NEW YORK, Aug. 6, 2020 /PRNewswire/ -- The pandemic has significantly damaged the economy and many industries are a suffering from shut-downs and drops in demand. The music industry is no different; while album sales have drastically declined in recent years, live performances were at peek popularity before the pandemic. Now, after many months of concert cancelations, it is unclear how soon music venues will reopen. According to data provided the world Economic Forum, a six-month shutdown is estimated to cost the industry more than USD 10 Billion in sponsorships, with longer delays being even more devastating. But the industry is discovering that there are other ways to reach an audience. For example, Fortnite hosted a live rap concert that attracted nearly 30 million live viewers. The crisis is also likely to accelerate underlying trends in the music industry, based on the importance of streaming, which has grown from 9% to 47% of total industry revenues in just six years. Color Star Technology Co., Ltd. (NASDAQ: HHT), Tencent Holdings Limited (OTC: TCEHY), Sirius XM Holdings Inc. (NASDAQ: SIRI), Amazon.com, Inc. (NASDAQ: AMZN), Avid Technology, Inc. (NASDAQ: AVID)
Evidence that the music industry can transform its operation to fit better for an online audience is abundant. In China for example, Tencent Music Entertainment (TME) reported changes in consumer behavior during the spread of the pandemic, with more consumers using home applications on TVs and smart devices. "While there was some impact on our social entertainment services, we have started to see a moderate recovery recently. In the first quarter of 2020, online music subscription revenues increased by 70.0% year-over-year. The number of online music-paying users reached 42.7 million, a year-over-year increase of 50.4%." Tsai Chun Pan, Group Vice President, TME Content Cooperation Department. The same logic is also being used for other entertainment. Disney announced this week that their anticipated live-action Mulan movie will be not be released in theaters, and instead will be available online through their Disney Plus service.
Color Star Technology Co., Ltd. (NASDAQ: HHT) announced breaking news yesterday that, "multi-platinum selling, Grammy and Golden Globe nominated recording artist Wiz Khalifa will perform at "Fearless, Color World," an online concert presented by Color China Entertainment and Color Star Technology. The special online event will take place September 9th.
The "Fearless, Color World" online concert featured on the Color World app is a new type of concert launched by Color Star Technology which provides innovative training and educational services in the arts. The concert has invited many world-class artists to perform, hoping to make the audience feel the peace of the world and eternal love.
Biao (Luke) Lu, CEO says it's all about 'Colorful music, colorful life, and a colorful world. With warmth and hope, we celebrate our own lives and the hopes of the world. Let music run through our hearts and let us become a family. The world is unified, only love is eternal. The 'Fearless, Color World' online concert will bring to hundreds of millions of audiences around the world not only to the wonderful performances from the world's top artists, but also the dazzling technology and sound. All of our content will use the SQ lossless quality versions. It will be broadcast, so that the audience can feel the shock like a live concert. We believe that this online concert will definitely bring billions of people around the world a brand-new online concert experience, this September we will go through the world together.'
About Color Star Technology Co., Ltd.: Color Star Technology Co, Ltd. (Nasdaq: HHT) offers online and offline innovative education services for the music and entertainment industries globally. Its business operations are conducted through its wholly-owned subsidiaries Color China Entertainment Ltd. and CACM Group NY, Inc. The Company's online education is provided through its Color World music and entertainment education platform. The Company also offers after-school entertainment tutoring in New York via its joint venture entity Baytao LLC."
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Tencent Holdings Limited (OTC: TCEHY) announced back in March that a Tencent-led consortium (the "Consortium") has completed the acquisition of a 10% equity stake in Universal Music Group ("UMG") from Vivendi SE (VIV.PA, "Vivendi"), based on an enterprise value of EUR30 billion for 100% of UMG's share capital (the "Transaction"), three months after the signing of the agreement on December 31, 2019. The Consortium is delighted to support UMG's growth through this investment and believes that the long-term growth potential of the music industry remains intact despite macro-economic challenges. With the support of Vivendi, Tencent and TME will work together with UMG to further promote a thriving entertainment industry by developing innovative forms of music engagement and broadening opportunities for artists.
Sirius XM Holdings Inc. (NASDAQ: SIRI) announced last month the launch of its latest collection of exclusive radio channels dedicated to iconic musicians starting today at Noon ET. SiriusXM's presents brand new channels from Beastie Boys, Bob Marley, Coldplay, Michael Jackson and Queen, plus the return of The Prince Channel, that will be available through August 13 on the SiriusXM app, internet connected devices and smart speakers in your home. The SiriusXM app is available on mobile phones, tablets and computers, as well as on a wide variety of connected devices in the home including smart TVs, devices with Amazon Alexa or the Google Assistant, Apple TV, PlayStation, Roku, Sonos speakers and more.
Amazon.com, Inc. (NASDAQ: AMZN) through Amazon Web Services, Inc. announced on July 15th, the general availability of Amazon Interactive Video Service, a new fully managed service that makes it easy to set up live, interactive video streams for a web or mobile application in just a few minutes. Amazon IVS uses the same technology that powers Twitch, one of the most popular live streaming services in the world with nearly 10 billion hours of video watched in 2019, giving customers live content with latency that can be less than three seconds. Customers can easily configure and stream live video through their own website or mobile application, with scalable delivery that supports millions of concurrent viewers globally. With the Amazon IVS SDK and APIs, customers can also build interactive features into their live streams like virtual chat spaces, votes and polls, moderated question and answer sessions, and synchronized promotional elements. There are no additional charges or upfront commitments required to use Amazon IVS, and customers pay only for video input to Amazon IVS and video output delivered to viewers.
Avid Technology, Inc. (NASDAQ: AVID) and Dolby Laboratories announced last week to be breaking new ground for DIY music distribution by providing independent artists, producers and record labels the ability to easily self-distribute their music in Dolby Atmos® to streaming services Amazon Music and TIDAL. With Dolby Atmos Music and AvidPlay, music creators can now bring next-level immersive listening experiences to their fans, deliver unlimited singles and albums annually and grow their fanbase while keeping 100 percent of their rights and earnings. "Dolby Atmos has changed how we think about music and it allows us to create things that were previously not possible. It's unlike anything you've ever heard," said Arno Kammermeier, co-founder of the Berlin-based electronic duo Booka Shade. "And most importantly, with AvidPlay, we can now share this elevated experience with our fans. It's mind-blowing and the ultimate way to experience our music."
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