ZW Data Action Technologies (NASDAQ:CNET) news for Wednesday concerning the launch of a new live streaming platform has CNET stock on the rise.
A ZW Data Action Technologies news release reveals that the company’s first live streaming platform is in Guangzhou, China. It also already has a customer, with Live Streaming Professionals Committee of China Association of National Advertisers being its first tenant.
ZW Data Action Technologies notes that the new platform in China includes a 5,000-square-meter office. Its features include “livestreaming ecommerce, ecommerce support service, influencer stream shopping, private traffic boosting, supply chain service, and supply chain finance.”
Handong Cheng, chairman and CEO of ZW Data Action Technologies, said the following about the news boost CNET stock.
“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.”
According to the ZW Data Action Technologies news release, there’s plenty of room to grow in the live streaming market. The company says it expects the business to bring in revenue of $50 million in 2021. Adding to that, it also expects revenue to continue to grow in the double digits.
CNET stock was up 48% as of Wednesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.