Scienjoy Holding Corporation is a mobile live streaming platform in China, and its core mission is to build a live streaming service matrix that delivers a pleasant experience to users. With more than 243 million registered users, Scienjoy currently operates four brands of live streaming platform.
Mar 31, 2021 - Scienjoy Announces Strategic Partnership with Beijing University of Posts and Telecommunications on Multi-user Augmented Reality Technology
Scienjoy Holding Corporation (“Scienjoy”, the “Company”) (NASDAQ: SJ), a leading live entertainment mobile streaming platform in China, today announced it has established a strategic partnership with Beijing University of Posts and Telecommunications (“BUPT”) to research multi-user augmented reality technology and its applications for live streaming content and entertainment.
As part of the agreement, Scienjoy will purchase patents for “augmented reality technologies and systems for multi-user interactions” from BUPT. Scienjoy plans to use these patents in multi-player games and multi-player live streams to enhance the user interactive experience in Scienjoy’s virtual reality second life worlds.
Through partnership with BUPT, Scienjoy hopes to further promote innovation and development in the live streaming industry, and to explore research synergies between institutions of higher education and private enterprise on augmented reality (AR) technology. This agreement represents a further deepening of the cooperation between BUPT and Scienjoy that was announced in January 2021 regarding the applications of web-based augmented reality technology (Web AR).
Through 3D imaging technology and visual tracking algorithms, AR technology superimposes computer generated information into real environments. AR allows users to experience both a virtual world and the physical world simultaneously, and to interact with both in a unique and intuitive way. Mobile augmented reality can be divided into two categories: single-user AR and multi-user AR, each backed by different key technologies and useful for different applications. Multi-user AR, the technology in this cooperation and patent acquisition, is of particular interest to Scienjoy, which seeks to continually upgrade the user experience to be more participatory, interactive and entertaining.
For Scienjoy, multi-user interactive AR technologies are a further step in the Company’s long investment in enhancing the user experience of live streaming and games with augmented virtual reality. The traditional live streaming video experience is one-directional and relies on host appearance, performance skills, environment, and storytelling abilities. In the live streaming category, where users are increasingly looking for interactive entertainment, traditional live streaming may become repetitive and cause users to lose interest in hosts and whole platform ecosystems over time.
Scienjoy has long been at the forefront of researching and integrating AR, virtual reality (VR) and artificial intelligence (AI) to its social platforms to improve the user experience and maintain high user stickiness. Scienjoy has already applied single-user AR technologies to allow hosts and users to supplement their appearance or environment and has also explored multi-player second life worlds. This acquisition of multi-user AR technology will allow hosts and multiple users to interact in second life virtual world spaces and together interact with virtual objects and information. Unlike traditional online games, where players are only able to control virtual objects and avatars, AR games allow players to interact with each other, and virtual objects to interact with the physical environment, bringing a new level of novelty and interactivity to the live streaming game experience.
With recent advancements in mobile devices and chip technology, smart phones and tablets now have the hardware to support AR entertainment. The sensors needed for AR entertainment such as multiple lenses, gyroscopes, accelerometers, and others have all already become standard configurations. The application of these sensors also provides an unprecedented development opportunity for the popularization of AR technology on mobile social platforms like Scienjoy’s. At present, players in the mobile device field such as Google, Apple, Qualcomm, Huawei, Tencent, Alibaba, and Xiaomi and others are all engaged in the research and development of mobile AR related technologies and products. As a leading live entertainment mobile streaming platform provider, Scienjoy will continue to find applications of mobile device technology to further integrate AR to its social platforms and strengthen the user experience.
“In the future, Scienjoy plans to fully integrate virtual and reality through the combination of 5G and AI, AR, VR and other technologies, to give users a more realistic and rich immersive experience,” said Victor He, Chairman and CEO of Scienjoy. “I believe that the purchase of these AR system patents, which represents a further step in Scienjoy’s strategic commitment to entertainment R&D, will bring great value to Scienjoy’s live streaming ecosystem.”
