GSMG Glory Star New Media Group Holdings Ltd

Exhibit 99.2

 

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

IN CONNECTION WITH THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2023 and JUNE 30, 2022

 

The following discussion and analysis should be read in conjunction with our unaudited consolidated financial statements and their related notes that appear elsewhere in this report on Form 6-K and with the discussion and analysis of our financial condition and results of operations contained in our Annual Report on Form 20-F for the fiscal year ended December 31, 2022 filed with the Securities and Exchange Commission on March 22, 2023, and as amended on March 23, 2023 (the “2022 Form 20-F”). This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. The information in this report contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed in the 2022 Form 20-F under the section titled “Risk Factors” and in other parts of the 2022 Form 20-F. In this report, Glory Star New Media Group Holdings Limited. is referred to as “we,” “us,” “our,” the “Company” or “GSMG.” The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.

 

Overview

 

 We provide advertisement and content production services and operate a leading mobile and online advertising, media and entertainment business in China. Major production from us includes short videos, online variety show, online drama, living stream and CHEERS series. We are fast becoming one of the leading contents driven e-commerce platforms in China. We focus on creating original lifestyle content to monetize our advertising and e-commerce platform. We mainly offer and generate revenue from the copyright licensing of self-produced content, advertising and customized content production and CHEERS e-Mall marketplace service, membership fees, and others.

 

In April 2023, we completed a major upgrade to our self-developed digital collection non-fungible tokens (“NFT”) application, CheerReal. The update is now available on both Android and iOS and comes with improved security, advanced technology, enhanced functionality, and a more user-friendly interface.

 

In July 2023, we launched CHEERS Telepathy, a groundbreaking artificial intelligence (AI) content creation platform that incorporates multimodal functions. Powered by CHEERS AI’s intelligent cloud-based service “Polaris”, CHEERS Telepathy offers a glimpse into the future of art, by providing a stable and reliable AI content creation experience that allows for unprecedented possibilities of art and creativity.

 

 

On July 11, 2022, GS Holdings entered into an agreement and plan of merger (the “Merger Agreement”) with CHEERS Inc. (“Parent”) and GSMG Ltd. (“Merger Sub”) for the filing of the plan of merger with the Registrar of Companies of the Cayman Islands (the “Plan of Merger”). Pursuant to the Merger Agreement and the Plan of Merger, Merger Sub will merge with and into GS Holdings and cease to exist, with GS Holdings continuing as the surviving company and becoming a wholly-owned subsidiary of Parent (the “Going Private Transaction”).

 

On April 6, 2023, the Company sent a notice of termination to the Parent (the “Notice of Termination”), notifying the Parent that the Company proposes to terminate the Merger Agreement pursuant to Section 9.1(b)(ii) of the Merger Agreement due to the Parent and the Merger Sub’s breaches of the Merger Agreement, including, but not limited to, Section 7.2(a). The breaches have resulted in the failure of the conditions set forth in Section 8.3(b) and cannot be cured before the termination date of the Merger Agreement. Pursuant to the Notice of Termination, as a result of such termination, the Parent is obligated to pay US$1,055,897 (the “Parent Termination Fee”) to the Company.

 

On April 7, 2023, the Parent sent a response letter to the Company (the “Response Letter”) that while it disagrees with the allegations made in the Notice of Termination, the Parent acknowledges that the Company has the right to terminate the Merger Agreement pursuant to Section 9.1(h) of the Merger Agreement and thus agrees to pay the Parent Termination Fee pursuant to Section 9.2(b)(iv) of the Merger Agreement on that basis. As a result of the termination of the Merger Agreement, the proposed merger will not be completed.

 

On April 18, 2023, we entered into a Share Subscription Agreement (the “Subscription Agreement”) with two (2) accredited investors (the “Investors”), each of whom represented that it was a “non-U.S. Persons” as defined in Regulation S of the Securities Act of 1933, as amended (the “Securities Act”). Pursuant to the Subscription Agreement, the Company agreed to issue and sell to the Investors an aggregate of 24,193,548 ordinary shares of the Company, par value $0.0001 (the “Shares”), at a price per share of $2.48 (the “Private Placement”). The purchase price was determined based off of the privatization price of US $1.55 per share approved by the Company’s shareholders on November 11, 2022, with a 60% premium as agreed to by the Company and the Investors. The Private Placement was made in reliance on an exemption for private offerings pursuant to Regulation S under the Securities Act. The Private Placement closed on May 9, 2023. The gross proceeds from the Private Placement was $60,000,000. The Company intends to use the net proceeds from the Private Placement for working capital and general corporate purposes.

 

 

Key Factors that Affect Operating Results 

 

We operate in a capital intensive industry and require a significant amount of cash to fund our operations and to produce or acquire high quality video content. If we fail to obtain sufficient capital to fund our operations, our business, financial condition and future prospects may be materially and adversely affected.

 

The operation of an internet video streaming content provider and producer of television shows requires significant and continuous investment in content production or acquisition and video production technology. Producing high-quality original content is costly and time-consuming and typically requires a long period of time in order to realize a return on investment, if at all. If we cannot obtain adequate capital to meet our capital needs, we may not be able to fully execute our strategic plans for growth and our business, financial condition and prospects may be materially and adversely affected.

 

If our efforts to retain users and attract new users for our mobile and on-line video content and e-commerce products are not successful, our business, financial condition and results of operations will be materially and adversely affected.

 

In addition to our content production for television shows, we have experienced significant user growth for our mobile and on-line video and e-commerce products over the past several years. Our ability to continue to retain users and attract new users will depend in part on our ability to consistently provide our users with compelling content choices, as well as a quality experience for selecting and viewing video content. If we introduce new features or service offerings, or change the mix of existing features and services offerings, in a manner that is not favorably received by our users, we may not be able to attract and retain users and our business, financial condition and results of operations would be materially and adversely affected.

 

We operate in a highly competitive market and we may not be able to compete effectively.

 

We face significant competition in China in various sub-markets we operate. We compete for users, usage time, advertising customers, and shoppers. Some of our competitors have a longer operating history and significantly greater financial resources than we do, and, in turn, may be able to attract and retain more users, usage time and advertising customers. Our competitors may compete with us in a variety of ways, including by conducting brand promotions and other marketing activities, and making investments in and acquisitions of our business partners. If any of our competitors achieves greater market acceptance than we do or are able to offer more attractive internet video content, our user traffic and our market share may decrease, which may result in a loss of advertising customers, shoppers, and users, as well as have a material and adverse effect on our business, financial condition and results of operations. We also face competition for users and user time from major television stations, which are increasing their internet video offerings. We also face competition from users and user time from other internet media and entertainment services, such as internet and social media platforms that offer content in emerging and innovative media formats.

 

The success of our business depends on our ability to maintain and enhance our brand.

 

We believe that maintaining and enhancing our brand is of significant importance to the success of our business. Our well-recognized brand is critical to increasing our user base and, in turn, expanding our shoppers for our e-commerce platform and attractiveness to advertising customers and content providers. Since the internet video industry is highly competitive, maintaining and enhancing our brand depends largely on our ability to become and remain a market leader in China, which may be difficult and expensive to accomplish. To the extent our original content is perceived as low quality or otherwise not appealing to users, our ability to maintain and enhance our brand may be adversely impacted which in turn may result in a loss of users for our mobile and online video and e-commerce platform.

 

 

Increases in professionally-produced content, or PPC, by others may have a material and adverse effect on our business, financial condition and results of operations.

