Color Star Technology in Development of Offline Music Festival Series
Color Star Technology Co., Ltd. (Nasdaq CM: CSCW) announced plans to launch a series of offline music festivals branded as "Color World". This Festival Series aims to connect musicians and celebrities with fans while capitalizing on the growing demand for outdoor music events in Asia as the COVID-19 pandemic recedes. The company intends to co-organize up to 30 festivals over the next five years, enhancing its entertainment-centric platform alongside online offerings. This initiative leverages the increasing popularity of music festivals, which attract large crowds for diverse attractions.
- Launch of "Color World" offline music festival series, enhancing entertainment offerings.
- Plans to co-organize up to 30 festivals over five years, broadening market presence.
- Growing popularity of music festivals in Asia, indicating potential for high attendance.
- Forward-looking statements carry risks and uncertainties that could affect actual outcomes.
- Dependence on post-COVID-19 recovery for festival demand could pose challenges.
NEW YORK, Oct. 13, 2020 /PRNewswire/ -- Color Star Technology Co., Ltd. (Nasdaq CM: CSCW) (the "Company", or "Color Star"), a company engaged in the businesses of providing online and offline paid knowledge services for the media, entertainment and culture industries globally, announced today that it plans to launch "Color World"-branded offline music festival series (the "Festival Series"), furthering the Company's aspirations to build "Color World" into a leading entertainment-centric paid knowledge services platform which connects musicians, artists and celebrities with its growing bases of fans, followers and users. The Company is currently in discussion with multiple well-established music festival brands to co-organize up to 30 music festivals with different genres over the next five years in different cities across Asia and beyond.
"As receding COVID-19 pandemic allows China and most Asian countries to gradually get back to normal, so will be the demand for outdoor music festivals in these countries. Music festivals have gained increasing popularity in China and other Asian countries in recent years, often attracting tens of thousands of participants who use it as social venues to enjoy not only live performances but also other attractions such as food, merchandise vending, and other social or cultural activities. The Festival Series, combined with our online offerings such as online concerts, courses, "star teacher"- fan meetings, and our soon-to-be launched online celebrity merchandise store, will add fuel to the fire for our already rapidly expanding user base," said Luke Lu, Chairman and Chief Executive Officer of Color Star.
About Color Star Technology
Color Star Technology Co, Ltd. (Nasdaq CM: CSCW) offers online and offline paid knowledge services for media, entertainment and culture industries globally. 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. The Company also offers after-school entertainment tutoring in New York via its joint venture entity Baytao LLC. 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. Specifically, the Company's statements regarding the proposed co-organization of up to 30 musical festivals in the next five years are 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.
For more information, please contact:
Tony Tian, CFA
Email: ttian@weitianco.com
Phone: +1-732-910-9692
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SOURCE Color Star Technology Co., Ltd.
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