Color Star Technology Ramps Up Global Cooperation Efforts To Strengthen Live Performance Business
NEW YORK, June 23, 2023 /PRNewswire/ -- Color Star Technology Co., Ltd. (NASDAQ:ADD) ("Color Star" or the "Company"), an entertainment technology company with a global network that focuses on the application of technology and artificial intelligence in the entertainment industry, recently announced that its subsidiary, Color Metaverse Pte. Ltd. ("Color Metaverse"), and Royal Sea Entertainment ("Royal Sea") have entered into a strategic cooperation agreement. The two companies plan to work closely together on the creation of live performances, films, and entertainment in the future.
Hailing from Dubai, Royal Sea specializes in film, television production, and entertainment projects. Serving a global clientele, it has access to a very large pool of celebrity artists from all over the world. Royal Sea is able to connect with the best international stars for all kinds of entertainment and film shows. In the future, Royal Sea plans to cooperate with Color Star through introducing popular international celebrities for Color Star's live performance events and online celebrity masterclasses. Utilizing Royal Sea's vast celebrity network and expertise in performance production, Color Star plans to expand its performance business in the Middle East, Europe and the United States. Meanwhile, the Company plans to also use its metaverse platform, ColorWorld Metaverse ("Color World"), to host online celebrity masterclasses and other content. As a NASDAQ-listed technology and entertainment company, Color Star is at an advantageous position within its industry. At a time when the live events industry is booming, Color Star is taking a multi-faceted approach. On the one hand, it is actively expanding into overseas markets, precisely targeting and catering to the entertainment needs of different cultures and countries; on the other hand, it is combining its software, Color World, for online and offline events, gaining revenue from event tickets and commercial sponsorships, while constantly searching for new revenue streams such as online celebrity merchandising and electronic tickets.
Louis Luo, CEO of Color Star, said: "The current boom in the global live events industry has prompted the Company to focus this year's plan on it. In order to capitalize on the booming market and hopefully increase dividends, Color Star has set up a team to carry out performance production globally and at the same time work on the Company's strategic development, with plans to constantly cooperate with notable companies in the industry, laying the foundation for more precise development and business planning. The Company plans to carry out celebrity concerts, music festivals and major international sporting events around the world, and I believe that as our business projects are noticed by more people, it will certainly drive the Company's development further, as well as boost our brand image."
About Color Star Technology Co., Ltd.
Color Star Technology Co., Ltd. (NASDAQ:ADD) is an entertainment and education company that provides online entertainment performances and online music education services. Its business operations are conducted through its wholly-owned subsidiaries, Color Metaverse Pte. Ltd. and CACM Group NY, Inc. The Company's online education is provided through its Color World music and entertainment education platform. More information about the Company can be found at www.colorstarinternational.com and www.colorstar.investorroom.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. 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, including the development of the metaverse project; product and service demand and acceptance; changes in technology; economic conditions; the growth of the educational and training services market internationally where ADD 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 unless required by applicable laws, regulations or rules.
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SOURCE Color Star Technology Co., Ltd.