Scienjoy Announces Strategic Alliance with Snipp Interactive to Launch New Loyalty and Rewards System and to Explore Bitcoin and NFT rewards for its approximately 250 Million Users and 300,000 Broadcasters

Rhea-AI Summary

Scienjoy Holding Corporation (NASDAQ:SJ) announced a strategic alliance with Snipp Interactive Inc. (TSX-V:SPN; OTC:SNIPF) on April 6, 2021. This partnership aims to integrate Snipp's C.A.R.E platform into Scienjoy's mobile applications. Key initiatives include developing a new rewards system that combines Scienjoy's in-app currency with Snipp's loyalty engine, enabling users to earn and redeem points for digital rewards. Additionally, broadcasters will be able to mint NFTs, fostering fan engagement and new monetization opportunities.

Positive

• New rewards system leveraging Snipp's loyalty engine to enhance user experience.
• Potential for additional revenue streams through sponsorships and cryptocurrency integration.
• Broader engagement opportunities for broadcasters through NFT minting.

Negative

• None.

BEIJING, CHINA / ACCESSWIRE / April 6, 2021 / Scienjoy Holding Corporation ("Scienjoy", the "Company") (NASDAQ:SJ), a leading live entertainment mobile streaming platform in China, today announced that, through its wholly owned subsidiary, Scienjoy Inc., it has entered into a strategic alliance (the "Alliance") via a Master Services Agreement with Snipp Interactive Inc. ("Snipp") (TSX-V:SPN; OTC:SNIPF), a global provider of digital marketing promotions, rebates, and loyalty solutions. Through the Alliance, both parties will explore different ways of incorporating Snipp's Customer Acquisition, Retention and Engagement (C.A.R.E) platform into Scienjoy's suite of mobile applications. The initial cooperative exploration between both parties is expected to focus on the following two areas:

First, Scienjoy will combine its in-app currency solution with Snipp's loyalty and rewards engine to develop a new rewards system. This will enable Scienjoy to augment its user experience, cultivate additional revenue streams, and explore the potential of using cryptocurrencies on its platform. As part of this system, Scienjoy will utilize Snipp's platform to provide Scienjoy's broadcasters and users with more opportunities to earn points through engagement. Broadcasters and users will be able to redeem these points for various digital rewards, including Scienjoy's virtual currency, Bitcoin gift cards, retailer gift cards, trinkets, and more. Beyond enhancing Scienjoy's user acquisition, retention, and engagement capabilities, this new rewards system will also serve as an additional monetization channel for the Company, as third-party brands interested in reaching Scienjoy's sizable user base will be able to sponsor events, broadcasters, and live broadcasts through the system.

Second, both parties will work together to enable broadcasters to mint their own non-fungible tokens ("NFTs") on Scienjoy's platform and allow users to utilize the points they have accumulated through the new rewards system to bid on and purchase NFT "momentos" from their favorite broadcasters. In addition to strengthening the relationships between broadcasters and their fans, this initiative will provide broadcasters with more monetization opportunities, augment broadcaster loyalty, and attract more new creative talent to Scienjoy's platform.

Mr. Victor He, Chairman and Chief Executive Officer of Scienjoy, commented, "With approximately 250 million users and 300,000 broadcasters across our ecosystem, we are well-positioned to help our partners increase their outreach efficacy. Snipp's cutting-edge technology and loyalty solutions will serve to further strengthen our value propositions for users and broadcasters alike. Our decision to explore the usage of both cryptocurrencies and NFTs through this strategic alliance further underscores our commitment to integrating those solutions that are new, innovative, aligned with our business objectives, and capable of fueling our long-term growth trajectory."

Mr. Atul Sabharwal, founder and Chief Executive Officer of Snipp, commented, "We are excited to partner with Scienjoy and leverage its established infrastructure to make our initial foray into the Chinese market. By connecting to Scienjoy's substantial user base and talented broadcaster pool, we will be able to provide our portfolio of global brands and Fortune 500 clients with highly targeted marketing programs in the region. We continue to receive interest from markets outside of North America and look forward to building our presence in these areas going forward."

About Scienjoy Holding Corporation Limited:

Founded in 2011, Scienjoy is a NASDAQ listed, leading live streaming video entertainment social platform in China. With approximately 250 million registered users, Scienjoy currently operates four primary online live streaming brands on five mobile apps: Showself, Lehai, Haixiu and Beelive International and Beelive Chinese (Mifeng), each using Scienjoy's own mobile applications. Through this collection of online live streaming brands, Scienjoy has created a vibrant, interactive, and close community. Scienjoy operates a mobile live streaming business through which it provides live streaming entertainment from professional "broadcasters" to end-users, allowing for the operation of live social video communities. Using Scienjoy's mobile applications, users can select broadcasters and enter real time video rooms to interact with them. In addition to real-time interactions, users can also view photos posted by broadcasters on their personal pages, leave comments, and engage in private chats with broadcasters when they are not streaming. In addition, users can also play fun and simple games by using virtual currencies within the video rooms while watching the live streaming of a broadcaster. For more information, please see http://ir.scienjoy.com/.

About Snipp:

Snipp is a global loyalty and promotions company with a singular focus: to develop disruptive engagement platforms that generate insights and drive sales. Our solutions include shopper marketing promotions, loyalty, rewards, rebates and data analytics, all of which are seamlessly integrated to provide a one-stop marketing technology platform. We also provide the services and expertise to design, execute and promote client programs. SnippCheck, our receipt processing engine, is the market leader for receipt-based purchase validation; SnippLoyalty is the only unified loyalty solution in the market for CPG brands. Snipp has powered hundreds of programs for Fortune 1000 brands and world-class agencies and partners.

Snipp is headquartered in Vancouver, Canada with a presence across the United States, Canada, Ireland, Europe, and India. The company is publicly listed on the Toronto Stock Venture Exchange (TSX-V) in Canada and is also quoted on the OTC Pink marketplace under the symbol SNIPF.

FOR FURTHER INFORMATION PLEASE CONTACT:

Snipp Interactive Inc.

Jaisun Garcha

Chief Financial Officer

investors@snipp.com

1-888-99-SNIPP

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as changes in demand for and prices for the products of the company or the materials required to produce those products, labour relations problems, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. The reader is cautioned not to put undue reliance on such forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Copyright Snipp Interactive Inc. All rights reserved. All other trademarks and trade names are the property of their respective owners.

SOURCE: Snipp Interactive Inc.

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FAQ

What is the strategic alliance between Scienjoy Holding Corporation and Snipp Interactive?

Scienjoy has entered into a strategic alliance with Snipp to integrate their customer engagement platform, enhancing user experience and revenue.

How will Scienjoy's new rewards system work?

Scienjoy will combine its in-app currency with Snipp's loyalty engine, allowing users to earn points redeemable for digital rewards.

What are the key features of the alliance's initiatives?

Key features include a rewards system for user engagement and the ability for broadcasters to mint NFTs.

Can you explain the significance of NFTs in Scienjoy's platform?

NFTs will allow broadcasters to create unique moments for fans, enhancing engagement and monetization.

What is the expected impact of this partnership on Scienjoy's business?

The partnership is expected to augment user retention and create new monetization avenues, potentially increasing revenue.