The three parties expressed interest in jointly developing NFT application for the Hollywood Film Festival and International Film Festival databases.
NEW YORK, June 11, 2021 /PRNewswire/ -- Color Star Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter referred to as "Color Star" or the "Company") announced on April 23, U.S. Eastern Time, the signing of a Memorandum of Understanding regarding the strategic cooperative development among Color China (a wholly-owned subsidiary of Color Star), a U.S.-based company, Movie Planet LLC (hereinafter referred to as "Movie Planet"), and a South Korea-based company, Youa Group (hereinafter referred to as "Youa Group"). The three parties expressed interest in jointly developing NFT application for the Hollywood Film Festival and International Film Festival databases.
This tripartite cooperation will apply the NFT concept to future Hollywood films, actors, short celebrity videos, and celebrity products, while leveraging NFT to develop technologies for the entertainment industry. As an entertainment technology company, Color Star has always been committed to the integration of technology and entertainment. After the launch of NFT, the Company will accelerate its use of blockchain technology and continue to develop new technologies in the areas of film videos, music copyrights, and concert videos. The Company has always believed that the entertainment industry is the most suitable field for NFT application. In the future, this technology can help solve many issues arising from copyright sales and new song releases. The cooperation with Movie Planet and Youa Group will enable more people to purchase and collect Hollywood movies, TV series, and music copyrights through the NFT model, while promoting communication and exchanges in the global entertainment industry.
Movie Planet's platform owns a massive database of 150 film festival working groups from 90 countries. The chairman of the platform, Holmes Stoner, commented: "Culture has no borders. I am very happy to cooperate with Color Star and other excellent partners from the United States, China, and South Korea. We will cooperate in the most advanced field of entertainment blockchain technology and strive to become an outstanding leader in the mission of formalizing cryptocurrency usage." The CEO of Color Star, Mr. Luke Lu, commented: "We are very much looking forward to the new opportunities that will arise from this cooperation. We also believe this cooperation will bring many upsides to the Company and our investors."
The cooperation among Color Star, Movie Planet, and Youa Group is not limited to developing NFT copyright of Hollywood movies. The three parties will also jointly create films and TV series using the concept of NFT blockchain, so that the blockchain technology can be applied to other applications. Such applications will also educate fans and consumers about how integration of NFT and entertainment can generate more benefits. It is worth noting that K-play contents, Block Story, and blockchain entertainment programs, which are jointly produced by Youa Group, Color China and Movie Planet, are among the first in the world to distribute cryptocurrency to the audience. Encrypted currency programs will allow more than 100 million users access to join the digital asset exchange and Color Star. In addition, cryptocurrency-related team associated with TV content will attract many more new users.
Meanwhile, the blockchain for International Talent Show for TV series will begin its global online audition soon. It is expected that as the script for the public recruitment of "Block Story" ensues, the solicitation battle and the cryptocurrency content will follow, initiating the world's celebration of encryption currency.
The global celebrity interactive platform, Color Star APP, has applied blockchain technology in several areas. The Company will release not only its own copyrighted movies, TV, music and other content through NFT, but also its partners' copyrighted content. Currently, Color Star APP has more than 1.5 million registered members. We believe that the application of blockchain technology, the release of NFT's multi-scene integration, and the introduction of diversified entertainment products, will all attract more fans and entertainment enthusiasts from around the world to join our platform. The Company will continue to develop and refine its entertainment technologies, in the hope that these technologies will pave the future of entertainment.
About Color Star Technology
Color Star Technology Co, Ltd. (Nasdaq CM: CSCW) 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 China Entertainment 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
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:
Skyline Corporate Communications Group, LLC
One Rockefeller Plaza, 11th Floor
New York, NY 10020
Office: (646) 893-5835
View original content:http://www.prnewswire.com/news-releases/color-star-technology-co-ltd-nasdaq-cscw-cooperates-with-movie-planet-llc-and-youa-group-to-jointly-create-film--tv-series-using-non-fungible-token-nft-blockchain-and-develop-nft-for-entertainment-technologies-301310633.html
SOURCE Color Star Technology Co., Ltd.