3 years ago - finance.yahoo.com

BEIJING, Aug. 18, 2020 (GLOBE NEWSWIRE) -- Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) (“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 Beijing Ultrapower Software Co., Ltd. (“Beijing Ultrapower Software”) (SHE: 300002) to jointly explore the development of various 5G business applications. Beijing Ultrapower Software is one of the first companies to have been listed on the Shenzhen Stock Exchange's Growth Enterprise Market in China. As a high-tech enterprise focused on creating value and driving innovation, Beijing Ultrapower Software remains committed to developing cutting-edge technology as a means to better facilitate the development of the industry as well as accelerate social progress. Over the past 20 years, Beijing Ultrapower Software has gradually formed the technical product capabilities with communication and data as the core. Beijing Ultrapower Software's five primary business segments include telecom operator services, Internet of Things and communication, artificial intelligence and big data, mobile games, and initiatives for innovation. Both companies have agreed to utilize their respective industry resources and advanced technological capabilities to jointly develop 5G messaging applications under the partnership. Through these efforts, both companies aim to create an innovative collaboration model that fuses highly-efficient communication channels with premium content production capabilities and a tailored customer service experience. In addition, this partnership will also serve to bolster both companies’ telecommunication and 5G messaging technologies, thus laying the foundation for the ongoing exploration of new 5G application opportunities in content production and other business development scenarios with monetization potential. 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. Contacts Glory Star New Media Group Holdings Limited Yida Ye Email: [email protected] ICR Inc. Jack Wang Tel: +1 (646) 308-0546 Email: [email protected]

3 years ago - finance.yahoo.com

Beijing, Aug. 11, 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 released a letter to shareholders from Mr. Bing Zhang, the Company's Chairman and Chief Executive Officer. In the letter, Mr. Zhang provided an overview of the Glory Star’s progress in 2020 and outlined the Company’s future growth strategies. The original letter was written in Mandarin Chinese and can be accessed on the Company’s investor relations website at http://ir.gsmg.co/. The following excerpts are English language translations of key messages from the letter to shareholders.To Shareholders, Colleagues, and Business Partners, As this is my first letter to you as Chairman of Glory Star, I would like to take this opportunity to provide you with an overview of our progress in 2020 to date as well as our vision for the future. I would also like to thank all of our colleagues, shareholders, and business partners for their unwavering support, particularly during this challenging time. We are deeply serious about the trust placed in us by all parties and consider it an honor to move towards a common vision of the future together. In times like these, we cannot help but be reminded about what really matters, our family, our friends, and our health. Since our successful listing on the NASDAQ stock market on February 19, 2020, we have sustained our remarkable growth trajectory, which continues to be driven by China’s rapid digitization progress as well as its social and economic developments. Now, after three years of operations, we have built a digital entertainment ecosystem that offers premium content, interactive live streaming, supply chain services, big data analysis, smart search services, and recommendation services. These services have helped our CHEERS app to not only attract over 100 million users nationwide, but also form partnerships with hundreds of established brands and service providers. In the 2020 China Content E-commerce Industry Overview Report by iResearch, Glory Star was named one of China's pioneers for the proprietary professionally generated video content e-commerce sector, the report also ranked us as number two in the market in terms of sales volume, which once again demonstrated our industry-leading position.So far, in 2020, the outbreak of COVID-19 has presented each and every one of us with unprecedented challenges. Additionally, as the pandemic swept the globe, the world economy was also severely disrupted. These challenges and the resulting uncertainties will undoubtedly have a profound impact on the future economic developments of both China and the rest of the world. However, we believe that behind every adversity lies an opportunity, and as the outbreak continues to be brought under control in China at a steady pace, we are all beginning to return to our normal ways of life while the economy gradually recovers. Moreover, as a result of the travel restrictions and quarantine measures, we have also accelerated the pace of our digital transformation.Despite the challenges from the outbreak of COVID-19 in the first half of 2020, our business lines maintained their solid growth trajectory. As of June 30, 2020, downloads of our CHEERS App had exceeded 121.0 million while the average daily active users for CHEERS App had reached 4.9 million. In the first half of 2020, our video content generated over 17.1 billion views online. We also delivered strong financial results in the first half of 2020 as our total revenues reached $29.4 million and our net income attributable to ordinary shareholders increased to $12.0 million. Gross Merchandise Value in the six months ended June 30, 2020, was approximately $20.0 million. Based on our results in the first half of the year, we remain fully confident in our ability to continue delivering robust financial and operating metrics for the remainder of 2020.Looking beyond 2020, our goal is to grow our CHEERS App user base to 800 million users. As such, we will remain committed to our strategy of 1) fueling our e-commerce initiative with premium content, and 2) strengthening the capabilities of our CHEERS App and e-Mall marketplace to serve more of those consumers who have the desire to achieve a better lifestyle. Over the past year, Glory Star has also continuously introduced innovative services and created new business models, including the CHEERS video series, original short-form videos, e-commerce with PGC live streaming, online game portfolios, and product review programs. These content offerings not only enable consumers to experience a better lifestyle, but have also helped to fuel our business expansion and will sustain our rapid growth trajectory for years to come.In the era of the fast-evolving internet, we believe that only those solutions capable of creating real value for customers will be able to stand the test of time. At Glory Star, we consider the attractiveness of our value propositions to be the core driver of our business success. Going forward, we will continue to experiment and drive innovation in order to better position ourselves at the forefront of the industry and thus generate increasing value for our users, partners, and shareholders in turn.Bing Zhang Chairman and Chief Executive Officer of Glory StarAbout 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.Contacts Glory Star New Media Group Holdings Limited Yida Ye Email: [email protected] ICR Inc. Jack Wang Tel: +1 (646) 308-0546 Email: [email protected]

