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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) announced the successful passage of all shareholder resolutions at its 2021 annual general meeting held on November 8, 2021. Key resolutions included the election of seven board members and the adoption of a dual-class share structure. This structure allows Class A shares to have one vote and Class B shares to have ten votes. Furthermore, the Company authorized the issuance of 50 million Class A Preferred Shares and re-designated existing ordinary shares to Class A, except for a specific number to be converted to Class B shares.
Scienjoy Holding Corporation (Nasdaq: SJ) announced plans to initiate a metaverse project leveraging its AI, AR, and VR technologies. The company aims to enhance user experience and engagement across its six virtual reality worlds, including The World of Xianxia and City Hunters. By expanding gamified content and implementing new features, Scienjoy seeks to solidify its position in the mobile live streaming market and promote a robust metaverse ecosystem. With 250 million registered users, Scienjoy continues to innovate in livestreaming, emphasizing immersive virtual experiences.
Scienjoy Holding Corporation (NASDAQ: SJ) has partnered with LATITUDE Gallery to launch an art exhibition in New York, aimed at promoting young artists and showcasing NFT artworks alongside traditional art. The exhibition, titled 'Standing Out, the Outstandings', features ten Asian and Asian-American artists and runs until October 10, 2021. Scienjoy has committed resources to support the artists in minting and marketing their NFT art. The event, which opened on September 10, garnered significant attention from art professionals, reaffirming Scienjoy's role in the evolving NFT space.
Scienjoy Holding Corporation (Nasdaq: SJ) announced a partnership with the Global Friendship Exchanges Foundation to create a dedicated tech team focused on AI and game development. This team will assist artists in launching their NFTs on platforms like OpenSea, Rarible, and Foundation. Scienjoy leverages advanced technologies, including big data and AR, to enhance user interactions on its streaming platforms. The NFT market reached $2.5 billion in Q2 2021, with OpenSea seeing significant sales growth. Scienjoy aims to host an NFT exhibition in New York, supporting artists and galleries in the digital art space.
Scienjoy Holding Corporation (NASDAQ: SJ) reported a robust 68.0% increase in net revenues, reaching RMB758.3 million (US$117.4 million) for H1 2021, driven by a 10.2% growth in paying users. However, gross margin decreased to 21.1% from 24.5% year-on-year due to rising revenue sharing fees. Adjusted net income surged 57.9% to RMB128.6 million (US$19.9 million), even as net income grew modestly by 2.3%. Total operating expenses rose significantly, increasing by 156.4% to RMB54.1 million. Looking ahead, Scienjoy forecasts Q3 2021 revenues between RMB404 million to RMB436 million.
Scienjoy (NASDAQ: SJ) has announced a pilot initiative to showcase and sell NFT artwork by young artists at contemporary art galleries in New York. In collaboration with the Global Friendship Exchange Foundation, Scienjoy will partner with Latitude Gallery, Onboard Gallery, and Herr Gallery to mint and market these NFTs. The plan includes using Scienjoy's platform, which has around 250 million registered users, for NFT drops and transactions. This initiative aims to empower young creators and enrich the livestreaming ecosystem by integrating digital art.
Scienjoy (NASDAQ: SJ) announced plans to establish a livestreaming studio and NFT art gallery in New York, partnering with the GFE Foundation to support young artists. This initiative, unveiled on August 2, 2021, aims to engage approximately 250 million users by allowing artists to livestream their creative process and sell NFT artwork. The partnership signifies a strategic move to educate artists about the NFT market, with Scienjoy previously launching NFTs in April 2021. This development highlights Scienjoy's commitment to innovation in livestreaming within the 5G era.
Scienjoy Holding Corporation (NASDAQ: SJ) announced a strategic partnership with the Global Friendship Exchange Foundation to empower young artists by helping them sell NFTs from original artwork. The collaboration includes establishing a livestreaming studio in New York, providing artists with tools to engage in the NFT market and connect with fans. Scienjoy aims to leverage its platform's 250 million global users to support these artists and enhance its content offerings. The initiative reflects Scienjoy's commitment to innovation in digital art and livestreaming technologies.
Scienjoy Holding Corporation (SJ) reported strong financial results for Q1 2021, with total net revenues of RMB 365.0 million (US$55.7 million), a 68.8% increase year-over-year. Gross profit rose 54.7% to RMB 80.1 million (US$12.2 million), though gross margin slightly decreased to 22.0%. Net income surged 88.4% to RMB 71.0 million (US$10.8 million), with an expanded net margin of 19.4%. The company anticipates Q2 revenues between RMB 356 million and RMB 374 million, reflecting ongoing market conditions affected by COVID-19.
Scienjoy Holding Corporation (NASDAQ: SJ) has entered a strategic framework agreement with Qingyin Culture, a leading multi-channel network on WeChat Channels. This partnership aims to enhance Scienjoy's e-commerce capabilities by leveraging Qingyin's strengths in content and traffic operations. With the short video industry in China expanding rapidly, this collaboration is set to support Scienjoy's efforts in livestreaming and e-commerce integration. The agreement is expected to boost revenue potential and user engagement, marking a significant development in Scienjoy's growth strategy.
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