BEIJING, May 6, 2021 /PRNewswire/ -- Glory Star New Media
Group Holdings Limited (NASDAQ: GSMG) ("Glory Star" or the "Company"), a leading digital
media platform and content-driven e-commerce company in
China, today announced that it has
separated the operation of its CHEERS e-Mall platform from its
CHEERS video application and will operate CHEERS e-Mall
independently going forward. In addition, the Company plans to
invest more resources to promote the brand influence of both its
CHEERS video application and CHEERS e-Mall platform, and to further
increase the Company's overall market share in media and
entertainment industry.
While the CHEERS video application has maintained high business
growth for Glory Star, the CHEERS
e-Mall platform has also expanded the Company's presence in video
content-driven e-commerce industry and has become another growth
driver for the Company. With the independent operation of CHEERS
e-Mall, Glory Star will look to
deploy more resources to its e-commerce business, expand into the
cross-border e-commerce market, and achieve greater business
autonomy for its CHEERS e-Mall. Glory
Star believes that the independent operation of CHEERS
e-Mall platform will allow CHEERS e-Mall to be better integrated
with other applications, leading to improved business performances
and growth.
Mr. Bing Zhang, Founder and Chief Executive Officer of
Glory Star, commented, "The
independent operations of our CHEERS e-Mall application and CHEERS
video application will complement each other well. By continuously
improving the quality of our content ecosystem, which includes
short-form videos, interactive live streaming, audio, and other
form of videos, our CHEERS video application will thrive. As such,
we will continue to make the content of CHEERS video available to
all users while simultaneously constructing a content ecology with
Professional User Generated Content ("PUGC") and User Generated
Content ("UGC"). On the other hand, we will continue to upgrade
CHEERS e-Mall application through improving our supply chain,
logistics, big data, mobile payments, and AI-empowered customer
service on the platform. As we operate CHEERS e-Mall independently
through a new organizational structure, we are confident that
CHEERS e-Mall will experience significant improvements in terms of
user quantity, consumption frequency, supply chain, logistics, and
more, and its geographic coverage will also expand."
"Our customers have welcomed CHEERS e-Mall since its initial
launch in April 2019. In fact, CHEERS
e-Mall's sales have been increasing at a rate much faster than our
original expectations. With the maturation of our private label
brand "Cheers Select," improvement of the supply chain through SAAS
service providers, launch of the third-party membership services,
and expansion of our collaborations with other third-party
platforms, such as Taobao, JD.com, and more, we have been able to
provide our customers with a better shopping experience and grow
the number of SKUs on CHEERS e-Mall to more than a hundred million.
In 2020, the GMV of CHEERS e-Mall was more than US$132 million, representing an increase of 581%
year over year. Such a rapid pace of growth and monetization
capability improvements were in line with our strategic positioning
in the content driven e-commerce industry."
"With our accumulated capabilities in content, brand awareness,
technology, operations, and capital, we believe we have become one
of the top players in the video content driven e-commerce industry
over the years. Going forward, we expect the independent operation
of CHEERS e-Mall to accelerate our growth and enhance our industry
leadership."
About Glory Star New Media Group Holdings Limited
Glory Star New Media Group Holdings Limited is a leading digital
media platform and content-driven e-commerce company 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. Such forward-looking states
include, but are not limited to, the Company's ability to develop
its online retail and SaaS industry value chains, expand its
business relationship with existing clients and continue its
business growth trajectory. 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 the
Company's profitability; litigation involving patents, intellectual
property, and other matters; potential changes in the legislative
and regulatory environment; a pandemic or epidemic. The
forward-looking statements contained in this release are also
subject to other risks and uncertainties, including those more
fully described in the Company's filings with the Securities and
Exchange Commission. 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: yeyida@yaoshixinghui.com
ICR LLC.
Sharon Zhou
Tel: +1 (646) 308-0546
Email: gsnm@icrinc.com
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SOURCE Glory Star New Media Group Holdings Limited