 

We depend on the quality of our PPC for the success of our business model. The amount of PPC, especially TV series and movies, has recently increased significantly in China and may continue to increase in the future. Due to relatively robust online advertising budgets, internet video streaming platforms are generating more revenues and are competing aggressively to produce and license more PPC in general. As the demand for quality PPC grows, the number of PPC producers will likely grow, resulting in an increase in competition for our users and usage time, which in turn may result in a loss of advertising customers, users, and shoppers on our e-commerce platform. Any significant loss in advertising customers, users, or shoppers on our e-commerce platform would have a material and adverse effect on our business, financial condition and results of operations.

  

We may not be able to manage our growth effectively.

 

We have experienced rapid growth since we launched our services in 2016. To manage the further expansion of our business and the growth of our operations and personnel, we need to continuously expand and enhance our infrastructure and technology, and improve our operational and financial systems, procedures, compliance and controls. We also need to expand, train and manage our growing employee base. In addition, our management will be required to maintain and expand our relationships with distributors, advertising customers, and other third parties. We cannot assure you that our current infrastructure, systems, procedures and controls will be adequate to support our expanding operations. If we fail to manage our expansion effectively, our business, financial condition, results of operations and prospects may be materially and adversely affected.

 

We are subject to risks relating to the nature of China’s advertising industry, including frequent and sudden changes in advertising proposals.

 

The nature of the advertising business in China is such that sudden changes in advertising proposals and actual advertisements are frequent. In China, television stations, as the advertising publisher, remain responsible for the content of advertisements, and as a result, television stations may reject or recommend changes to the content of advertisements. We strive to minimize problems related to work for clients by encouraging the conclusion of basic written agreements, but we are exposed to the risk of unforeseen incidents or disputes with advertising clients. In addition, similar to other companies in our industry in the PRC where relationships between advertising clients within a particular industry and advertising companies are not typically exclusive, we are currently acting for multiple clients within a single industry in a number of industries. If this practice in China is to change in favor of exclusive relationships and if our efforts to respond to this change are ineffective, our business, results of operations and financial condition could be materially and adversely affected.

 

There can be no assurance that the market for NFTs will be developed and/or sustained, which may materially adversely affect our business operations.

 

The market for digital assets, including, without limitation, NFTs, is still nascent.  Accordingly, the market for NFTs may not develop, of if a market does develop, such value be maintained. If a market does not develop for NFTs, it may be difficult or impossible for us to develop and maintain a marketplace where our users can trade, purchase and sell their NFTs.  We may not be able to complete the development of our metaverse platform or an NFT marketplace. In addition, we may not successfully integrate an NFT marketplace into our metaverse platform, thus affecting our ability to develop and continue our new lines of businesses.

  

 

Results of Operations

 

The following table summarizes our consolidated results of operations in absolute amount and as a percentage of our total net revenues for the periods indicated. Period-to-period comparisons of historical results of operations should not be relied upon as indicative of future performance.

 

(in U.S. dollars in thousands, except for percentages)

 

		For the Six Months Ended
		June 30,
		2023								2022								Change
		US$				%				US$				%				US$				%
Revenues			67,435				100.00				69,933				100.00				(2,498	)			(3.57	)
Operating expenses:
Cost of revenues			(16,946	)			(25.13	)			(14,580	)			(20.85	)			(2,366	)			16.23
Selling and marketing			(38,870	)			(57.64	)			(42,502	)			(60.78	)			3,632				(8.55	)
General and administrative			(2,266	)			(3.36	)			(1,814	)			(2.59	)			(452	)			24.92
Research and development			(641	)			(0.95	)			(532	)			(0.76	)			(109	)			20.49
Total operating expenses			(58,723	)			(87.08	)			(59,428	)			(84.98	)			705				(1.19	)
Income from operations			8,712				12.92				10,505				15.02				(1,793	)			(17.07	)
Total other income, net			124				0.19				86				0.12				38				44.19
Income before income taxes			8,836				13.11				10,591				15.14				(1,755	)			(16.57	)
Income tax (expenses) benefits			(37	)			(0.05	)			46				0.07				(83	)			(180.43	)
Net income			8,799				13.06				10,637				15.21				(1,838	)			(17.28	)

 

Revenues

 

We primarily generated revenues from four revenue streams: advertising, copyright licensing, customized content production and CHEERS e-Mall market service. For the six months ended June 30, 2023 and 2022, 96.5% and 95.9% of our revenues derived from advertising services.

 

Our revenues for the six months ended June 30, 2023 were US$67.4 million, representing a decrease of US$2.5 million, or 3.57% from US$69.9 million for the six months ended June 30, 2022. The change in revenues   was mainly affected by depreciation of RMB during the six months ended June 30, 2023, leading to a lower USD amount in translation of revenues from RMB into USD. The weighted average rate for the six months ended June 30, 2023 was RMB 6.9646 to $1.00, depreciated from RMB 6.4835 to $1.00 for the six months ended June 30, 2022.

 

Without the impact of fluctuation of foreign exchange rates, our revenues for the six months ended June 30, 2023 increased by RMB 13.8 million (approximately US$2.0 million), or 3.04% as compared with the revenues for the same period of 2022. The increase in the revenues was primarily attributable an increase of advertising revenues of RMB 15.9 million as a result of continuous efforts to expand our customer base through improving our content production quality.

 

We expect to further expand our customers base with our efforts to enhance brand recognition and user traffic generation, leading to more exposure and high popularity of our Apps.

 

 

Operating expenses

 

Operating expenses consists of cost of revenues, selling and marketing, general and administrative and research and development expense.

 

Cost of revenues consists primarily of production cost of TV series, short stream video, live stream and network drama, labor cost and related benefits, payments to various channel owners for broadcast, purchase cost of goods and copyrights and costs associated with the operation of our online game and shopping platform CHEERS App such as bandwidth cost and amortization of intangible assets. Our cost of revenues increased by US$2.3 million, or 16.23%, from US$14.6 million for the six months ended June 30, 2022 to US$16.9 million for the six months ended June 30, 2023.  Such an increase in cost of revenues was primarily driven by the increase in advertising cost of $2.0 million, which was incurred to increase our exposure to the market and potential customer base. We expect to achieve a further increase in advertising revenues with our continuous investment in advertising business. However, it may take time to make further investments before we generate revenues.

 

Our sales and marketing expenses primarily consist of salaries and benefits of sales department, user acquisition expense, advertising fee, travelling expense and CHEERS e-Mall marketing expense. Our sales and marketing expenses decreased by US$3.6 million, or 8.55%, to US$38.9 million for the six months ended June 30, 2023 from US$42.5 million for the six months ended June 30, 2022. The decrease was mainly due to a decrease in entertainment expenses and travel expenses   incurred by our sales persons because we emphasized cost savings within our Company. 

 

Our general and administrative expenses consist primarily of salaries and benefits for members of our management and bad debt provision expense for accounts receivable and professional service fees. Our general and administrative expenses increased by US$0.5 million, or 24.92%, to US$2.3 million for the six months ended June 30, 2023 from US$1.8 million for the six months ended June 30, 2022. The increase in general and administrative expenses was mainly attributable to an increase in provision against doubtful allowance of US$0.9 million because we wrote off accounts receivable due from one customer as the collection was remote, partially offset by a decrease of professional service fees of US$0.3 million. We incurred more professional service expenses for the six months ended June 30, 2022 which were incurred for Going Private Transaction.