3 years ago - finance.yahoo.com

Beijing, Aug. 03, 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 its financial results for the second quarter and half year ended June 30, 2020.Second Quarter and Half Year 2020 Key Metrics Highlights * Downloads of the CHEERS App1 exceeded 121.0 million as of June 30, 2020, compared to 35.5 million as of June 30, 2019. * Average daily active users (“DAUs”)2 of the CHEERS App increased to 4.9 million for the three months ended June 30, 2020 from 1.0 million in the same period of 2019. DAUs of CHEERS App increased to 4.5 million for the six months ended June 30, 2020 from 0.7 million in the same period of 2019. * Stock Keeping Units (“SKUs”) carried in the Company’s e-Mall were 19,984 as of June 30, 2020, compared to 3,000 as of June 30, 2019. * Gross Merchandise Value (GMV)3 in the three month ended June 30, 2020 was over $14.1 million, compared to $1.0 million in the same period of 2019. GMVs in the six months ended June 30, 2020 was approximately $20.0 million, compared to $1.0 million in the same period of 2019.Second Quarter and Half Year 2020 Financial Highlights  * Total revenues in the second quarter of 2020 increased by 6.3% to $19.7 million as compared to $18.5 million in the same quarter of 2019. For the first half of 2020, total revenues decreased by 8.8% to $29.4 million, compared to $32.2 million in the same period of 2019.  * Total operating expenses in the second quarter of 2020 decreased by 7.2% to $11.1 million as compared to $11.9 million in the same quarter of 2019. For the first half of 2020, total operating expenses decreased by 15.5% to $17.9 million, compared to $21.2 million in the same period of 2019.  * Income from operations in the second quarter of 2020 increased by 30.7% to $8.6 million as compared to $6.6 million in the same quarter of 2019. For the first half of 2020, income from operations increased by 4.2% to $11.5 million, compared to $11.0 million in the same period of 2019.  * Non-GAAP income from operations4 in the second quarter of 2020 increased by 68.9% to $11.1 million as compared to $6.6 million in the same quarter of 2019. For the first half of 2020, non-GAAP income from operations increased by 27.7% to $14.1 million, compared to $11.0 million in the same period of 2019. * Net income attributable to ordinary shareholders in the second quarter of 2020 increased by 37.4% to $9.1 million as compared to $6.6 million in the same quarter of 2019. For the first half of 2020, net income attributable to ordinary shareholders increased by 11.5% to $12.0 million, compared to $10.7 million in the same period of 2019. * Non-GAAP net income attributable to ordinary shareholders5 in the second quarter of 2020 increased by 75.4% to $11.6 million as compared to $6.6 million in the same quarter of 2019. For the first half of 2020, non-GAAP net income attributable to ordinary shareholders increased by 35.5% to $14.6 million, compared to $10.7 million in the same period of 2019._______ 1. Glory Star defines this metric as the total number of downloads of the CHEERS App as of the end of the period. 2. Glory Star defines daily active users, or DAUs, as a user who has logged in or access Glory Star’s online video content and/or its e-commerce platform using the CHEERS App, whether on a mobile phone or tablet. Glory Star calculates DAUs using internal company data based on the activity of the user account and as adjusted to remove “duplicate” accounts. 3. Glory Star defines gross merchandise value, or GMV, as the total value of all orders for products and services placed in our online direct sales business and on our online marketplaces, regardless of whether the goods are sold or delivered or whether the goods are returned. 4. Non-GAAP income from operations is defined as income from operations excluding share-based compensation expenses. See “Glory Star New Media Group Holdings Limited Reconciliation of GAAP and Non-GAAP results” set forth at the end of this press release. 5. Non-GAAP net income attributable to ordinary shareholders is defined as net income attributable to ordinary shareholders excluding share-based compensation expenses. See “Glory Star New Media Group Holdings Limited Reconciliation of GAAP and Non-GAAP results” set forth at the end of this press release.Mr. Bing Zhang, Founder and Chief Executive Officer of Glory Star, commented, “We concluded the second quarter of 2020 with solid financial and operating results as we leveraged our state-of-the art technology and premium content production capabilities to form additional partnerships and grow our e-commerce marketplace in the period. Since May, the outbreak of COVID-19 has been gradually brought under control in China, and we have thus been able to resume producing our industry-leading lifestyle content and providing highly-effective content marketing