NEW YORK, Feb. 7, 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, announced today that Color Metaverse Pte. Ltd. ("Color Metaverse"), a subsidiary of Color Star, has entered into a strategic cooperation framework agreement with ARGS Productions Inc. ("ARGS"). Both parties plan to cooperate in the business of celebrity agency, celebrity performance and celebrity peripheral in the future. Following the global celebrity entertainment recovery trend, Color Star plans to develop a fan culture and create "Fans Circle", an entertainment service dedicated to everything associated with performance events, celebrities and their merchandise. Fans Circle operates in a closed loop, where one performance can generate business for a chain of related services.
ARGS is one of the largest star agencies in Japan, representing Asian stars and groups such as SE7EN, OnlyOneOf, NIK, and EXID. ARGS is also experienced in the live show business. In the past, due to the epidemic, celebrity performances and celebrity peripheral products have been greatly affected. At present, the global economic environment has begun stabilizing and celebrity entertainment is sweeping the world again, driving a wave of star effect and fan culture. Color Star chose to join hands with ARGS to actively promote the fan culture. Both parties are very focused, and plans to jointly develop the local fan culture in Japan, as well as a celebrity agency business in other regions. The year 2023 will be an explosive year for entertainment, with global ticket sales and film revenues already known to be significantly higher than in the past three years. Many international large-scale performances have hard to find tickets, and box office dividends have become the key to the current major celebrity entertainment. Through the cooperation with ARGS, Color Star plans to increase its income from celebrity performances, obtain large box office numbers, increase its popularity, create a "Fans Circle", develop more celebrity peripheral products and conduct "Fans Circle" marketing to increase its popularity. Color Star also plans to take advantage of its ColorWorld Metaverse platform to open up virtual celebrity meetings and offer exclusive rights to NFT stars. The digital platform is expected to bring profits to Color Star and also increase the flow of the "Fans Circle" to increase the platform members.
Farhan, CEO of Color Star, said, "We are very happy to enter into this framework agreement with ARGS, which once finalized in a definitive agreement, will increase our market for celebrity performances in Japan and Asia. This will be the first regional representative of Color Star to build a "Fans Circle" in the world. In the future, Color Star plans to also cooperate with the most powerful celebrity agencies in different countries and regions to create a "Fans Circle", so that fans can see our sponsorship or related celebrity performances and cultural activities wherever they are, which will not only greatly increase our income from celebrity performances, but also drive Color Star's influence in the global industry."
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.
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