 

Our research and development expenses consist primarily of salaries and benefits for our research and development department. Research and development expenses for the six months ended June 30, 2023 and 2022 were US$0.6 million and US$0.5 million, respectively. Such increase was primarily due to the continued investment in the IT infrastructure, user-friendliness upgrades, and continual implementation on content driven strategies.

 

Income tax (expenses) benefits

 

Income tax expenses for the six months ended June 30, 2023 were US$0.04 million because we reversed certain deferred tax assets arising from allowance for doubtful receivables as a result of collection of these receivables from our customers. Income tax benefits for the six months ended June 30, 2022 were US$0.05 million arising from recognition of deferred tax assets for recognition of allowance against doubtful accounts receivable.

 

Net Income

 

As a result of the foregoing, we had reported a net income of US$8.8 million and US$10.6 million, respectively, for the six months ended June 30, 2023 and 2022.

 

 

Segment information

 

We have two operating segments, namely CHEERS Apps Internet Business and Traditional Media Businesses. Our CHEERS Apps Internet Business generates advertising revenue from broadcasting IP short videos, live streaming and Apps advertising through our CHEERS Apps and service revenue from our CHEERS E-mall marketplace. Our Traditional Media Business mainly contributes to the advertising revenue from our CHEERS TV-series, copyright revenue, customized content production revenue and others. The table below measures the performance of each segment based on metrics of revenues and earnings from operations and uses these results to evaluate the performance of, and to allocate resources to, each of the segments.

 

		For the Six Months Ended June 30,
		2023				2022
Net revenues:
CHEERS Apps Internet Business		$	61,608			$	60,672
Traditional Media Business			5,827				9,261
Total consolidated net revenues		$	67,435			$	69,933
Operating income:
CHEERS Apps Internet Business		$	7,959			$	9,116
Traditional Media Business			753				1,391
Total segment operating income			8,712				10,507
Unallocated item *			-				(2	)
Total consolidated operating income		$	8,712			$	10,505

 

*	The unallocated item for the six months ended June 30, 2022 presents the share-based compensation for employees, which is not allocated to segments.

 

 

Liquidity and Capital Resources

 

To date, we have financed our operations primarily through cash flows from operations, and equity financing through public and private offerings of our securities. We plan to support our future operations primarily from cash generated from our operations and equity financings. We may also consider debt, preferred and convertible financing as well.

 

As of June 30, 2023, we had working capital of US$213.7 million, which were primarily comprised of cash and cash equivalents of US$152.4 million and accounts receivable of US$67.2 million. Working capital is the difference between the Company’s current assets and current liabilities.

 

On May 9, 2023, we closed a private placement with two institutional investors (the “Investors”). Pursuant to the Share Subscription Agreement, we issued an aggregate of 24,193,548 ordinary shares, at a purchase price of $2.48 per share for an aggregate gross proceeds of $60 million. The purchase price was agreed to by us and the Investors based on the privatization price of $1.55 per share approved by the Company’s shareholders on November 11, 2022, and with a 60% premium.

 

Substantially all of our cash and cash equivalents as of December 31, 2022 were held in China, of which all are denominated in Renminbi (RMB). In addition, we are a holding company with no material operations of our own. We conduct our operations primarily through our subsidiaries and VIEs in China. As a result, our ability to pay dividends, if any, depends upon dividends paid by our wholly-owned subsidiaries. We do not anticipate to pay any dividends in the future as any net income earned will be reinvested in the Company. In addition, our WFOE is permitted to pay dividends to us only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Under PRC law, our WFOE and each of its consolidated entities is required to set aside at least 10% of its after-tax profits each year, if any, to fund a statutory reserve until such reserve reaches 50% of its registered capital. Although the statutory reserves can be used, among other ways, to increase the registered capital and eliminate future losses in excess of retained earnings of the respective companies, the reserve funds are not distributable as cash dividends except in the event of liquidation. Remittance of dividends by a wholly foreign-owned company out of China is subject to examination by the banks designated by the SAFE. We currently plan to reinvest all earnings from our WFOE to business development and do not plan to request dividend distributions from the WFOE.

 

If we experience an adverse operating environment or incurred anticipated capital expenditure requirement, or if we accelerate our growth, then additional financing may be required. No assurance can be given, however, that the additional financing, if required, would be on favorable terms or available at all. Such financing may include the use of additional debt or the sale or additional securities. Any financing, which involves the sale of equity securities or instruments that are convertible into equity securities, could result in immediate and possibly significant dilutions to our existing shareholders.

 

Cash Flows

 

The following table summarizes our cash flows for the years indicated:

 

		For the Six Months Ended June 30,
		2023				2022
		(in thousands of U.S. dollars)
Net cash provided by (used in) operating activities		$	27,179			$	(30,627	)
Net cash used in investing activities			(62	)			(383	)
Net cash provided by financing activities			60,009				842
Effect of exchange rate changes			(5,167	)			(2,357	)
Net increase (decrease) in cash and cash equivalents			81,959				(32,525	)
Cash and cash equivalents, at beginning of period			70,482				77,302
Cash and cash equivalents, at end of period		$	152,441			$	44,777

 

 

We primarily fund our operations from our operations, bank borrowings and equity financing through private placements. We anticipate that the major capital expenditure in the near future is for working capital and general corporate purposes, and we intend to continue focusing on timelier collections of account receivable which should enhance our cash flows.

 

In addition, we also anticipate to raise capital through issuance of equity or debt securities or obtain credit facilities from financial institutions. The issuance and sale of additional equity would result in further dilution to our shareholders. The incurrence of indebtedness would result in increased fixed obligations and could result in operating covenants that might restrict our operations. We cannot assure you that financing will be available in amounts or on terms acceptable to us, if at all.

 

Operating Activities

 

Net cash provided by operating activities was US$27.2 million for the six months ended June 30, 2023, derived mainly from (i) net income of US$8.8 million for the six months ended June 30, 2023 adjusted for depreciation and amortization expenses of US$1.6 million, and (ii) net changes in our operating assets and liabilities, principally comprising of a decrease of US$28.5 million in accounts receivable because we improvement our collections from customers, and an increase of US$13.5 million in prepayments to our vendors because we increased our purchase of content production which required of repayments.

 

Net cash used in operating activities was US$30.6 million for the six months ended June 30, 2022, derived mainly from (i) net income of US$10.6 million for the six months ended June 30, 2022 adjusted for depreciation and amortization expenses of US$1.2 million, and (ii) net changes in our operating assets and liabilities, principally comprising of an increase of US$20.0 million in accounts receivable because certain customers delayed payments as they were adversely affected by the lockdown policy under COVID-19, an increase of US$18.6 million in prepayments to our vendors because we increased our purchase of content production which required of repayments, and an increase of US$5.9 million in accounts payable with increase of purchases.

 

Investing Activities

 

Net cash used in investing activities was US$0.06 million for the six months ended June 30, 2023, which was primarily derived from the loans of US$0.06 million to a third party.

 

Net cash used in investing activities was US$0.4 million for the six months ended June 30, 2022, which was primarily derived from the prepayments of US$0.4 million for intangible assets.

 

Financing Activities

 

Net cash provided by financing activities was US$60.0 million for the six months ended June 30, 2023, which was primarily derived from proceeds of US$60 million raised from the private placement closed in May 2023, proceeds of US$2.6 million from bank borrowings, borrowings of US$1.0 million from a related party, partially net off by a repayment of bank borrowings of US$4.0 million.

