Used as a fluorescent probe in biochemical and cellular imaging due to its strong emission properties in the visible range. Its structure allows for good cell membrane permeability and selective binding to certain hydrophobic pockets in proteins, making it useful in studying protein conformation changes. Also employed in photodynamic therapy research for its ability to generate singlet oxygen upon light excitation. Additionally, it serves as an intermediate in the synthesis of organic semiconductors and optoelectronic materials owing to its extended conjugated system and thermal stability.