services to our partners. As a result, we grew our CHEERS e-Mall user base and established more partnerships with internationally renowned luxury brands in the second quarter to further solidify out content leadership at the high-end of China’s luxury e-commerce market. In line with these successes, our CHEERS e-Mall continued to perform well in the period, especially during the 6.18 e-commerce shopping festival in 2020. Looking ahead, we plan to continue bolstering our in-house content production capabilities, expanding our e-commerce platform, and developing those marketing solutions capable of meeting our industry partners’ needs. We remain confident that our superior content production capabilities and unique ability to engage with China’s younger demographic will not only help to fuel our growth momentum, but also deliver lasting shareholder value over the long term.”Mr. Ian Lee, Chief Financial Officer of Glory Star, added, “We are pleased to report another quarter of strong financial growth in spite of the challenging macro environment. GSMG delivered solid financial performance across our key financial metrics of revenue, cost reduction, profitability, and operating efficiency. Looking ahead, we remain committed to further optimizing our operating efficiency through cost structure management while also investing in those initiatives that are capable of enhancing our content production capabilities going forward. ”Second Quarter and Half Year 2020 Key MetricsWe monitor the following key metrics to evaluate the growth of our business, measure the effectiveness of our marketing efforts, identify trends affecting our business, and make strategic decisions:CHEERS App Downloads. We define this metric as the total number of downloads of the CHEERS App as of the end of the period. Because we have expanded into e-commerce through our CHEERS App, we believe that this is a key metric in understanding the growth in this business. The number of downloads demonstrates whether we are successful in our marketing efforts in converting viewers of our professionally-produced content on other platforms to the CHEERS App. We view the number of downloads at the end of a given period as a key indicator of the attractiveness and usability of our CHEERS App and the increased traffic to our e-Mall platform. As of June 30, 2020, downloads of the CHEERS App exceeded 121.0 million as compared to 35.5 million as of June 30, 2019. We believe that this increase in downloads demonstrates the success that we have in converting viewers of our content to the CHEERS App.Daily Active Users (DAUs). We define daily active users, or DAUs, as a user who has logged in or accessed our online video content and/or our e-commerce platform using the CHEERS App, whether on a mobile phone or tablet. We calculate DAUs using internal company data based on the activity of the user account and as adjusted to remove “duplicate” accounts. DAU is a tool that our management uses to manage their operations. In particular, our management sets daily targets of DAUs and monitors the DAUs to see whether to make adjustments as to the promotional activities, advertising campaign, and/or online video contents. For the three months ended June 30, 2019 and 2020, the average DAUs were 1.0 million and 4.9 million, respectively. For the six months ended June 30, 2019 and 2020, the average DAUs were 0.7 million and 4.5 million, respectively.     Gross Merchandise Value (GMV). We define gross merchandise value, or GMV, as the total value of all orders for products and services placed in our online direct sales business and on our online marketplaces, regardless of whether the goods are sold or delivered or whether the goods are returned. As we grow our e-Mall platform, it is important to monitor the volume of merchandise that we have sold through the e-Mall. By keeping track of the GMV, it allows us to determine the attractiveness of our CHEERS App platform to our merchants and users. As of June 30, 2020, the Company’s e-Mall has carried 19,984 SKUs in total, compared to 3,000 as of June 30, 2019. For the three and six months ended June 30, 2020, our e-Mall has recorded over $14.1 million and $20.0 million of GMV, respectively, achieving an impressive monthly GMV of $7.7 million in June 2020, up from only $0.5 million in June 2019. We believe that the growth in the GMV will be driven significantly with our ability to attract and retain users to the CHEERS App through our professionally-produced content and to further enhance our product offerings.COVID-19 Affecting Our Results of Operations In December 2019, COVID-19 started to spread in China, and then to other parts of the world in early 2020. The COVID-19 pandemic has resulted in quarantines, travel restrictions, and temporary closure of stores and facilities in China and elsewhere.

