The Strategic Cooperation Agreement Creates a Ubiquitous Subscriber Marketing and Distribution Platform that will Monetize Glory Star’s 106 Million Subscriber Base and gain access to one of China’s largest media outlet with over 1 Billion Subscribers
BEIJING, July 23, 2020 (GLOBE NEWSWIRE) — Glory Star New Media Group Holdings Limited (NASDAQ: GSMG, GSMGW) (“Glory Star” or the “Company”), a leading mobile and online digital media and entertainment company in China, today announced that it has established a strategic cooperation agreement with CNLive.com.
The strategic cooperation creates a new and vast opportunity for Glory Star to leverage, accelerate, monetize, and grow its subscriber base with the technology provided by CNLive.com. More specifically, the Company is able to utilize the augmented reality marker technology and gain access to the expansive multichannel networks of CNLive.com by distributing its content and proprietary inventory of its CHEERS Video library, and its CHEERS e-Mall platform to China’s major media outlets. This includes the three largest mobile telecommunication operators in China, China Mobile Limited, covering more than 946 million users, China Telecom Corporation Ltd., covering more than 343 million users, and China Unicom Limited, covering more than 309 million users.
Mr. Bing Zhang, Chairman and Chief Executive Officer of Glory Star, commented, “We are pleased to announce our strategic relationship with CNLive.com, who provides services for content output and operations of China Mobile, China Unicom and China Telecom. Users can scan their favorite content and products through the embedded AR marker technology and directly complete their purchases through their mobile devices, which greatly enhances the next stage of growth and traffic conversion of CHEERS Video and CHEERS e-Mall platform. Our Company already provides content production services for some of the largest E-commerce companies in China such as JD.com, Inc., one of the leading technology driven e-commerce companies and the largest retailer in China, a member of the NASDAQ-100. We also provide premium digital content to our all-star clients, including Tencent, Alibaba, Weibo, Iqiyi as well as our traditional consumer brand clients such as Starbucks, Pantene, Louis Vuitton, Samsung, Sony and many more.”
About Glory Star New Media Group Holdings Limited
Glory Star New Media Group Holdings Limited is a leading mobile entertainment operator in China. Glory Star’s ability to integrate premium lifestyle content, including short videos, online variety shows, online dramas, live streaming, its Cheers lifestyle video series, e-Mall, and mobile app, along with innovative e-commerce offerings on its platform enables it to pursue its mission of enriching people’s lives. The Company’s large and active user base creates valuable engagement opportunities with consumers and enhances platform stickiness with thousands of domestic and international brands.
Safe Harbor Statement
Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: the ability to manage growth; ability to identify and integrate other future acquisitions; ability to obtain additional financing in the future to fund capital expenditures; fluctuations in general economic and business conditions; costs or other factors adversely affecting our profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic; and other factors listed in the Company’s Annual Report on Form 10-K for the year ending December 31, 2019 and in other filings made by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Such information speaks only as of the date of this release.
Glory Star New Media Group Holdings Limited
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