 

Net cash provided by financing activities was US$0.8 million for the six months ended June 30, 2022, which was primarily derived from proceeds of US$5.4 million from bank borrowings, partially net off by a repayment of bank borrowings of US$4.5 million.

 

Research and development

 

We have a team of experienced engineers who are primarily based at our headquarters in Beijing. We compete aggressively for engineering talent and work closely with top IT firms through outsourcing to address challenges such as AI recommended search engine, block chain scoring e-mall, network games battle platform, data warehouse, social networking E-commence V3.0, video media warehouse. For the six months ended June 30, 2023 and 2022, our research and development expenditures were US$0.6 million and US$0.5 million, respectively. We plan to continue investing in and improving our CHEERS Apps to further increase user friendliness, functionality and efficiency.

 

 

Critical Accounting Estimates

 

We prepare our financial statements in accordance with U.S. GAAP, which requires our management to make judgments, estimates and assumptions. We continually evaluate these judgments, estimates and assumptions based on our own historical experience, knowledge and assessment of current business and other conditions, our expectations regarding the future based on available information and various assumptions that we believe to be reasonable, which together form our basis for making judgments about matters that are not readily apparent from other sources. Since the use of estimates is an integral component of the financial reporting process, our actual results could differ from those estimates. Some of our accounting policies require a higher degree of judgment than others in their application.

 

The selection of critical accounting policies, the judgments and other uncertainties affecting application of those policies and the sensitivity of reported results to changes in conditions and assumptions are factors that should be considered when reviewing our financial statements. We believe the following accounting policies involve the most significant judgments and estimates used in the preparation of our financial statements. You should read the following description of critical accounting policies, judgments and estimates in conjunction with our unaudited condensed consolidated financial statements and other disclosures included in this report.

 

We do not have critical accounting estimates that are related to us. A list of accounting policies, judgements and estimates   that are relevant to us is included in note 2 of our Annual Report on Form 20-F for the fiscal year ended December 31, 2022 filed with the Securities and Exchange Commission on March 22, 2023, and as amended on March 23, 2023 (the “2022 Form 20-F”).

 

Recent Accounting Pronouncements

 

A list of recently issued accounting pronouncements that are relevant to us is included in note 2 to our unaudited condensed consolidated financial statements included elsewhere in this report.

 

Statement Regarding Unaudited Financial Information

 

The unaudited financial information set forth above is subject to adjustments that may be identified when audit work is performed on the Company’s year-end financial statements, which could result in significant differences from this unaudited financial information.

 

10

Exhibit 99.3

 

Glory Star Reports First Half Year 2023 Unaudited Financial Results

 

BEIJING, August 10, 2023 /PRNewswire/ -- Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) (“Glory Star”, the “Company” or “we”), a leading digital media platform and content-driven e-commerce company in China, today announced its unaudited financial results for the first half year of 2023 ended June 30, 2023.

 

First Half 2023 Operating Highlights

 

●

Downloads of the CHEERS Apps increased to approximately 395 million as of June 30, 2023, representing an increase of 23% compared to approximately 320 million as of June 30, 2022.

 

CHEERS Video

 

●

Monthly Active Users (“MAU”) of the CHEERS Video app increased to approximately 49.8 million from 45.8 million in the same period of 2022, representing an increase of 9%.

 

●

Daily Time Spent (“DTS”) on CHEERS Video was approximately 51 minutes.

 

CHEERS e-Mall

 

●

MAU of the CHEERS e-Mall app increased to approximately 4.6 million from 3.0 million in the same period of 2022, representing an increase of 53%.

 

●

Repurchase Rate (“RPR”) for CHEERS e-Mall was approximately 39%.

 

CheerReal

 

●

MAU of the CheerReal app was approximately 1.2 million.

 

●

Number of Digital Art Collections listed on CheerReal platform was 350 units.

 

First Half 2023 Key Operating Results

 

The Company monitors the following key metrics to evaluate the growth of its business, measure the effectiveness of its marketing efforts, identify trends affecting its business, and make strategic decisions.

 

Downloads. 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 Apps. As of June 30, 2023, downloads of our CHEERS Video, e-Mall and CheerReal apps in total were approximately 395 million, representing an increase of 23% compared to approximately 320 million as of June 30, 2022.

 

MAU. MAU is defined as a user who has logged in or accessed the Company’s CHEERS Apps. We calculate MAU using internal company data based on the activity of the user account and as adjusted to remove “duplicate” accounts. MAU is a tool that our management uses to manage their operations. In particular, our management sets targets of MAU and monitors the MAU to see whether to make adjustments as to the promotional activities, advertising campaign, and/or online video contents. For the six months ended June 30, 2023, the average MAU of our CHEERS Video and e-Mall apps were approximately 49.8 million and 4.6 million, growing 9% and 53% respectively as compared to the same period in 2022. The average MAU of the CheerReal app was approximately 1.2 million.

 

 

RPR. We track RPR to analyze the effectiveness of our marketing as well as customers retention, which is vital to our e-Mall. RPR is calculated as the percentage of our customers who have placed more than one order within a certain period of time. For the 180 days period during the first half of 2023, our CHEERS e-Mall RPR was approximately 39%.

 

DTS. We measure DTS as an additional metric to evaluate the attractiveness of our video content and stickiness of users. The average DTS using our CHEERS Video during first half 2023 was approximately 51 minutes.

 

First Half 2023 Financial Results

 

Revenues in the first half year of 2023 were US$67.4 million compared to US$69.9 million in the same period of 2022, representing a decrease of US$2.5 million, or 3.57% from US$69.9 million for the six months ended June 30, 2022.

 

Total operating expenses in the first half year of 2023 were US$58.7 million, compared to US$59.4 million in the same period of 2022.

 

●

Cost of revenues were US$16.9 million and US$14.6 million for the first half year of 2023 and 2022. The increase in cost of revenues was primarily driven by the increase in production cost. The Company believes higher production cost would improve product contents with higher quality, which would in turn contribute to our reputation in the industry and attract more customers.

 

●

Sales and marketing expenses were US$38.9 million and US$42.5 million for the first half year of 2023 and 2022, mainly due to a decrease in other miscellaneous expenses incurred by sales persons because the Company emphasized cost savings.

 

●

General and administrative expenses in the first half year of 2023 increased by 24.9% to US$2.3 million from US$1.8 million in the same period of 2022, which is mainly attributable to an increase in salary and welfare expenses because of an increase in headcount in our administrative department.

 

●

Research and development expenses were US$0.6 million and US$0.5 million for the first half year of 2023 and 2022, respectively.

 

Income from operations in the first half year of 2023 was US$8.7 million, compared to US$10.5 million in the same period of 2022.

 

Net income were US$8.8 million and US$10.6 million, respectively, for the six months ended June 30, 2023 and 2022.

 

Basic and diluted earnings per share in the first half year of 2023 were US$0.12 and US$0.12, respectively, compared to US$0.16 and US$0.16, respectively, in the same period of 2022.

 

Net cash provided by operating activities in the first half year of 2023 was US$27.2 million, compared to net cash used in operating activities of US$30.6 million in the same period of 2022.

 

As of June 30, 2023, the Company had cash and cash equivalents of US$152.4 million, compared to US$70.5 million as of December 31, 2022.

 

 

About Glory Star

 

As a preeminent provider of next-generation mobile internet infrastructure services in China, Glory Star is dedicated to building a digital ecosystem that integrates “platforms, applications, technology, and industry” into a cohesive system, thereby creating a new, open business environment for web3.0 that leverages AI technology. The Company is developing a 5G+VR+AR+AI shared universe space that builds on cutting-edge technologies including blockchain, cloud computing, extended reality, and digital twin.