3 years ago - finance.yahoo.com

BEIJING, July 28, 2020 (GLOBE NEWSWIRE) -- Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) (“Glory Star” or the “Company”), a leading mobile and online digital media and entertainment company in China, today announced that it has completed customized short-form video production programs for multiple international sportswear and lifestyle fashion brands, including Keios, Crocs, Sourcy, and Yvette. As part of the Company’s content collaborations with international fashion brands, Glory Star continues to leverage its expertise in both China's emerging market for lifestyle products and the spending habits of China’s youth to further augment the presence of its partner brands in China. Through the production of high-quality, engaging, and personalized short-form video content, the Company will help its partner brands to better meet the diverse needs of younger Chinese consumers and thus upgrade their shopping experiences significantly. After production, these customized short-form videos will be promoted on the Company’s CHEERS app as well as other third-party e-commerce and social media platforms, such as Taobao, Tmall, JD.com, Pinduoduo, and WeChat. E-commerce in China is not just another distribution channel. E-commerce platforms, together with social media and mobile apps combine to create a sophisticated and vibrant digital environment where Chinese consumers live and constantly engage in their daily activities.  Glory Star continues to successfully reach Chinese consumers, build brands and generate profits in this lucrative market, companies understand it is a unique digital and e-commerce landscape.  Mr. Bing Zhang, Chairman and Chief Executive Officer of Glory Star, commented, “We are excited to announce the completion of our customized short-form video production programs for these world-class brands and look forward to working together going forward. As part of these programs, we plan to consistently provide these international brands with superior content solutions that are tailored to the individual needs of each company and their respective marketing goals in China. Additionally, we are confident that our ability to produce professional lifestyle content for China’s youth will enable our partner brands to better execute dynamic, content-driven marketing campaigns. As such, our partner brands will more effectively reach their target consumers, enhance their brand reputations, and penetrate the domestic market through our collaborations. As we continue to develop these types of upstream partnerships, we are also laying the foundation for future collaborations with other renowned brands, which should help to further bolster our partner base as well as sustain our growth momentum going forward.” About Glory Star New Media Group Holdings LimitedGlory 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 StatementCertain 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. ContactsGlory Star New Media Group Holdings Limited Yida Ye Email: [email protected] ICR Inc. Jack Wang Tel: +1 (646) 308-0546 Email: [email protected]

3 years ago - finance.yahoo.com

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 SubscribersBEIJING, 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.Contacts Glory Star New Media Group Holdings Limited Yida Ye Email: [email protected] ICR Inc. Jack Wang Tel: +1 (646) 308-0546 Email: [email protected]

3 years ago - finance.yahoo.com

BEIJING, July 21, 2020 -- Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) (“Glory Star” or the “Company”), a leading mobile and online digital media and.

