Color Star Technology Co., Ltd. (NASDAQ: CSCW) Releases Forward-Looking Guidance for the First Half Financial Report
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 augment 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 The Company will replace the outdated single menu mode with 3D virtual community mode.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.
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.
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