 

Glory Star’s portfolio includes a wide range of products and services, such as Polaris Intelligent Cloud, CHEERS Telepathy, CHEERS Open Platform, CHEERS Video, CHEERS e-Mall, CheerReal, CheerCar, CheerChat, CHEERS Fresh Group-Buying E-commerce Platform, Digital Innovation Research Institute, CHEERS Livestreaming, variety show series, IP short video matrix, and more. These offerings provide diverse application scenarios that seamlessly blend “online/offline” and “virtual/reality” elements.

 

With “CHEERS+” at the core of Glory Star’s ecosystem, the Company is committed to consolidating and strengthening its core competitiveness, and achieving long-term sustainable and scalable growth.

 

For more information, please visit http://ir.gsmg.co/.

 

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; the occurrence of any event, change or other circumstances that could affect the Company’s ability to continue successful development and launch of its metaverse experience centers; the possibility that the Company may not succeed in developing its new lines of businesses due to, among other things, changes in the business environment and technological developments, competition, changes in regulation, or other economic and policy factors; disruptions or other business interruptions that may affect the operations of our products and services, the possibility that the Company’s new lines of business may be adversely affected by other economic, business, and/or competitive factors; other factors, risks and uncertainties set forth in documents filed by the Company with the Securities and Exchange Commission from time to time, including the Company’s latest Annual Report on Form 20-F filed with the SEC on March 22, 2023, as amended. 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.

 

For investor and media inquiries, please contact:

 

Wealth Financial Services LLC

Connie Kang, Partner

Email: ckang@wealthfsllc.com

Tel: +86 1381 185 7742 (CN)

 

 

GLORY STAR NEW MEDIA GROUP HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In U.S. dollars in thousands, except share and per share data)

 

		June 30, 2023				December 31, 2022
Assets
Current assets:
Cash and cash equivalents		$	152,441			$	70,482
Accounts receivable, net			67,159				98,034
Prepayment and other current assets			27,378				15,329
Total current assets			246,978				183,845
Non-current assets:
Property, plant and equipment, net			115				160
Intangible assets, net			18,026				20,297
Deferred tax assets			64				103
Unamortized produced content, net			528				807
Right-of-use assets			593				750
Prepayment and other non-current assets, net			-				1
Total non-current assets			19,326				22,118
TOTAL ASSETS		$	266,304			$	205,963
Liabilities and Equity
Current liabilities:
Short-term bank loans		$	2,856			$	4,421
Accounts payable			4,992				6,405
Advances from customers			126				147
Due to a related party			1,000				-
Accrued liabilities and other payables			2,203				2,632
Other taxes payable			21,703				19,090
Lease liabilities current			368				208
Total current liabilities			33,248				32,903
Lease liabilities non-current			191				471
Warrant liability			7				86
Total non-current liabilities			198				557
TOTAL LIABILITIES		$	33,446			$	33,460
Equity
Preferred shares (par value of $0.0001 per share; 2,000,000 authorized; none issued and outstanding)		$	-			$	-
Ordinary shares (par value of $0.0001 per share; 200,000,000 shares authorized as of June 30, 2023 and December 31,2022; 92,317,950 shares and 68,124,402 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively)		$	9			$	7
Additional paid-in capital			87,470				27,009
Statutory reserve			1,411				1,411
Retained earnings			159,432				150,685
Accumulated other comprehensive loss			(15,539	)			(6,684	)
TOTAL GLORY STAR NEW MEDIA GROUP HOLDINGS LIMITED SHAREHOLDERS’ EQUITY			232,783				172,428
Non-controlling interest			75				75
TOTAL EQUITY			232,858				172,503
TOTAL LIABILITIES AND EQUITY		$	266,304			$	205,963

 

 

GLORY STAR NEW MEDIA GROUP HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND

COMPREHENSIVE (LOSS) INCOME

(In U.S. dollars in thousands, except share and per share data)

 

		For the Six Months Ended June 30,
		2023				2022
Revenues		$	67,435			$	69,933
Operating expenses:
Cost of revenues			(16,946	)			(14,580	)
Selling and marketing			(38,870	)			(42,502	)
General and administrative			(2,266	)			(1,814	)
Research and development			(641	)			(532	)
Total operating expenses			(58,723	)			(59,428	)
Income from operations			8,712				10,505
Other (expenses) income:
Interest income (expense), net			32				(60	)
Change in fair value of warrant liability			79				2
Other income, net			13				144
Total other income			124				86
Income before income tax			8,836				10,591
Income tax (expenses) benefits			(37	)			46
Net income			8,799				10,637
Less: net gain (loss) attributable to non-controlling interest			52				(170	)
Net income attributable to Glory Star New Media Group Holdings Limited’s shareholders		$	8,747			$	10,807
Other comprehensive loss
Unrealized foreign currency translation loss			(8,907	)			(7,620	)
Comprehensive (loss) income			(108	)			3,017
Less: comprehensive loss attributable to non-controlling interests			-				(360	)
Comprehensive (loss) income attributable to Glory Star New Media Group Holdings Limited’s shareholders		$	(108	)		$	3,337
Earnings per ordinary share
Basic and Diluted		$	0.12			$	0.16
Weighted average shares used in calculating earnings per ordinary share
Basic and Diluted			75,075,035				68,123,330

 

 

GLORY STAR NEW MEDIA GROUP HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In U.S. dollars in thousands)

 

		For the Six Months Ended June 30,
		2023				2022
Net cash provided by (used in) operating activities			27,179				(30,627	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment			(4	)			(28	)
Loans made to a third party			(58	)			-
Prepayments for acquisition of intangible assets			-				(355	)
Net cash used in investing activities			(62	)			(383	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of ordinary shares in connection with a private placement			60,000				-
Proceeds from bank loans			2,598				5,398
Repayments of bank loans			(4,041	)			(4,473	)
Payment of loan origination fees			(11	)			(83	)
Borrowings from a related party			1,000				-
Contribution from shareholders			463				-
Net cash provided by financing activities			60,009				842
Effect of exchange rate changes			(5,167	)			(2,357	)
Net increase (decrease) in cash and cash equivalents			81,959				(32,525	)
Cash and cash equivalents, at beginning of period			70,482				77,302
Cash and cash equivalents, at end of period		$	152,441				44,777
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interests paid		$	77			$	136
Amortization of right of use assets		$	133			$	209
Accretion of lease liabilities		$	69			$	24
Change in fair value of warrant liabilities		$	(79	)		$	(2	)

