WiMi Hologram Cloud Announces Partnership with China Telecom iCartoons
WiMi Hologram Cloud Inc. (Nasdaq: WIMI) announced a partnership with China Telecom iCartoons to deliver holographic virtual solutions, including social media and education, for the latter's original comic content platform. This collaboration will enhance user experiences through integrated systems for inquiries and payments. WiMi boasts a library of 4,654 proprietary holographic materials across various categories, which will be utilized in this partnership. Also, the company plans to leverage its third-party licensed content to enrich its offerings for iCartoons' users.
- Partnership with China Telecom iCartoons enhances content delivery capabilities.
- Access to a large user base for holographic products.
- Extensive library of 4,654 proprietary holographic content materials.
- Risks associated with reliance on a single partnership for revenue growth.
- Potential competition in the rapidly evolving AR market.
BEIJING, March 11, 2021 /PRNewswire/ -- WiMi Hologram Cloud Inc. (Nasdaq: WIMI) ("WiMi" or the "Company"), a leading Hologram Augmented Reality ("AR") Technology provider in China, today announced its partnership with China Telecom iCartoons. Under the partnership, the Company will provide holographic virtual social media, live streaming, education, and other holographic virtual solutions to the online platform for original comic content operated by China Telecom iCartoons. By interfacing both parties' systems, the partnership will enable both companies to develop virtual user inquiries, order placement, and payment process services for China Telecom iCartoons' proprietary content for its users nationwide.
China Telecom is one of the largest telecommunications service providers in China and has been named as one of named as a Fortune Global 500 company for many years in a row. China Telecom provides integrated information services, including landline telephone, cell phone, and satellite communication services, as well as Internet access and related applications. As of December 2019, China Telecom had 110 million landline telephone subscribers, 335 million cell phone subscribers, 150 million broadband subscribers, a total asset of RMB710.96 billion, and more than 400,000 employees. iCartoons is a diversified, omni-channel, cross-platform animation platform, and a pioneer in entering the animation industry from telecommunications.
WiMi Hologram Cloud has an extensive library of proprietary holographic content, and its content formats range from 3D models to holographic virtual products. The Company has a total of 4,654 proprietary holographic content materials that the Company can integrate into its holographic AR products and solutions. These proprietary holographic content materials cover a wide range of categories including holographic animation, virtual live streaming, virtual idols and virtual social interactions. Among them, 2,961 of these holographic IPs are used for virtual education, 851 holographic IPs are used for virtual tourism, 739 holographic IPs are used for virtual arts and entertainment, and 103 holographic IPs are used for virtual science. In addition, the Company has further extended its virtual content library by obtaining copyrighted IP content licensed from third parties. Through collaborations with various content owners, including brands, filmmakers, and agencies, the Company is able to transform high-quality proprietary content into holographic virtual products, which serves to enhance the operating systems of WiMi Hologram Cloud's ecosystem. The Company plans to provide the aforementioned holographic virtual products with its own IP rights to iCartoons. In addition, by interfacing with iCartoons system, WiMi Hologram Cloud will also develop its holographic virtual services for China Telecom iCartoons' proprietary content that will serve its users nationwide.
About WIMI Hologram Cloud Inc.
WiMi Hologram Cloud, Inc. (NASDAQ: WIMI), whose commercial operations began in 2015, is a holographic cloud comprehensive technical solution provider that focuses on professional areas including holographic AR automotive HUD software, 3D holographic pulse LiDAR, head-mounted light field holographic equipment, holographic semiconductor, holographic cloud software, holographic car navigation and others. Its services and holographic AR technologies include holographic AR automotive application, 3D holographic pulse LiDAR technology, holographic vision semiconductor technology, holographic software development, holographic AR advertising technology, holographic AR entertainment technology, holographic ARSDK payment, interactive holographic communication and other holographic AR technologies. For more information, please visit http://ir.wimiar.com.
Safe Harbor / Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Among other things, the business outlook and quotations from management in this press release, as well as the Company's strategic and operational plans, contain forward−looking statements. The Company may also make written or oral forward−looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20−F and 6−K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward−looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, financial condition and results of operations; the expected growth of the AR holographic industry; and the Company's expectations regarding demand for and market acceptance of its products and services. Further information regarding these and other risks is included in the Company's annual report on Form 20-F and current report on Form 6-K and other documents filed with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable laws.
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SOURCE WiMi Hologram Cloud Inc.
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