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Scienjoy Holding Corporation (NASDAQ: SJ) is a prominent live streaming and interactive entertainment company based in China. The company operates several online live-streaming brands such as Showself, Lehai, Haixiu, and BeeLive, reaching a wide audience across its own mobile applications.
Scienjoy's platforms facilitate real-time interaction by allowing users to engage with professional broadcasters through live streams, private chats, and comments. Users can also share and view photos, play games, and use virtual currencies within the video rooms. This unique blend of social media and entertainment has attracted over 300 million registered users.
The company is making significant strides in the metaverse. It is integrating AI and cutting-edge AIGC technology to create immersive experiences. Scienjoy has established business operations in Dubai, including a strategic investment in DVCC TECHNOLOGY L.L.C, a metaverse innovator.
Financially, Scienjoy has demonstrated resilience and adaptation amidst a competitive market. In the first quarter of 2024, the company reported a total revenue increase of 3.9% to RMB316.3 million. Gross profit rose by 32.4%, and the adjusted net income attributable to shareholders increased by 73.6%, highlighting the effectiveness of its strategic initiatives.
Looking ahead, Scienjoy aims to expand its global presence, beginning with the dynamic Middle East and North Africa (MENA) region. Its goals include enhancing user engagement, diversifying revenue streams, and optimizing platforms through continued investment in research and development.
With a clear vision of shaping a metaverse lifestyle, Scienjoy is positioned to redefine entertainment and create significant value for its shareholders.
Scienjoy Holding Corporation (NASDAQ: SJ) announces a public exhibition of NFT artworks at Time Gallery in New York City from June 20-23, 2022, organized in collaboration with Herr Gallery. Following two years of development, the event will showcase works from various artists, including Julie Harvey, Radka Salcmannova, Cao Zou, and Dazhou Wang. Scienjoy aims to enhance the NFT art landscape, leveraging its mobile livestreaming platform to support this innovative art form.
On June 1, 2022, Scienjoy Holding Corporation (Nasdaq: SJ) announced definitive agreements to enhance its operations in Hangzhou, China, through its subsidiary. This strategic move aims to integrate supply chains and leverage local resources, facilitating growth in live streaming E-Commerce, Multi-Channel Network development, and a Metaverse Ecosystem. The company gains control over several local culture technology firms, tapping into a booming e-commerce live streaming market in Zhejiang province, which achieved RMB609.2 billion in sales in 2021, marking a 124.6% increase year-over-year.
Scienjoy Holding Corporation (Nasdaq: SJ) announced a strategic partnership with MetaU to launch a new NFT exchange platform. This initiative aims to assist artists in transforming traditional artworks into NFTs, providing tools for listing and selling these digital assets. The NFT Experience X program is expected to create numerous opportunities for artists while recovering from the pandemic's impact on the art sector. The exchange platform is scheduled to launch in Q3 or Q4 of 2022, aiming to facilitate transactions using major cryptocurrencies.
Scienjoy Holding Corporation (NASDAQ: SJ) reported significant financial results for the fiscal year 2021, with total net revenues rising by 36.6% to RMB1,669.4 million (US$262.0 million). Gross profit increased by 16.1% to RMB304.5 million (US$47.8 million), but net income fell to RMB170.0 million (US$27.6 million) from RMB176.1 million in 2020. Adjusted net income rose by 17.6% to RMB219.0 million (US$34.4 million). The company reported a decline in paying users, down to 840,640. Looking forward, Scienjoy anticipates revenues between RMB440 million and RMB460 million for Q1 2022.
Scienjoy (Nasdaq: SJ), a prominent Chinese mobile streaming platform, has announced a new initiative called NFT Experience X aimed at funding artists transforming traditional art into NFTs. The program will provide technical support to over 300 artists, creating numerous opportunities for their work in the digital space. This effort comes in response to the pandemic's impact on the art community, with Scienjoy previously launching a gamified NFT auction in New York City and engaging European artists. CEO Victor He emphasized the importance of including independent artists in the emerging NFT market.
Scienjoy Holding Corporation (Nasdaq: SJ) has signed an equity acquisition framework agreement to acquire 100% of Beijing Weiliantong Tech Co., Ltd., owner of Hongle.tv, and Golden Shield Enterprises Limited, holding an NFT business, for a total of RMB280 million (approx. US$43.8 million). The acquisition aims to bolster Scienjoy's live streaming and NFT business. Hongle.tv, targeting ages 18-25, boasts over 42 million users and ranks second in talent shows. The payment includes RMB180 million in shares and RMB100 million in cash, subject to performance conditions.
Scienjoy Holding Corporation (Nasdaq: SJ) announced plans to develop an NFT Blind Box Project in collaboration with Herr Gallery, based on artist Julie Harvey's painting 'Liberty'. Scheduled for launch in Q1 2022, the project will produce 486 NFTs, with auction profits donated to support restoration of Harvey's original mural. This initiative aligns with the booming NFT market, which generated over $23 billion in trading volume in 2021, and aims to strengthen Scienjoy's presence in the NFT space while aiding New York's post-pandemic recovery.
Scienjoy Holding Corporation (NASDAQ: SJ) reported significant growth in its financial results for the nine months ending September 30, 2021. Total net revenues surged by 52.5% to RMB1,171.2 million (US$181.8 million), while net income increased by 7.7% to RMB237.5 million (US$36.9 million). Despite these positive metrics, paying users declined by 10.8% to 648,465. The company anticipates fourth-quarter revenues between RMB393 million and RMB455 million, influenced by current market conditions and potential COVID-19 impacts.
Scienjoy Holding Corporation (Nasdaq: SJ) announced CEO Victor He's interview with Phoenix Television, discussing the company's expansion into the Metaverse and NFTs. Collaborating with Global Friendship Exchange Foundation and Herr Gallery, Scienjoy has received over 100 artist requests for NFT art creation since September. The NFT market reached $10.7 billion in sales volumes in Q3 2021, with Scienjoy's platform boasting 250 million registered users and 300,000 broadcasters. The company aims to enhance user experience through virtual characters and immersive interactions within the livestreaming space.
Scienjoy Holding Corporation (Nasdaq: SJ) participated in NFT.NYC from November 1-4, 2021, a major event for the NFT industry. The event featured key players like Opensea and Christie's, providing Scienjoy valuable networking opportunities. The company's partner, Herr Gallery, successfully launched NFTs on Rarible, marking its entry into the NFT space. Scienjoy continues to enhance its technology offerings to support future NFT drops and aims to develop a Metaverse through AI, AR, and VR technologies, thereby enhancing user experiences.
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