With the goal of seizing the opportunities of the 5G era for the live streaming industry, Scienjoy has made considerable investments in research, has accumulated solid technology reserves, and has attached great importance in R&D personnel to apply technologies to the platform. As user habits evolve, AR technologies advance, and new forms of entertainment are developed, the role of live streaming will be redefined and applied in new ways.
For full release – https://www.prnewswire.com/news-releases/scienjoy-announces-strategic-partnership-with-beijing-university-of-posts-and-telecommunications-on-multi-user-augmented-reality-technology-301259229.html
Mar 24, 2021 - Scienjoy Holding Corporation Reports Fourth Quarter 2020 Unaudited Financial Results
Scienjoy Holding Corporation (“Scienjoy”, the “Company”, or “We”) (NASDAQ: SJ), a leading live entertainment mobile streaming platform in China, today announced its unaudited financial results for the fourth quarter ended December 31, 2020.
Fourth Quarter 2020 Operating and Financial Highlights
- Total net revenues increased by 71.4% to RMB454.4 million (US$69.6 million) from RMB265.1 million in the same period of 2019, exceeding the Company’s guidance forecast of RMB389,0 million to RMB405.0 million provided in its third quarter 2020 earnings release.
- Gross profit increased by 24.7% to RMB79.8 million (US$12.2 million) from RMB64.0 million in the same period of 2019.
- Net loss was RMB48.3 million (US$7.4 million), as compared to a net income of RMB52.7 million in the same period of 2019, mainly due to RMB101.7 million (US$15.6 million) loss resulted from change in fair value of contingent consideration.
- Adjusted net income  increased by 1.4% to RMB53.4 million (US$8.2 million) from RMB52.7 million in the same period of 2019. Adjusted net income margin decreased to 11.8% from 19.9% in the same period of 2019.
- Earnout targets for both Scienjoy and Beelive in fiscal year 2020 were fulfilled.
- Total paying users increased by 7.2% to 332,410 from 310,036 in the same period of 2019.
- Total number of broadcasters increased by 892.3% to 118,411 from 11,933 in the same period of 2019.
Mr. Victor He, Chairman and Chief Executive Officer of Scienjoy, commented, “We once again delivered strong quarterly results as we continued to deliver convenient and engaging live show entertainment experiences to our global user base in the period. In addition, we also remained steadfast in our commitment to advancing our R&D capabilities, upgrading our platform operations, and exploring those technologies capable of providing our users with more engaging platform experiences, including AR, AI, big data, and more. Keeping with our growth mindset, we have recognized the potential for additional expansion into new mobile live streaming segments, including voice live streaming, e-commerce, and MCN. As such, we officially announced our goal to develop a fully integrated live streaming ecosystem covering these fields and more in December 2020. By expanding our businesses in both domestic and international markets, we will further diversify our revenue streams, capture promising new development opportunities, and further compound the healthy growth of our business trajectory.”
Mr. Denny Tang, Chief Financial Officer of Scienjoy, added, “We concluded the fourth quarter of 2020 with solid financial results, further demonstrating our enduring business success and ongoing market expansion. During the quarter, total net revenues grew by 71.4% year over year, representing our highest ever year-over-year top line growth rate for the fourth quarter. As a result, our total net revenues in the full year of 2020 exceeded RMB1.2 billion. While we did book a net loss for the quarter, this was mainly due to RMB101.7 million in loss resulting from change in fair value of contingent consideration in the quarter, which was derived from our previous two major business developments and therefore will not have a lasting impact on our long-term financial performance. Our adjusted net income, excluding the impact of change in fair value of contingent consideration, increased on a year-over-year basis. Looking ahead, we remain confident that our sufficient capital reserves, strong revenue growth, and balanced operational performance will enable us to generate increased shareholder value.”…
Mar 15, 2021 - Scienjoy Launches Licensing and E-Commerce Partnership with the Great Wall of China
Scienjoy Holding Corporation (“Scienjoy”, the “Company”) (NASDAQ: SJ), a leading live entertainment mobile streaming platform in China, today announced a partnership with the Great Wall Society of China, to promote the Great Wall, a UNESCO World Heritage site, at home and abroad through cultural products, e-commerce sales, online and offline activities, co-branding and more. The Great Wall Society of China is the only national agency dedicated to the protection, promotion, maintenance and development of the cultural heritage site. The cooperation grants Scienjoy use of the Great Wall’s intellectual property (IP). Consumer goods featuring IP relating to this cultural heritage site will be promoted and sold on Scienjoy’s e-commerce and live streaming platforms.
