Exciting New Offerings Permeate Throughout Video Streaming Services

NEW YORK, May 27, 2021 /PRNewswire/ -- Video streaming content has grown rapidly in recent years, and the trend is expected to continue. New technologies, such as AI, play a major role in in editing, cinematography, voice-overs, scriptwriting, and several other aspects of video production and uploading, as various video streaming solutions companies are using AI to improve the content quality of their videos. Importantly, social media has played a major role in the development of the current live streaming infrastructure as well. Overall, live streaming sites have gained precedence in light of emerging social media platforms and affordable data consumption plans. This is also attributed to public figures, celebrities, and government agencies using the software to better reach the masses. Furthermore, the growing popularity of online gaming and esports tournaments is evidence of the large potential of the industry. Scienjoy Holding Corporation (NASDAQ: SJ), Spotify Technology S.A. (NYSE: SPOT), Zoom Video Communications, Inc. (NASDAQ: ZM), fuboTV Inc. (NYSE: FUBO), Vuzix® Corporation (NASDAQ: VUZI)

Augmented reality is also becoming a more prominent technology in recent times in large part due to social media. After Snapchat pioneered the use, Facebook, Instagram, Pinterest and TikTok have launched their own lenses, filters and effects to better engage with consumers. In the process, AR has shown its value not only for branding and entertainment, but also for commerce. A few recent developments from the social media world include Facebook's roll-out of AR advertising, and Instagram adding try-on features. According to a report by eMarketer, the shutdown of many retail stores spurred some marketers to invest more in AR as a way to offer virtual try-on and other experiences typically only available in-store. Several social media properties now enable try-on within their apps.

Scienjoy Holding Corporation (NASDAQ: SJ) announced yesterday breaking news regarding, "its financial results for the first quarter ended March 31, 2021.

First Quarter 2021 Operating and Financial Highlights

• Total net revenues increased by 68.8% to RMB 365.0 million (US$55.7 million) from RMB216.3 million in the same period of 2020, exceeding the high end of the estimated range for total net revenues released by the Company on May 6, 2021.
• Gross profit increased by 54.7% to RMB80.1 million (US$12.2 million) from RMB51.8 million in the same period of 2020. Gross margin decreased slightly to 22.0% from 24.0% in the same period of 2020.
• Net income increased by 88.4% to RMB71.0 million (US$10.8 million) from RMB37.7 million in the same period of 2020. Net margin expanded to 19.4% from 17.4% in the same period of 2020.
• Adjusted net income^[1] increased by 121.8% to RMB83.5 million (US$12.7 million) from RMB37.7 million in the same period of 2020, exceeding the high end of estimated range for adjusted net income released by the Company on May 6, 2021. Adjusted net margin improved to 22.9% from 17.4% in the same period of 2020.
• Total paying users increased by 20.5% to 291,949 from 242,265 in the same period of 2020.
• Total number of active broadcasters increased by 967.0% to 143,980 from 13,494 in the same period of 2020.
• As of March 31, 2021, the Company had RMB268.0 million (US$40.9 million) in cash and cash equivalents, which represented an increase of 19.3% from RMB224.8 million as of December 31, 2020.

^[1] "Adjusted net income" is defined as net income excluding change in fair value of contingent consideration and warrant liabilities. For more information, refer to "Use of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Results" at the end of this press release.

Mr. Victor He, Chairman and Chief Executive Officer of Scienjoy, commented, "We were delighted to kick off 2021 with robust growth in the first quarter. Revenue and adjusted net income both significantly exceeded our prior estimates for the quarter, driven by the continuous improvement of our paying user count and user paying ratio. By continuing to adopt cutting-edge technologies and implementing innovative features on our platform, we have further upgraded our user acquisition capabilities, refined our monetization systems, and expanded our overseas footprint. Since the start of the year, we have focused on forging more partnerships with best-in-class organizations to expand our business capabilities, cultivate new revenue streams, and enhance our R&D. As a result, we have established a broadcaster training system, laid a solid foundation for our live streaming e-commerce business, become one of the first live streaming platforms in China to offer Non-Fungible Tokens ("NFTs"), and more. We are confident that such efforts alongside our established advantages in live entertainment mobile streaming will provide users and broadcasters with increasing value, helping us to accelerate our expansion efforts both at home and abroad going forward."

