Benzinga | Feb 16, 2021 08:08AM EST

Color Star Technology Co., Ltd. Announces A Series Of Film Copyright Acquisitions

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.