As a leader in the field of live entertainment streaming in China, Scienjoy continues to explore how value-added services like e-commerce and cultural content can enrich the live streaming experience for users. The partnership with the Great Wall Society of China, specifically with the Great Wall IP cultural and creative work committee, follows the Company’s strategic expansion into e-commerce. Scienjoy aims to combine live streaming entertainment and e-commerce to build a “full mobile live streaming ecosystem.” Key partners in e-commerce content creation and monetization include multi-channel networks (MCNs) that will help monetize and push e-commerce content across Scienjoy’s own platforms and other popular social media platforms like WeChat and DouYin.
As one of the most famous cultural symbols and tourist destinations in China, the Great Wall also serves as inspiration for artwork, movie sets and designs for consumer products. With tourism in China still recovering from the COVID-19 pandemic, Scienjoy aims to help the heritage site reach consumers through a new form of live streaming engagement. This partnership will not only promote and sell consumer products on e-commerce platforms, but also encourage tourists to visit the Great Wall in 2021. With the ongoing pandemic, mainland Chinese residents are mostly limited to traveling within the country, making 2021 a key year to promote domestic tourism online. For Scienjoy, the Great Wall and relevant cultural creative products can further enhance the corporate brand’s reputation, as well as enrich cultural live streaming content across its platforms. With this cooperation, Scienjoy is granted use of the Great Wall IP and is committed to promote Great Wall tourism and the historical attraction itself going forward.
“The cooperation between Scienjoy and the Great Wall Society of China has given full play to the advantages of both parties to help connect traditional cultural products and tourism with cutting-edge online live streaming entertainment.” said Victor He, Chairman and CEO of Scienjoy. “This and other e-commerce and cultural partnerships will continue to leverage Scienjoy’s advantages to build a diverse mobile live streaming ecosystem centered on entertainment and e-commerce.”
Scienjoy has approached the e-commerce initiative with the same “user-first” philosophy behind all of its live stream products. The Company aims to provide users with diverse product choices, competitive pricing, quality assurance, and a seamless user interface so that consumers can enjoy the shopping experience. Like its existing live stream entertainment content, Scienjoy’s live streaming e-commerce business will allow consumers to better understand products via real-time interactions with trained broadcasters. Live streaming e-commerce, which is suitable for both large-scale and specialty products, will provide a new channel to drive revenue, meet user demand for e-commerce and shopping entertainment content, give opportunities for new broadcasters, and further increase social engagement between users and broadcasters.
Feb 24, 2021 - Scienjoy Announces Closing of $30 Million Common Stock Purchase Transaction With White Lion Capital
Scienjoy Holding Corporation (“Scienjoy” or the “Company”) (NASDAQ: SJ), a leading live entertainment mobile streaming platform in China, today announced that it has closed the transaction in accordance with a Common Stock Purchase Agreement (the “Purchase Agreement“) it has entered with White Lion Capital, LLC, a Nevada limited liability company (the “White Lion Capital“). The Purchase Agreement provides that White Lion Capital is committed to purchase the Company’s Ordinary Shares with an aggregate offering price of up to $30,000,000 (“Commitment Amount“) from time to time during the Commitment Period, which starts on the date of the filing of the initial registration statement covering the resale of securities issued under the Purchase Agreement, and shall terminate on the six month anniversary of the filing of such initial registration statement and terms as specified in the agreement. The Company intends to use the net proceeds from this transaction for the expansion of working capital, supporting the operations of BeeLive International and other general corporate purposes.
