An Isolated Public Turns to Streaming Services
FinancialBuzz.com News Commentary
NEW YORK, Aug. 4, 2020 /PRNewswire/ -- Everyone has been spending more time indoors amid the spread of a pandemic. As a result of the social distancing and working from home, more time is being spent on online entertainment, for both video and music. A report by Music Ally indicates that according to a U.S.-based survey, 60% of people are "engaging more with entertainment during this time" while 24% have signed up to a new subscription service – with 79% of them intending to keep paying for it after the pandemic ends." This isn't just music, but entertainment more widely – streaming video for example. When asked what subscription services they have added or intend to add, 81% said video, 38% said music, and 14% video games – more than 100% because some people added multiple subscriptions. Color Star Technology Co., Ltd. (NASDAQ: HHT), Warner Music Group Corp. (NASDAQ: WMG), Netflix, Inc. (NASDAQ: NFLX), AT&T Inc. (NYSE: T), Spotify Technology S.A. (NYSE: SPOT).
Unrelated to the pandemic and the ramifications from it, music streaming services were already causing major changes to how the music industry operated. Album sales were down across the board, but live concerts were becoming more popular over the past decade. And now that the pandemic has halted live events, music streaming platforms need to innovate. According to a report by Deloitte Insights, "Some music platforms are innovating by hosting virtual concerts for artists. While it may be impossible to re-create the concert experience in a living room, many digital platforms are bringing artists closer to fans. Tidal, for example, is offering consumers free access to virtual concerts as part of its "At Home with Tidal" program."
Color Star Technology Co., Ltd. (NASDAQ: HHT) announced breaking news today that, "Syncopated Ladies, the team of Emmy Nominated Choreographer, and international tap star Chloé Arnold as the latest guest and opening dancer on its "Color World" online concert on September 9, 2020.
Syncopated Ladies is a female tap dance band from Los Angeles created by Chloé Arnold, the protégé of Debbie Allen. As the leading lady of tap, Chloé Arnold has performed on stages around the world, with world-famous musicians such as Beyoncé and John Legend. Arnold is also an experienced choreographer, whose choreography has been featured in over fifty episodes of The Late Late Show with James Corden, also on hit television shows such as So You Think You Can Dance, Good Morning America, and more.
As a team, Syncopated Ladies' most successful is their tribute to Prince and their cover of Beyoncé's Formation. Their viral videos have amassed over fifty million views on social media, MTV, Cosmopolitan, Buzzfeed, and other platforms. They have worked with Beyoncé, won the first dance crew battle in FOX's So You Think You Can Dance, performed on Good Morning America, at the US OPEN, and had sold-out full-length concerts "Syncopated Ladies: Live".
Color Star Technology CEO, Biao (Luke) Lu, said that "we are very happy to cooperate with Chloe and her team, and hope that they will bring us a wonderful performance at the concert, so that hundreds of millions of viewers will enjoy this musical feast."
About Color Star Technology Co., Ltd.: Color Star Technology Co, Ltd. (Nasdaq: HHT) offers online and offline innovative education services for 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."
For our latest "Buzz on the Street" Show featuring Color Star Technology Co., Ltd. recent corporate news, please head over to: https://www.youtube.com/watch?v=cdBS1HlVQRc
Warner Music Group Corp. (NASDAQ: WMG) Imagine Entertainment Chairman Brian Grazer reported last month a multi-year strategic partnership to co-produce and co-finance a slate of music-centered projects across multiple mediums, including film, television, documentary, and other short-form content. By marrying Imagine's 30-year success in producing premium entertainment with WMG's global artists, songwriters, and world-class catalog, the partnership will accelerate capabilities to bring to the screen outstanding storytelling that crosses genres and decades. "I've always looked for new ways to bring a story to life. This is my passion. Our new partnership with WMG gives us a new dimension to do exactly that - ignite emotion in stories," explains rian Grazer. "The content that lives inside songs gives life to a fresh sonic and cinematic power. Len Blavatnik is a visionary in the space and everyone at Imagine is thrilled to partner with him and his team. Thanks again to WMG, particularly Steve, Max and Charlie."
Netflix, Inc. (NASDAQ: NFLX) reported recently second-quarter 2020 financial results. The report indicates that average streaming paid memberships in Q2 rose 25% year over year while streaming ARPU increased 0.4% year over year. The Company announced that they are slowly resuming productions in many parts of the world. It is furthest along in Asia Pacific (where we never fully shut down in Korea, for example) and are now shooting live action series like season 2 of our Japanese original The Naked Director. In EMEA, we are now back in production in many countries, including Germany, France, Spain, Poland, Italy, and the UK. While we recently resumed production on two films in California and two stop-motion animation projects in Oregon and expect some more of our US productions to get going this quarter, current infection trends create more uncertainty for our productions in the US.
AT&T Inc. (NYSE: T) announced recently the launch of HBO Max to tens of millions of its wireless, video and internet customers in the United States. "We couldn't be more excited to bring HBO Max and its incredible content to millions of our customers. Our top wireless, internet and video plans and packages now include your favorite shows and movies, all in one place with HBO Max - at no additional charge," said Thaddeus Arroyo, CEO of AT&T Consumer. "AT&T has long been committed to ensuring our customers are connected and entertained, and HBO Max has something for everyone. It's yet another step we're taking to keep our customers connected to the world around them and the content they love."
Spotify Technology S.A. (NYSE: SPOT) announced last month a new, multi-year global license agreement that further aligns the companies' efforts to foster groundbreaking new features providing value for artists and great experiences for music fans. With this new agreement, the companies advance their industry-leading partnership, reflecting a shared commitment to music's continued growth, deeper music discovery experiences and collaboration on new, state-of-the-art marketing campaigns across Spotify's platform. Additionally, as music's most innovative company and one of Spotify's earliest supporters, UMG will deepen its leading role as an early adopter of future products and provide valuable feedback to Spotify's development team. Daniel Ek, Chairman & CEO of Spotify, said, "From their early experimentation with Marquee, to testing new experiences like Canvas, Universal Music Group has been an important partner in helping to shape the development of our marketing tools. With today's announcement, we will expand on this level of early stage innovation and further strengthen our partnership and shared vision for helping advance artists at all stages of their careers."
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