Color Star Technology (CSCW) Stock Pops On Music Festival Series

Color Star Technology CSCW Stock News

Color Star Technology Co Ltd (NASDAQ: CSCW) is running for the top in the market this morning. The company issued a press release saying that it is working to launch a series of music festivals. Here’s what’s going on:

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CSCW Stock Rockets On Music Festival News

In the press release, Color Star Technology announced that it plans on launching a “Color World” branded offline music festival series. The company said that the launch will further its aspirations to build “Color World” into a leading entertainment-centric paid knowledge services platform.

The company’s platform was designed to connect musicians, artists, and celebrities with its growing base of fans, followers, and users.

In the release, CSCW said that it is currently in talks with multiple well-established music festival brands. If all goes well, specific brands will enter into an agreement to co-organize up to 30 music festivals with different genres over the next five years in different cities across Asia and around the world.

In a statement, Luke Lu Chairman and CEO at CSCW, had the following to offer:

As receding COVID-19 pandemic allows China and most Asian countries to gradually get back to normal, so will be the demand for outdoor music festivals in these countries. Music festivals have gained increasing popularity in China and other Asian countries in recent years, often attracting tens of thousands of participants who use it as social venues to enjoy not only live performances but also other attractions such as food, merchandise vending, and other social or cultural activities. The Festival Series, combined with our online offerings such as online concerts, courses, “star teacher”- fan meetings, and our soon-to-be launched online celebrity merchandise store, will add fuel to the fire for our already rapidly expanding user base.

What’s The Big Deal?

The news released by Color Star Technology is overwhelmingly positive. The company’s primary goal is to become an information and connection source for the up and coming music industry. Of course, to do so, the company will have to pump its brand up in the eyes of consumers quite a bit. A series of large music festivals is a great way to do that.

The entertainment industry can be a tough one, but when companies stay in front of consumers and the industry like this festival series will allow CSCW to, things tend to go well. All in all, with the news in mind, CSCW stock is one to watch.

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