Mr. Denny Tang, Chief Financial Officer of Scienjoy, added, "In the first quarter, we once again delivered solid financial results, marked by high growth and improved profitability. Our significant increases in total net revenues and net income continue to showcase our attractive value propositions for users and broadcasters as well as our increasingly proficient monetization capabilities. Looking ahead, we plan to continue innovating, introducing more engaging services, and investing for the long term. We believe that such efforts will allow us to expand our total market share and capitalize on new growth opportunities to generate lasting shareholder value."

First Quarter 2021 Financial Results

Total net revenues in the first quarter of 2021 increased by 68.8% to RMB365.0 million (US$55.7 million) from RMB216.3 million in the same period of 2020. This increase was driven by the growth in paying users during the outbreak of COVID-19 on the Company's live streaming platform as well as the Company's increasing ability to attract and retain paying users and broadcasters. The number of paying users in the first quarter of 2021 was 291,949, increasing by 20.5% from 242,265 in the same period of 2020. The Company's paying ratio in the first quarter of 2021 improved to 3.44% from 1.99% in the same period of 2020.

Cost of revenues in the first quarter of 2021 increased by 73.2% to RMB284.9 million (US$43.5 million) from RMB164.5 million in the same period of 2020. This increase was primarily attributable to a year-over-year increase of RMB103.9 million, or 74.6%, in the Company's revenue sharing fees and content costs, which was in line with the growth of the Company's live streaming operations in the first quarter of 2021.

Gross profit in the first quarter of 2021 increased by 54.7% to RMB80.1 million (US$12.2 million) from RMB51.8 million in the same period of 2020. Gross margin in the first quarter of 2021 decreased slightly to 22.0% from 24.0% in the same period of 2020, which was in line with the increase in revenue sharing fees and content costs to attract more quality broadcasters…"

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Spotify Technology S.A. (NYSE: SPOT) together with its subsidiaries, provides audio streaming services worldwide. Earlier this year, the Company announced the launch of its service in South Korea, giving Korean listeners access to over 60 million tracks and over 4 billion playlists from around the world. As the world's most popular audio streaming subscription service, Spotify offers an effortlessly simple interface, an innovative technology framework, everyday new music discovery and algorithmic recommendations personalized to each listener's music taste. This launch brings Spotify's total number of markets to 93. "We always want to be where the listeners and artists are, and Korea is rich in both," said Alex Norström, Chief Freemium Business Officer of Spotify. "This launch presents a massive opportunity for us to not only further our mission of bringing new and quality content to more audiences, but also help local Korean artists tap into Spotify's 320 million listeners worldwide. We hope to create more opportunities for Korean artists across all genres to be discovered by listeners around the world."

Zoom Video Communications, Inc. (NASDAQ: ZM) announced back in October its new end-to-end encryption (E2EE) is now available to users globally, free and paid, for meetings with up to 200 participants. This feature is available immediately as a technical preview, meaning that the company is proactively soliciting feedback from users for the next 30 days. E2EE is available on Zoom desktop client version 5.4.0 for Mac and PC, the Zoom Android app, and Zoom Rooms, with the Zoom iOS app pending Apple App Store approval. "We're very proud to bring Zoom's new end-to-end encryption to Zoom users globally today," said Zoom CISO Jason Lee. "This has been a highly requested feature from our customers, and we're excited to make this a reality. Kudos to our encryption team who joined us from Keybase in May and developed this impressive security feature within just six months."

fuboTV Inc. (NYSE: FUBO) announced on April 8th, that it has acquired the exclusive live streaming rights to the Qatar World Cup 2022 Qualifying matches of South American Football Confederation.  "Our mission is to provide the world's most thrilling sports-first live TV experience with the greatest breadth of premium content, interactivity and integrated wagering," said David Gandler, co-founder and CEO, fuboTV. "By offering the best of South American soccer in advance of Qatar 2022, we are further differentiating fuboTV's sports-first content portfolio enabling us to engage with more consumers than ever before."

Vuzix® Corporation (NASDAQ: VUZI) announced yesterday, a new partnership with TechSee, a leader in intelligent visual assistance technology, to deliver a remote visual assistance solution to field service technicians using AR and computer vision on Vuzix' M400 and M4000 Smart Glasses. "TechSee's field service solution is a natural fit with our Smart Glasses, so we are very excited to partner with them to offer a unique computer vision-powered solution that can help technicians in both assisted service and self-service modes," said Paul Travers, President and Chief Executive Officer at Vuzix. "Our smart glasses ecosystem continues to expand with each passing day, and we remain confident that Vuzix is increasingly well positioned to become the hardware vendor of choice among a growing number of industry players."

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