Color Star (NASDAQ:CSCW) is in the news Tuesday after announcing plans for a series of offline music festivals sent CSCW stock soaring higher.
Color Star says that its goal is to create a series of offline music festivals that will take place in Asia and other parts of the world. It seeks to offer 30 of these festivals over the course of five years.
According to a Color Star news release, the company is planning to hold these offline music festivals under the Color World brand. Color World is the company’s brand that it uses to connect musicians, artists and celebrities with members of their fanbases.
Color Star says that the new music festivals will help it further develop the Color World brand. The company wants to develop this brand into a “leading entertainment-centric paid knowledge services platform.”
Luke Lu, chairman and CEO of Color Star, said the following about the news.
“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.”
CSCW stock was up 17.3% as of Tuesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
