technologies. As an entertainment technology
company, Color Star strives to perfect the application of
technology in order to enhance the presentation and delivery of
entertainment to everyone. The Company believes that the
integration of high technology and entertainment not only provides
global consumers with a more enriching experience, but also creates
value for global entertainment practitioners. Furthermore, the
implementation of these projects will allow the Company to realize
greater growth potential to the benefit of its investors. The
concept of "technology + entertainment + internet" is a new model
that will pave the way for technological revolution and create a
new beginning in the traditional entertainment industry. The
Company firmly believes that technology will change the future and
will continue to expand and develop in this field to provide
unprecedented entertainment experiences to consumers around the
world.
Forward-Looking Statement
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may," "will," "intend," "should," "believe," "expect,"
"anticipate," "project," "estimate" or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Forward-looking statements are
not guarantee of future performance and involve risks and
uncertainties that may cause the actual results to differ
materially from the Company's expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
following: the Company's goals and strategies; the Company's
future business development; product and service demand and
acceptance; changes in technology; economic conditions; the growth
of the educational and training services market
in China and other countries where CSCW conducts its
business; reputation and brand; the impact of competition and
pricing; government regulations; fluctuations in general economic
and business conditions and assumptions underlying or related to
any of the foregoing and other risks contained in reports filed by
the Company with the Securities and Exchange Commission. For
these reasons, among others, investors are cautioned not to place
undue reliance upon any forward-looking statements in this press
release. Additional factors are discussed in the Company's filings
with the U.S. Securities and Exchange Commission, which are
available for review at www.sec.gov. The Company
undertakes no obligation to publicly revise these forward–looking
statements to reflect events or circumstances that arise after the
date hereof unless required by applicable laws, regulations or
rules.
For more information, please contact:
William Tu
Skyline Corporate Communications Group, LLC
One Rockefeller Plaza, 11th Floor
New York, NY 10020
Office: (646) 893-5835
Email: wtu@skylineccg.com
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SOURCE Color Star Technology Co., Ltd.