 

v3.23.2

Document And Entity Information	6 Months Ended
	Jun. 30, 2023
Document Information Line Items
Entity Registrant Name	GLORY STAR NEW MEDIA GROUP HOLDINGS LIMITED
Document Type	6-K
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001738758
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity File Number	001-38631

v3.23.2

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 152,441	$ 70,482
Accounts receivable, net	67,159	98,034
Prepayment and other current assets	27,378	15,329
Total current assets	246,978	183,845
Non-current assets:
Property, plant and equipment, net	115	160
Intangible assets, net	18,026	20,297
Deferred tax assets	64	103
Unamortized produced content, net	528	807
Right-of-use assets	593	750
Prepayment and other non-current assets, net		1
Total non-current assets	19,326	22,118
TOTAL ASSETS	266,304	205,963
Short-term bank loans	2,856	4,421
Accounts payable	4,992	6,405
Advances from customers	126	147
Due to a related party	1,000
Accrued liabilities and other payables	2,203	2,632
Other taxes payable	21,703	19,090
Lease liabilities current	368	208
Total current liabilities	33,248	32,903
Lease liabilities non-current	191	471
Warrant liability	7	86
Total non-current liabilities	198	557
TOTAL LIABILITIES	33,446	33,460
Equity
Preferred shares (par value of $0.0001 per share; 2,000,000 authorized; none issued and outstanding)
Ordinary shares (par value of $0.0001 per share; 200,000,000 shares authorized as of June 30, 2023 and December 31,2022; 92,317,950 shares and 68,124,402 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively)	9	7
Additional paid-in capital	87,470	27,009
Statutory reserve	1,411	1,411
Retained earnings	159,432	150,685
Accumulated other comprehensive loss	(15,539)	(6,684)
TOTAL GLORY STAR NEW MEDIA GROUP HOLDINGS LIMITED SHAREHOLDERS’ EQUITY	232,783	172,428
Non-controlling interest	75	75
TOTAL EQUITY	232,858	172,503
TOTAL LIABILITIES AND EQUITY	$ 266,304	$ 205,963

v3.23.2

Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred shares, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred shares, authorized	2,000,000	2,000,000
Preferred shares, issued
Preferred shares, outstanding
Ordinary shares, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Ordinary shares, shares authorized	200,000,000	200,000,000
Ordinary shares, shares issued	92,317,950	68,124,402
Ordinary shares, shares outstanding	92,317,950	68,124,402

v3.23.2

Unaudited Condensed Consolidated Statements of Income and Comprehensive (Loss) Income - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenues	$ 67,435	$ 69,933
Operating expenses:
Cost of revenues	(16,946)	(14,580)
Selling and marketing	(38,870)	(42,502)
General and administrative	(2,266)	(1,814)
Research and development	(641)	(532)
Total operating expenses	(58,723)	(59,428)
Income from operations	8,712	10,505
Other (expenses) income:
Interest income (expense), net	32	(60)
Change in fair value of warrant liability	79	2
Other income, net	13	144
Total other income	124	86
Income before income tax	8,836	10,591
Income tax (expenses) benefits	(37)	46
Net income	8,799	10,637
Less: net gain (loss) attributable to non-controlling interest	52	(170)
Net income attributable to Glory Star New Media Group Holdings Limited’s shareholders	8,747	10,807
Other comprehensive loss
Unrealized foreign currency translation loss	(8,907)	(7,620)
Comprehensive (loss) income	(108)	3,017
Less: comprehensive loss attributable to non-controlling interests		(360)
Comprehensive (loss) income attributable to Glory Star New Media Group Holdings Limited’s shareholders	$ (108)	$ 3,337
Earnings per ordinary share
Basic (in Dollars per share)	$ 0.12	$ 0.16
Weighted average shares used in calculating earnings per ordinary share
Basic (in Shares)	75,075,035	68,123,330

v3.23.2

Unaudited Condensed Consolidated Statements of Income and Comprehensive (Loss) Income (Parentheticals) - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Diluted	$ 0.12	$ 0.16
Diluted	75,075,035	68,123,330

v3.23.2

Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity - USD ($) $ in Thousands	Ordinary shares	Additional paid-in capital	Retain earnings	Statutory reserve	Accumulated other comprehensive income (loss)	Total shareholders’ equity	Non- controlling interests	Total
Balance at Dec. 31, 2021	$ 7	$ 25,629	$ 123,982	$ 1,224	$ 8,069	$ 158,911	$ 553	$ 159,464
Balance (in Shares) at Dec. 31, 2021	68,122,402
Contribution from shareholder		500				500		500
Contribution from shareholder (in Shares)
Shares-based compensation granted to employees		2				2		2
Shares-based compensation granted to employees (in Shares)	2,000
Appropriation to statutory reserve			(172)	172
Appropriation to statutory reserve (in Shares)
Net income			10,807			10,807	(170)	10,637
Foreign currency translation adjustment					(8,170)	(8,170)	(201)	(8,371)
Foreign currency translation adjustment (in Shares)
Balance at Jun. 30, 2022	$ 7	26,131	134,617	1,396	(101)	162,050	182	162,232
Balance (in Shares) at Jun. 30, 2022	68,124,402
Balance at Dec. 31, 2022	$ 7	27,009	150,685	1,411	(6,684)	172,428	75	172,503
Balance (in Shares) at Dec. 31, 2022	68,124,402
Issuance of ordinary shares in connection with a private placement	$ 2	59,998				60,000		60,000
Issuance of ordinary shares in connection with a private placement (in Shares)	24,193,548
Contribution from shareholder		463				463		463
Contribution from shareholder (in Shares)
Net income			8,747			8,747	52	8,799
Foreign currency translation adjustment					(8,855)	(8,855)	(52)	(8,907)
Foreign currency translation adjustment (in Shares)
Balance at Jun. 30, 2023	$ 9	$ 87,470	$ 159,432	$ 1,411	$ (15,539)	$ 232,783	$ 75	$ 232,858
Balance (in Shares) at Jun. 30, 2023	92,317,950

v3.23.2

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Cash Flows [Abstract]
Net cash provided by (used in) operating activities	$ 27,179	$ (30,627)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment	(4)	(28)
Loans made to a third party	(58)
Prepayments for acquisition of intangible assets		(355)
Net cash used in investing activities	(62)	(383)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of ordinary shares in connection with a private placement	60,000
Proceeds from bank loans	2,598	5,398
Repayments of bank loans	(4,041)	(4,473)
Payment of loan origination fees	(11)	(83)
Borrowings from a related party	1,000
Contribution from shareholders	463
Net cash provided by financing activities	60,009	842
Effect of exchange rate changes	(5,167)	(2,357)
Net increase (decrease) in cash and cash equivalents	81,959	(32,525)
Cash and cash equivalents, at beginning of period	70,482	77,302
Cash and cash equivalents, at end of period	152,441	44,777
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interests paid	77	136
Lease liabilities arising from obtaining right-of-use assets	202	233
Change in fair value of warrant liabilities	$ (79)	$ (2)

v3.23.2

Organization and Principal Activities	6 Months Ended
	Jun. 30, 2023
Organization and Principal Activities [Abstract]
ORGANIZATION AND PRINCIPAL ACTIVITIES	1. ORGANIZATION AND PRINCIPAL ACTIVITIES   Glory Star New Media Group Limited (“Glory Star” or the “Company”) is an exempted company incorporated on November 30, 2018, under the laws of the Cayman Islands. Glory Star, through its subsidiaries, the VIE and the VIE’s subsidiaries, provides advertisement and content production services and operate a leading mobile and online advertising, media and entertainment business in China.   As of June 30, 2023, the Company’s subsidiaries, the VIEs and the VIE’s subsidiaries were as the following:       Date of incorporation   Place of incorporation   Percentage of legal/beneficial ownership by the Company     Principal activities Subsidiaries:                     Glory Star New Media Group HK Limited (“Glory Star HK”)   December 18, 2018   Hong Kong     100 %   Holding Glory Star New Media (Beijing) Technology Co., Ltd. (“WFOE”)   March 13, 2019   PRC     100 %   Holding VIEs:                     Xing Cui Can International Media (Beijing) Co., Ltd. (“Xing Cui Can”)   September 7, 2016   PRC     100 %   Holding Horgos Glory Star Media Co., Ltd. (“Horgos”)   November 1, 2016   PRC     100 %   Holding and Operating VIEs’ subsidiaries                     Glory Star Media (Beijing) Co., Ltd. (“Glory Star Beijing”)   December 9, 2016   PRC     100 %   Holding and Operating Leshare Star (Beijing) Technology Co., Ltd. (“Beijing Leshare”)   March 28, 2016   PRC     100 %   Holding and Operating Shenzhen Leshare Investment Co., Ltd. (“Shenzhen Leshare”)   June 27, 2018   PRC     100 %   Holding and Operating Horgos Glary Prosperity Culture Co., Ltd. (“Glary Prosperity”)   December 14, 2017   PRC     51 %   Holding and Operating Horgos Glary Prosperity Culture Co., Ltd, Beijing Branch (“Glary Prosperity BJ”)   May 8, 2018   PRC     51 %   Holding and Operating Glory Star (Horgos) Media Technology Co., Ltd (“Horgos Technology”)   September 20, 20220   PRC     100 %   Holding and Operating

