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.
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:
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SOURCE Color Star Technology Co., Ltd.