TKKS TKK Symphony Acquisition Corporation

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 released its White Paper on China’s Video Content-Driven E-Commerce Industry (the “White Paper”) produced by iResearch Consulting Group (“iResearch”) and commissioned by Glory Star. The White Paper outlines the future trends of the video content-driven e-commerce industry in China as well as the competitive edges of key players in the market. The White Paper can be accessed on the Company’s investor relations website at http://ir.gsmg.co/content.html?id=715.

The following are some of key highlights from the White Paper.

Emerging variation of e-commerce video content Video content-driven e-commerce platforms use videos to augment the consumption needs of consumers while bundling content with products to achieve better sales conversion. At the industry’s early stage of development, livestreaming channels were dominant in terms of customer engagement. Now, as more innovative media content has been created throughout the years, other types of content outside of live streaming have become increasingly interactive, thematic, scenario-driven, and entertaining.

Early-mover advantages have led to further market consolidation In the context of rapid market development, those industry players with an early-mover advantage have been able to obtain large amounts of capital investments. As a result, these industry players have been able to increase their advantages relative to other organizations by leveraging these resources and managing their supply chains in accordance with user traffic levels.

Industry-level and local policies are guiding the industry along a steady development path A growing number of policies at the industrial and provincial levels have been implemented since the start of 2020. These policies have helped to stimulate investment within the video livestreaming e-commerce industry at a rapid pace.

Focus on platforms that combine products and sales to increase traffic and upgrade customer experiences It is no longer enough for video content-driven e-commerce platforms to only focus on growing platform traffic. Leading players are now expected to increasingly redirect their attention towards the core competitiveness of their product portfolios and the back-ends of their supply chains to ensure the quality of both and therefore better compete for online traffic.

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: yeyida@yaoshixinghui.com

ICR Inc. Sharon Zhou Tel: +1 (646) 308-0546 Email: gsnm@icrinc.com