3 years ago - finance.yahoo.com

BEIJING, July 14, 2020 (GLOBE NEWSWIRE) -- Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) (“Glory Star” or the “Company”), a leading mobile and online digital media and entertainment company in China, today announced that the Company’s Chief Executive Officer, Mr. Bing Zhang, was interviewed by Chief Entertainment Officer Magazine on July 13, 2020. Chief Entertainment Officer Magazine is a social media group focused on covering online entertainment in China. The full transcript of the interview can be accessed on the Company’s investor relations website at http://ir.gsmg.co/. The following excerpts are English language translations of key highlights from the interview. Integrating E-Commerce into Live Streaming ContentMr. Zhang commented, "The premium content on our CHEERS App plays an essential role in our integration of live streaming services with e-commerce services. This premium content can take the form of videos, short-form videos, games, and interactive live streaming. Our professionally curated lifestyle content has enabled us to attract a healthy following of users in pursuit of increasingly modern lifestyles. Our extensive user base of this targeted demographic has made us an ideal partner for premium lifestyle brands and businesses in China. As we continue to leverage the quality of our professionally generated content as well as our market-leading content production capabilities, we will also continue to expand our business partnerships and user base. Meanwhile, we have adopted a comprehensive brand selection process to ensure the quality of all products on our platform, evaluate each brand’s track record, and maintain robust customer support capabilities. To date, we have integrated cosmetic, personal care, and food products as well as a wide range of digital products into our live streaming & e-commerce model." A Unique Live Streaming & E-Commerce Business ModelMr. Zhang highlighted, "The uniqueness of our business model is a result of our strategic focus on our platform's products and users. As of now, we have established distribution agreements with 450 brands and are on track to partner with up to 1,000 brands by the end of 2020. Our partner brands now offer more than 19,000 SKUs across nine different categories on our platform for our users to access while enjoying our curated live streaming content. Total CHEERS App downloads exceeded 106.5 million as of April 30, 2020, while CHEERS App average DAUs reached 4.1 million during the first quarter of 2020. In addition, our products, which are both cost-effective and of a premium quality, as well as our content production expertise have helped to ensure the quality of our user base. During the 6.18 e-commerce shopping festival, for example, half of the paying users on CHEERS e-Mall came from first- and second-tier cities, which is a group of consumers generally characterized by above-average purchasing power. In order to fully utilize our massive base of highly-targeted users and encourage higher user engagement, we have launched four new interactive features on our CHEERS e-Mall platform. Going forward, we plan to continue introducing more innovative ways to foster interactions between users and live streaming hosts on our platform. Such user engagement will enable us to both convert and monetize our user traffic. Ultimately, our goal is to create a platform through which all parties can host live streaming sessions and market any product during these sessions at the same time." Glory Star’s Future Plans for Its Live Streaming & E-Commerce ModelMr. Zhang added, "In the current live streaming market, most brands still rely on a low pricing strategy to attract consumers and facilitate transactions. As a consequence, businesses are not able to generate any profit from the sale of products through live streaming content. We believe that live streaming platforms will have to shift their focus from a low pricing strategy to a strategy based on quality products and services in order to ensure their business model sustainability and attract more users going forward. Our live streaming content mainly consists of professionally generated content, which has allowed us to better control and standardize our platform’s content quality. Looking ahead, we plan to utilize our live streaming tools in order to help our users create and share their own content, socialize within their individual networks, and integrate their content with products on our CHEERS App to earn rewards. In fact, one of our key strategies for the second half of 2020 is to create a mutually beneficial environment for our users, our partner brands, and our platform." About Glory Star New Media Group Holdings LimitedGlory 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 StatementCertain 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. ContactsGlory Star New Media Group Holdings Limited Yida Ye Email: [email protected] ICR Inc. Jack Wang Tel: +1 (646) 308-0546 Email: [email protected]

4 years ago - finance.yahoo.com

The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. We at Insider Monkey have plowed through 821 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F […]