Color Star Technology Co., Ltd. (NASDAQ: CSCW) Announces Stronger Than Expected Revenue from Online Celebrity Videos Products
Color Star Technology Co., Ltd. (NASDAQ: CSCW) reported a remarkable performance in the first half of 2021, with revenues exceeding $3 million and profits reaching $1.5 million from its Color Star APP platform. Launched on December 31, 2020, the platform has successfully hosted numerous online celebrity performances, capitalizing on the shift to online entertainment during the pandemic. CEO Basil Wilson expressed optimism about future growth, focusing on integrating advanced technologies like 3D and VR to enhance the viewer experience.
- Revenue of over $3 million and profits of $1.5 million in H1 2021.
- Successful launch of Color Star APP, hosting numerous online celebrity performances.
- Strong demand for online celebrity content during pandemic conditions.
- None.
NEW YORK, June 29, 2021 /PRNewswire/ -- Color Star Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter referred to as "Color Star" or the "Company") announces that its revenue from the online celebrity video portion of its interactive entertainment platform, Color Star APP, exceeds
Since its official launch on December 31, 2020, Color Star APP has hosted several online celebrity performances. Videos of these performances have been well received and sought after by fans. During the pandemic, lockdowns and other social measures have transformed the entertainment industry from mostly live to almost entirely online. Color Star was able to capture the opportunity to launch its online celebrity interactive entertainment platform, Color Star APP, during this difficult time and succeeded in signing on celebrities from around the world to host and participate in online performances on the platform. These online videos have generated excellent operating income for the Company during the epidemic.
Mr. Basil Wilson, CEO of Color Star, commented: "We are very pleased to see our efforts rewarded and reflected in our revenue and profits. Our cooperation with celebrities has led to great results and won the adoration of fans and audiences worldwide, whose active contribution to our platform propelled our celebrity videos to generate more than
Color Star is committed to the integration of technology and entertainment. We believe more advanced technology will help enrich the online concert and video experience for more consumers and fans around the world. The augmented reality (AR) system currently being developed by the Company will be combined with future video releases to enable real-time interaction between viewers and celebrities. Color Star looks forward to the production of more diverse and high-technology celebrity videos in the near future, which will help support the Company's growing revenue stream.
The above announced revenue has not been audited.
About Color Star Technology
Color Star Technology Co, Ltd. (Nasdaq CM: CSCW) is an entertainment and education company that provides online entertainment performances and online music education services. Its business operations are conducted through its wholly-owned subsidiaries Color China Entertainment Ltd. And CACM Group NY, Inc. The Company's online education is provided through its Color World music and entertainment education platform. More information about the Company can be found at www.colorstarinternational.com
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.
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