NEW YORK, Feb. 16, 2021
/PRNewswire/ -- Color Star Technology Co., Ltd. (NASDAQ: CSCW)
(hereinafter referred to as "Color Star" or the "Company"), today
announced the acquisition of a series of film copyrights.
The copyrights acquired by Color Star include five films:
"Love Back Home," "Sleep
in Seconds," "Eros Battlefield," "Happy Game,"
and "Guilty." These film copyrights were acquired from a
well-established Asian film company "Beijing Dongxing Yihe Cultural
Media Co., Ltd." The acquisition enriches Color Star with new
online content. The Company will become more competitive in the
live stream industry by offering these popular films to its
customers. This also sounds a "clarion call" for Color Star to be
on the lookout for more copyright acquisition opportunities.
"Color World", an entertainment APP with programs hosted by
celebrities, designed by Color Star, is expected to become a
platform for centralized copyright production and sales in the
future. Operating an online interactive platform, the Company
understands that copyrights create tremendous value. Top global
entertainment companies own many copyrights in music, film and TV
programs, and these copyrights laid the foundation to solidify the
dominant positions of these companies.
The CEO of Color Star, Mr. Luke
Lu, commented: "A big part of the Company's future
strategy will be to produce and acquire copyrights. Building a
large portfolio of copyrights will create competitive advantages
for us in the marketplace. Each year, the global profits brought by
copyright ownership is in the hundreds of millions of dollars.
Copyrights are assets that usually will not expire for long periods
of time. They may be continuously reproduced and generate strong
recurring revenue. We are committed to the production and
acquisition of copyrights, which include our own music, film, and
TV program content. I hope that our "Color World" platform will
function as a "copyright exchange" in the future. Whether it is
novels, music or scripts, content creators all over the world will
be able to put their works on our platform for sale. Other than
monetizing the sales and exchanges on this platform, with the right
opportunities, we will also seek to acquire content copyrights.
These will generate additional revenue to the Company while we
expand our inventory of valuable copyright assets."
European and American countries have developed advanced
structure to fully protect the interests of copyright owners. Many
companies earn significant revenues each year by monetizing
copyrights. The developing countries are paying more attention to
copyright laws and have begun to adopt international standards and
best practices. The Company believes that copyright protection will
be better enforced in many countries soon, and now is a critical
time to launch a strategic plan to acquire copyrights. In the
future, Color Star plans to acquire more copyrights to enrich its
inventory and to provide diverse content offerings to our platform
users, thereby ultimately expanding the Company's customer and
revenue base.
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; product and
service demand and acceptance; changes in technology; economic
conditions; the growth of the educational and training services
market in China and other countries where CSCW 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.
For more information, please contact:
William Tu
Skyline Corporate Communications Group, LLC
One Rockefeller Plaza, 11th Floor
New York, NY 10020
Office: (646) 893-5835
Email: wtu@skylineccg.com
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SOURCE Color Star Technology Co., Ltd.