Color Star Technology Co., Ltd. (NASDAQ: CSCW) Posted Strong 2021 Fiscal Year Financial Results and is Fully Committed to the Development of Metaverse Entertainment Products
Color Star Technology Co., Ltd. (NASDAQ: CSCW) announced its commitment to developing metaverse entertainment products following strong 2021 fiscal results. The Color Star app, launched in December 2020, has over 300,000 registered paying users. The upcoming upgrade will introduce a new interface featuring virtual cities like Manhattan, Tokyo, and London, where users can engage in diverse activities. NFTs will also be integrated, allowing users to own digital scenes and music copyrights. CEO Basil Wilson emphasized the unique vision for an idealized metaverse experience.
- Strong fiscal year 2021 financial results reported.
- Color Star app has over 300,000 registered paying users.
- New metaverse entertainment products to be launched in December, enhancing user engagement.
- None.
NEW YORK, Nov. 8, 2021 /PRNewswire/ -- Color Star Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter referred to as "Color Star" or the "Company"), an entertainment technology company with a global network that focuses on the application of technology and artificial intelligence (AI) in the entertainment industry, after posting strong 2021 fiscal year operating results last week, today announces its full commitment to continuing developing new metaverse entertainment products, which will be released this December.
Since Color Star began developing its own metaverse concept and metaverse entertainment products in the beginning of 2021, it has generated worldwide attention and awareness. Its global celebrity interactive platform, Color Star app, launched in December 2020, has attracted more than 300,000 registered paying online users and continues to grow as of today. This platform will undergo complete upgrading including featuring a brand new interface that incorporates all facets of the metaverse concept, creating an "entertainment virtual world".
The new metaverse interface will feature entirely new street scenes and urban landscapes, with the first group of virtual cities to include Manhattan, Tokyo, London, Hong Kong, and Beijing. Users can choose which virtual city to live in and will have access to virtual housing, vehicles, shopping malls, sports centers, cafes, restaurants and other scenes, mimicking real life. They can also make friends, play games, give performances, and engage in other activities. In the Color Star metaverse, users can express themselves through personalized virtual characters. At the same time, virtual scenes will be produced in the form of non-fungible tokens (NFT), available to be owned by global collectors. NFT products to be launched with the entertainment metaverse this December will include scenes, images, and music copyrights.
Mr. Basil Wilson, CEO of Color Star, commented: "Everyone and every company has a different understanding of the metaverse concept. We at Color Star believe that the metaverse should be a world that allows all users to express their passions and experience life state that is different from real life. Color Star's entertainment metaverse can be based in a city, or a different planet, that combines virtual reality with reality, where one can regain his or her values and have new experiences. There will be no "losers" in Color Star's metaverse; everyone can have a wonderful life and even become a superstar. There will be no harm, danger, or war, because everything is ideal, beautiful, and good - even the air are colors of the rainbow. This is the kind of metaverse that Color Star strives to create and bring to global users."
At present, the Company has already completed basic testing of its entertainment metaverse. Once launched, it will not only be a technological achievement, but also the beginning of a brand new virtual reality experience.
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, including the development of the metaverse project; product and service demand and acceptance; changes in technology; economic conditions; the growth of the educational and training services market internationally 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.
View original content:SOURCE Color Star Technology Co., Ltd.
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