Benzinga | Dec 9, 2020 06:33AM EST

ZW Data Action Technologies Officially Opens Its First Live Streaming Platform

ZW Data Action Technologies, Inc. (NASDAQ:CNET) ("ZW Data" or the "Company"), an integrated online advertising, precision marketing, data analytics, and other value-added services company, today announced the official opening of its first live streaming platform (the "Platform") in Guangzhou, China.

The Company selected Guangzhou, the hub of the economically vibrant Guangdong-Hong Kong-Macao Greater Bay Area, for the location of the Platform. The Platform boasts a 5,000-square-meter office that provides a powerful livestreaming channel. It features livestreaming ecommerce, ecommerce support service, influencer stream shopping, private traffic boosting, supply chain service, and supply chain finance. On its opening day, the Platform proudly welcomed its first tenant, Live Streaming Professionals Committee of China Association of National Advertisers.

Live streaming ecommerce has exploded in China in the past few years. iMedia Research's data indicated that the industry is projected to reach roughly $1.5 trillion in 2020, and $2.2 trillion by 2021. Following the accelerating trend, the Company expects its live streaming business to bring in $50 million revenue in 2021 and keep a double digit growth. The Company also plans to develop live streaming business as its core business and as one of the major profit generators.

This boom also brought challenges such as data loss, data fabrication, difficulties to detect counterfeit and shoddy products, and fraud complaint barriers. The Company strives to address these challenges and provide a reliable and secure environment for its clients. The Platform is powered by the Company's Blockchain Integrated Framework for Retail Business ("BIF") as its first application scenario. BIF enables the Platform to record complete live streaming data, and ensure accurate and credible data for shopping transactions.

"The Platform is our first step toward creating a digitized smart ecosystem for small and medium sized retailers. We believe the Platform will facilitate and streamline information, material, and financial flows for live streaming ecommerce. We also expect that the Platform will also develop into a business incubator to nurture retailers, brands, and Internet influencers. Our goal is to build an ecosystem that grows with our clients," commented Handong Cheng, Chairman and Chief Executive Officer of ZW Data.