Under the Purchase Agreement, on any trading day selected by the Company, the Company has the right, but not the obligation, to present White Lion Capital with a purchase notice, directing White Lion Capital (as principal) to purchase up to a certain amount shares of the Company’s Ordinary Shares (“Purchase Notice“) at a certain price as defined in the agreement. Notwithstanding the foregoing, the Company and White Lion Capital may elect a negotiated fixed purchase at a certain volume and price at any time during the Commitment Period by mutual consent (“Fixed Purchase Notice“).
White Lion Capital has no right to require any sales by the Company, but is obligated to make purchases from the Company as the Company directs in accordance with the Purchase Agreement. For more details, please refer to the Company’s Current Report on Form 6-K filed with the Securities Exchange Commission on February 23, 2021, at https://www.sec.gov/.
Mr. Victor He, Chairman and Chief Executive Officer of Scienjoy, commented, “We are pleased to announce the closing of the purchase agreement with White Lion Capital as it once again demonstrates the strong vote of confidence we are receiving from investors. Importantly, this transaction marks our first capital raise since becoming a public company last year and therefore demonstrates both the validity of our business model as well as our positive long-term outlook. Looking ahead, we remain focused on laying the foundation for continuous development by diversifying our product offerings, bolstering our technological capabilities, enlarging our customer base, and increasing our global footprints. We believe that such efforts alongside our commitment to developing a fully integrated live streaming ecosystem in the fields of entertainment, e-commerce, and MCN, will help to augment our business sustainability and generate lasting shareholder value.”…
Jan 25, 2021 - Scienjoy Holding Corporation Uses Cutting-edge Technology and MCN Applications for Live Streaming to Drive Efficient Revenue Growth
Scienjoy Holding Corporation (“Scienjoy”, the “Company”, or “We”) (NASDAQ: SJ), a leading live entertainment mobile streaming platform in China, is using cutting-edge technology and high-quality-content-creating applications from the MCN sector to establish six compelling complete virtual reality worlds, or “Second Life Worlds” (the “virtual reality worlds”) in the Company’s show live streaming platforms, with the aim to efficiently enhance the customer stickiness, generate higher engagement, and drive a stronger user willingness to pay. Based on the 4G technology, the Company’s small-scale rollout of three virtual reality worlds in 2020 has been successful, and with the gradual application of the 5G technology, the Company is expected to fully launch six complete virtual reality worlds in the near future.
In December 2020, the Company announced its business strategies of “Live Streaming Full Ecosystem”, covering the brand-new Entertainment, E-commerce and Multi-Channel Network (MCN) sectors. As one of the top priorities of future development, the high-quality-content-creating applications from the MCN sector will provide in-depth resource integration and efficient output for the development and maturation of the two sub-ecologies of Entertainment and E-commerce, and create content monetarization opportunities with high growth potential for the Company.
Based on the 4G technology, the Company launched three virtual reality worlds in 2020 on a small scale and has enriched the scenarios and enhanced the entertainment of its show live streaming platforms. Through AI-powered face-modifying and voice-modifying technology, each virtual reality world allows broadcasters and users to customize their own characters in the virtual world, including roles, voices and character relationships, and thus provides fully immersive and interactive scenarios. Such enriched content also diversifies the single relationship between broadcasters and users, adding a more complex and entertaining multi-dimensional relationships within broadcasters and users, respectively.
With the application of the 5G technology, Scienjoy will accelerate the full-scale application of six complete virtual reality worlds. The initial application in 2020 has already received positive feedback and gained acceptance from users and broadcasters, proving the feasibility and rationality of the virtual reality worlds. The Company will increase investment in research and development this year and plans to launch six complete virtual reality worlds in its show live streaming platforms in the near future, which is expected to efficiently enhance the customer stickiness, generate higher engagement, and drive a stronger user willingness to pay through the cutting-edge technology and high-quality-content-creating applications.
