NEW YORK, Jan. 17, 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”), has entered into a strategic cooperation framework agreement with short-video sharing platform, Le Shua (“Detok”). Together, subject to the terms of a definitive written agreement to be entered into, the parties plan to help each other develop grow in their respective markets, increasing its range of support for various in-app content, thereby increasing Detok’s global influence and user base.
Detok is a blockchain-based short-video and live streaming platform. Connecting users worldwide through short videos, Detok’s main principle revolves around the direct exchange of value between creators, viewers, and advertisers, combining short videos and live streaming with blockchain technology to create blockchain-based digital copyright protection. This makes it possible to administer and distribute copyrights, creating a video NFT platform where you can make money through your videos. In addition to the usual social platform features commonly found in similar applications like KuaiShou and Tiktok, Detok also features services such as on-demand fuel delivery, car rental, online grocery shopping, food delivery, ride-hailing, pharmaceutical and health, ticketing, electronic bill payment, hotel booking, movies, and other day-to-day services. By accessing these services through Detok, users not only save money, but are also rewarded for spending, making the whole experience cost-effective and attractive. Color Star plans to introduce even more features to the application. It is worth mentioning that Detok already has millions of users, and Color Star’s metaverse platform, ColorWorld Metaverse, may provide Detok with potential new users. Color Metaverse plans to fully utilize all of Detok’s existing resources, and provide the platform with a constant stream of new content including NFTs, new celebrity IPs, and digital features, in order to attract new users to browse the app’s contents, generating more profit for its content creators.
Farhan, CEO of Color Star, said: “Color Star has been constantly researching and developing in the fields of electronic commerce in recent years. Using the newest technologies, we have developed our own interactive metaverse platform, Color World, with celebrity entertainment content as the main attraction, and has achieved a global reach and popularity. With a considerable user base and popularity, we are determined to cooperate with more and more excellent and powerful platforms to create more e-commerce platforms. Together, we will be able to optimize and develop the contents of the Detok platform, incorporating some of the features and content we are experienced with, such as the metaverse, celebrity content, and NFTs. In terms of users, we will leverage on our existing user base to channel traffic to Detok, and we will also increase marketing efforts through more channels. After all, in the Internet+ era, users represent traffic, and traffic represents profitability. At present, Color Star has restarted organizing live music concerts and other offline projects, and in the future we want to cooperate with even more influential technology companies and entertainment platforms.”
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.
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.
SOURCE Color Star Technology Co., Ltd.
