Color Star Technology and Three Angles Production Announce Strategic Partnership to Increase Cooperation in the Southeast Asian Live Events Industry

Rhea-AI Summary

Color Star Technology Co., (Nasdaq: ADD) has announced a strategic partnership between its subsidiary, Color Metaverse Pte. , and Three Angles Production. This collaboration aims to expand development in the live events industry, particularly in Southeast Asia. Three Angles, an international media and entertainment company, brings experience in producing shows for top celebrities and has a strong presence in Singapore and Malaysia.

The partnership is expected to enhance Color Star's live performance business in Southeast Asia. Color Star has been actively developing its live events segment, forming strategic partnerships, and signing top talents. The company plans to utilize its artificial intelligence technology and metaverse software to introduce online functionalities such as electronic ticket vending and live streaming.

Color Star believes that the recovery of the performance industry will drive ticket revenue and commercial sponsorship. The company aims to integrate e-commerce to maximize profits in the digital age.

Positive

• Strategic partnership with Three Angles Production to expand in the Southeast Asian live events market
• Access to Three Angles' network of top international celebrities and performance resources in Singapore and Malaysia
• Development of live events segment with planned events production matrix
• Integration of AI technology and metaverse software for online functionalities in live events
• Potential increase in ticket revenue and commercial sponsorship due to industry recovery

Negative

• None.

NEW YORK, July 13, 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, announces that its subsidiary, Color Metaverse Pte. Ltd. ("Color Metaverse"), and Three Angles Production ("Three Angles") have entered into a framework strategic cooperation agreement with plans to increase development efforts within the live events industry around the world and specifically in Southeast Asia, which is planned to become one of the key areas for Color Star's business development.

Three Angles is an international media and entertainment company with offices in Australia, Indonesia, the Philippines, Singapore, and Korea. It has an experienced  production team and access to an impressive network of top international celebrities. The company has been involved in the production of shows for Britney Spears, Chungha, THE BOYZ, amongst others. Three Angles has a wide range of performance resources specifically in Singapore and Malaysia. The partnership which is planned to be set forth in a definitive agreement aims to improve Color Star's live performance business in Southeast Asia. This year has seen Color Star quickly developing its live events segment, laying out a planned events production matrix, entering into new strategic partnerships, continuously signing top talents and events, and presenting exciting entertainment projects in response to the changing market environment.

Recently, the world has witnessed the resurgence of live performances, with large international events and performances taking place one after another. Color Star has been actively working on organizing music festivals, music concerts and sporting events. It is currently involved in many collaborations and partnerships in Europe, the Middle East and Asia. In order to maximize the quality of the events, increase ticket revenue and improve all kinds of commercial cooperation, Color Star has set up an international team to prepare and carry out these live events. Meanwhile, Color Star also plans to make use of its artificial intelligence technology and metaverse software application by introducing online functionalities such as electronic ticket vending, online live streaming, online variety shows, and other digital content.

The Company believes that the recovery of the performance industry has most directly driven ticket revenue and commercial sponsorship revenue. Furthermore, e-commerce has to be properly integrated to efficiently maximize profits in the current digital age.

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 and www.colorstar.investorroom.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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SOURCE Color Star Technology Co., Ltd.

FAQ

What is the purpose of Color Star Technology's partnership with Three Angles Production?

The partnership aims to increase development efforts in the live events industry, particularly in Southeast Asia, which is planned to become a key area for Color Star's business development.

How does Color Star Technology (ADD) plan to enhance its live events business?

Color Star plans to use its artificial intelligence technology and metaverse software to introduce online functionalities such as electronic ticket vending, online live streaming, and online variety shows.

What regions is Color Star Technology (ADD) focusing on for its live events business?

Color Star is actively working on organizing events in Europe, the Middle East, and Asia, with a particular focus on Southeast Asia through its partnership with Three Angles Production.

How does Color Star Technology (ADD) plan to maximize profits in the digital age?

Color Star aims to integrate e-commerce efficiently with its live events business to maximize profits in the current digital age.