Mr. Victor He, Chairman and Chief Executive Officer of Scienjoy, commented, “With the intensifying segmentation of the live streaming industry and the increasing demand for high quality content, we hope to promote ourselves through the high-quality-content-creating applications, so we introduced the virtual reality worlds. We are delighted that the small-scale application has received active participation and enthusiastic feedback from all participants on the platforms, which reinforced our confidence in the application of the MCN sector. This year, six complete virtual reality worlds are expected to be fully established and applied in our show live streaming platforms, and I am very confident that they will increase the attention and traffic to our platforms, and drive revenue growth efficiently.”…
For full release – https://www.prnewswire.com/news-releases/scienjoy-holding-corporation-uses-cutting-edge-technology-and-mcn-applications-for-live-streaming-to-drive-efficient-revenue-growth-301213858.html
Nov 23, 2020 - Scienjoy Holding Corporation Reports Third Quarter 2020 Unaudited Financial Results
Scienjoy Holding Corporation (“Scienjoy”, the “Company”, or “We”) (NASDAQ: SJ), a leading live entertainment mobile streaming platform in China, today announced its unaudited financial results for the third quarter and first nine months ended September 30, 2020.
Third Quarter 2020 Operating and Financial Highlights
- Total net revenues increased by 29.1% to RMB316.4 million (US$46.6 million) from RMB245.0 million in the same period of 2019.
- Gross profit increased by 32.3% to RMB71.8 million (US$10.6 million) from RMB54.3 million in the same period of 2019. Gross margin expanded to 22.7% from 22.2% in the same period of 2019.
- Net income increased by 59.1% to RMB61.1 million (US$9.0 million) from RMB38.4 million in the same period of 2019. Net income margin expanded to 19.3% from 15.7% in the same period of 2019.
- Adjusted net income  increased by 33.7% to RMB51.4 million (US$7.6 million) from RMB38.4 million in the same period of 2019. Adjusted net income margin expanded to 16.2% from 15.7% in the same period of 2019.
- Total paying users increased by 28.0% to 322,841 from 252,299 in the same period of 2019.
- Total number of broadcasters increased by 635.4% to 97,038 from 13,196 in the same period of 2019.
Mr. Victor He, Chairman and Chief Executive Officer of Scienjoy, commented, “Our robust performances in the third quarter and first nine months of 2020 continued to showcase the strength of our platform’s value proposition for both users and broadcasters. In addition, by continuously refining our platform’s features and technology, we have also continued to fuel its growth, attracting more broadcasters, augmenting our brand influence, and cultivating a richer and more diverse ecosystem of quality content offerings. In August, we entered into an agreement to acquire the global live streaming platform, BeeLive. We believe that this acquisition will help us to not only enhance our overall industry leadership, but also generate increasing shareholder value over the long term. Going forward, we expect to continue driving the expansion of our business both in China and around the world by providing our users with an increasingly vibrant and interactive social experience.”
Mr. Denny Tang, Chief Financial Officer of Scienjoy, added, “In addition to achieving meaningful user growth, we were also able to significantly improve our financial performance in the third quarter of 2020 despite a myriad of macroeconomic uncertainties. As a result, during the period, total net revenues grew by 29.1% year over year, gross profit grew by 32.3% year over year, and net income grew by 59.1% year over year. Looking ahead, we remain confident that our healthy financial growth, improved operating leverage, and sufficient liquidity position will continue to deliver lasting value for our shareholders over the long term.”
Third Quarter 2020 Financial Results
Total net revenues in the third quarter of 2020 increased by 29.1% to RMB316.4 million (US$46.6 million) from RMB245.0 million in the same period of 2019. This increase was in line with the 28.0% year-over-year increase in total paying users during the quarter…