v3.23.2

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   Basis of presentation   The unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Security and Exchange Commission and accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial reporting. Certain information and footnote disclosures normally included in financial statements prepared in conformity with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2022 filed on March 23, 2023.   In the opinion of the management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments, which are necessary for a fair presentation of financial results for the interim periods presented. The Group believes that the disclosures are adequate to make the information presented not misleading. The accompanying unaudited condensed consolidated financial statements have been prepared using the same accounting policies as used in the preparation of the Company’s consolidated financial statements for the year ended December 31, 2022. The results of operations for the six months ended June 30, 2022 and 2023 are not necessarily indicative of the results for the full years.   Financial statement amounts and balances of the VIEs and the VIEs’ subsidiaries    Total assets and liabilities presented on the Company’s unaudited condensed consolidated balance sheets and revenue, expense, net income presented on the Company’s unaudited condensed consolidated statements of income as well as the cash flow from operating, investing and financing activities presented on the unaudited condensed consolidated statements of cash flows are substantially the financial position, operation and cash flow of the VIEs and the VIEs’ subsidiaries. Glory Star has not provided any financial support to the VIEs and the VIEs’ subsidiaries for the six months ended June 30, 2022 and 2023. The following financial statements amounts and balances of the VIEs and the VIEs’ subsidiaries were included in the unaudited condensed consolidated financial statements as of December 31, 2022 and June 30, 2023, and for the six months ended June 30, 2023 and 2022:       June 30,     December 31,       2023     2022   Total assets   $ 261,493     $ 188,597   Total liabilities   $ 31,640     $ 38,872         For the Six Months Ended June 30,       2023     2022   Total revenues   $ 67,437     $ 69,933   Net income   $ 10,004     $ 11,356                     Net cash provided by (used in) operating activities   $ 24,796     $ (26,452 ) Net cash used in investing activities   $ (61 )   $ (383 ) Net cash provided by financing activities   $ 60,385     $ 710     The VIEs and the VIEs’ subsidiaries contributed 100% and 100% of the consolidated revenues for the six months ended June 30, 2023 and 2022. As of June 30, 2023 and December 31, 2022, the VIEs and the VIEs’ subsidiaries accounted for an aggregate of 98.2% and 91.6%, respectively, of the consolidated total assets, and 94.6% and 116.2%, respectively, of the consolidated total liabilities.    There are no terms in any arrangements, considering both explicit arrangements and implicit variable interests that require the Company or its subsidiaries to provide financial support to the VIEs. However, the Company has provided and will continue to provide financial support to the VIEs considering the business requirements of the VIEs, as well as the Company’s own business objectives in the future.   There are no assets held in the VIEs and the VIEs’ subsidiaries that can be used only to settle obligations of the VIEs and the VIEs’ subsidiaries, except for registered capital and the PRC statutory reserves. As the VIEs and the VIEs’ subsidiaries are incorporated as a limited liability company under the PRC Company Law, creditors of the VIEs and the VIEs’ subsidiaries do not have recourse to the general credit of the Company for any of the liabilities of the VIEs and the VIEs’ subsidiaries. Relevant PRC laws and regulations restrict the VIEs and the VIEs’ subsidiaries from transferring a portion of their net assets, equivalent to the balance of its statutory reserve and its share capital, to the Company in the form of loans and advances or cash dividends.   Accounts receivable, net   Accounts receivable represent the amounts that the Company has an unconditional right to consideration (including billed and unbilled amount) when the Company has satisfied its performance obligation. The Company does not have any contract assets since revenue is recognized when control of the promised services is transferred and the payment from customers is not contingent on a future event. The Company maintains allowance for potential credit losses on accounts receivable. Management reviews the composition of accounts receivable and analyses historical bad debt, customer concentrations, customer credit worthiness, current economic trends and changes in customer payment patterns to estimate the allowance. Past due accounts are generally written off against the allowance for bad debts only after all collection attempts have been exhausted and the potential for recovery is considered remote.   Unamortized produced content   Produced content includes direct production costs, production overhead and acquisition costs and is stated at the lower of unamortized cost or estimated fair value. Produced content also includes cash expenditures made to enter into arrangements with third parties to co-produce certain of its productions.   The Company uses the individual-film-forecast-computation method and amortizes the produced content based on the ratio of current period actual revenue (numerator) to estimated remaining unrecognized ultimate revenue as of the beginning of the fiscal year (denominator) in accordance with ASC 926. Ultimate revenue estimates for the produced content are periodically reviewed and adjustments, if any, will result in prospective changes to amortization rates. When estimates of total revenues and other events or changes in circumstances indicate that a film or television series has a fair value that is less than its unamortized cost, a loss is recognized currently for the amount by which the unamortized cost exceeds the film or television series’ fair value. For the six months ended June 30, 2023 and 2022, $10,617 and $11,978 were amortized to the cost of sales, respectively. For the six months ended June 30, 2023 and 2022, the Company accrued impairment of $21 and $nil against unamortized produced content.   Accounts payable   Accounts payable represent liabilities for goods and services provided to the Company prior to the end of financial period which are unpaid. They are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). Otherwise, they are presented as non-current liabilities.   Accounts payable are initially recognized at fair value, and subsequently carried at amortized cost using the effective interest method.   Revenue Recognition   The Company early adopted the new revenue standard Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, on January 1, 2017. The core principle of this new revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:     ● Step 1: Identify the contract with the customer     ● Step 2: Identify the performance obligations in the contract     ● Step 3: Determine the transaction price     ● Step 4: Allocate the transaction price to the performance obligations in the contract     ● Step 5: Recognize revenue when the company satisfies a performance obligation   The Company mainly offers and generates revenue from the copyright licensing of self-produced content, advertising and customized content production and others. Revenue recognition policies are discussed as follows:   - Copyright revenue   The Company self produces or coproduces TV series featuring lifestyle, culture and fashion, and licenses the copyright of the TV series on an episode basis to the customer for broadcast over a period of time. Generally, the Company signs a contract with a customer which requires the Company to deliver a series of episodes that are substantially the same and that have the same pattern of transfer to the customer. Accordingly, the delivery of the series of episodes is defined as the only performance obligation in the contract.   For the TV series produced solely by the Company, the Company satisfies its performance obligation over time by measuring the progress toward the delivery of the entire series of episodes which is made available to the licensee for exhibition after the license period has begun. Therefore, the copyright revenue in a contract is recognized over time based on the progress of the number of episodes delivered.   The Company also coproduces TV series with other producers and licenses the copyright to third-party video broadcast platforms for broadcast. For TV series produced by Glory Star Group with co-producers, the Company satisfies its performance obligations over time by the delivery of the entire series of episodes to the customer, and requires the customer to pay consideration based on the number and the unit price of valid subsequent views of the TV series that occur on a broadcast platform. Therefore, the copyright revenue is recognized when the later of the valid subsequent view occurs or the performance obligation relating to the delivery of a number of episodes has been satisfied.   - Advertising revenue   The Company generates revenue from sales of various forms of advertising on its TV series and streaming content by way of 1) advertisement displays, or 2) the integration of promotion activities in TV series and content to be broadcast. Advertising contracts are signed to establish the different contract prices for different advertising scenarios, consistent with the advertising period. The Company enters into advertising contracts directly with the advertisers or the third-party advertising agencies that represent advertisers.    For the contracts that involve the third-party advertising agencies, the Company is principal as the Company is responsible for fulfilling the promise of providing advertising services and has the discretion in establishing the price for the specified advertisement. Under a framework contract, the Company receives separate purchase orders from advertising agencies before the broadcast. Accordingly, each purchase order is identified as a separate performance obligation, containing a bundle of advertisements that are substantially the same and that have the same pattern of transfer to the customer. Where collectability is reasonably assured, revenue is recognized monthly over the service period of the purchase order.   For contracts signed directly with the advertisers, the Company commits to display a series of advertisements which are substantially the same or similar in content and transfer pattern, and the display of the whole series of advertisements is identified as the single performance obligation under the contract. The Company satisfies its performance obligations over time by measuring the progress toward the display of the whole series of advertisements in a contract, and advertising revenue is recognized over time based on the number of advertisements displayed.   Payment terms and conditions vary by contract types, and terms typically include a requirement for payment within a period from 6 to 9 months. Both direct advertisers and third-party advertising agencies are generally billed at the end of the display period and require the Company to issue VAT invoices in order to make their payments.   - Customized content production revenue   The Company produces customized short streaming videos according to its customers’ requirement, and earns fixed fees based on delivery. Revenue is recognized upon the delivery of short streaming videos.   - CHEERS E-mall marketplace service revenue   The Company through CHEERS E-mall, an online e-commerce platform, enables third-party merchants to sell their products to consumers in China. The Company charges fees for platform services to merchants for sales transactions completed on the Cheer E-Mall including but not limited to products displaying, promotion and transaction settlement services. The Company does not take control of the products provided by the merchants at any point in the time during the transactions and does not have latitude over pricing of the merchandise. Transaction services fee is determined as the difference between the platform sales price and the settlement price with the merchants. CHEERS E-mall marketplace service revenue is recognized at a point of time when the Company’s performance obligation to provide marketplace services to the merchants are determined to have been completed under each sales transaction upon the consumers confirming the receipts of goods. Payments for services are generally received before deliveries.   The Company provides coupons to consumers at our own discretion as incentives to promote CHEERS E-mall marketplace with validity usually around or less than one week, which can only be used in future purchases of eligible merchandise offered on CHEERS E-mall to reduce purchase price that are not specific to any merchant. Consumers are not customers of the Company, therefore incentives offered to consumers are not considered consideration payable to customers. As the consumers are required to make future purchases of the merchants’ merchandise to redeem these coupons, the Company does not accrue any expense for coupons when granted and recognizes the amounts of redeemed coupons as marketing expenses when future purchases are made.   Other Revenues   Other revenue primarily consists of copyrights trading of purchased and produced TV-series and the sales of products on Taobao platform. For copyright licensing of purchased and produced TV-series, the Company recognize revenue on net basis at a point of time upon the delivery of master tape and authorization of broadcasting right. For sales of product, the company recognize revenue upon the transfer of products according to the fixed price and production amount in sales orders.    The following table identifies the disaggregation of our revenue for the six months ended June 30, 2023 and 2022, respectively:        For the Six Months Ended June 30,       2023     2022   Category of Revenue:             Advertising revenue   $ 64,863     $ 67,231   Copyrights revenue     2,451       2,209   CHEERS e-Mall marketplace service revenue     110       252   Other revenue     11       241   Total   $ 67,435     $ 69,933   Timing of Revenue Recognition:                 Services transferred over time   $ 67,314     $ 69,440   Services transferred at a point in time     110       252   Goods transferred at a point in time     11       241   Total   $ 67,435     $ 69,933     The Company applied a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. The Company does not have any significant incremental costs of obtaining contracts with customers incurred and/or costs incurred in fulfilling contracts with customers within the scope of ASC Topic 606, that shall be recognized as an asset and amortized to expenses in a pattern that matches the timing of the revenue recognition of the related contract.   Concentration and Credit Risk   Substantially all of the Company’s operating activities are transacted into RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. Approval of foreign currency payments by the People’s Bank of China or other regulatory institutions require submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts.   The Company maintains certain bank accounts in the PRC, Hong Kong and Cayman, which are not insured by Federal Deposit Insurance Corporation (“FDIC”) insurance or other insurance. As of June 30, 2023, $152,066 of the Company’s cash were on deposit at financial institutions in the PRC where there currently is no rule or regulation requiring such financial institutions to maintain insurance to cover bank deposits in the event of bank failure.   Accounts receivable are typically unsecured and derived from revenue earned from customers, thereby exposed to credit risk. The risk is mitigated by the Company’s assessment of its customers’ creditworthiness and its ongoing monitoring of outstanding balances.   The Company’s sales are made to customers that are located primarily in China. The Company has a concentration of its revenues and receivables with specific customers. For the six months ended June 30, 2023, four customers accounted for 20%, 19%, 17% and 13% of the Company’s total revenue, respectively. For the six months ended June 30, 2022, four customers accounted for 22%, 20%, 18% and 18% of the Company’s total revenue, respectively.   As of June 30, 2023, four customers accounted for 22%, 19%, 16% and 13% of the net accounts receivable balance. As of December 31, 2022, four customers accounted for 27%, 19%, 11%, and 10% of the net accounts receivable balance.   The Company has a concentration of its purchases and payables with specific vendors. For the six months ended June 30, 2023, three vendors accounted for 33%, 26%, and 23% of the Company’s total purchases, respectively. For the six months ended June 30, 2022, four vendors accounted for 29%, 18%, 17% and 17% of the Company’s total purchases, respectively.   As of June 30, 2023, four vendors accounted for 37%, 22%, 13% and 10% of accounts payable, respectively. As of December 31, 2022, four vendors accounted for 30%, 22%, 17% and 10% of accounts payable, respectively.   Foreign Currency Translation   The reporting currency of the Company is the U.S. dollar (“USD”). The functional currency of subsidiaries, VIEs and VIEs’ subsidiaries located in China is the Chinese Renminbi (“RMB”). For the entities whose functional currency is the RMB, result of operations and cash flows are translated at average exchange rates during the period, assets and liabilities are translated at the unified exchange rate at the end of the period, and equity is translated at historical exchange rates. As a result, amounts relating to assets and liabilities reported on the statements of cash flows may not necessarily agree with the changes in the corresponding balances on the balance sheets. Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining comprehensive income/loss. Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the balance sheet date with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred.   All of the Company’s revenue and expense transactions are transacted in the functional currency of the operating subsidiaries. The Company does not enter into any material transaction in foreign currencies. Transaction gains or losses have not had, and are not expected to have, a material effect on the results of operations of the Company.   The consolidated balance sheet amounts, with the exception of equity, at June 30, 2023 and December 31, 2022 were translated at RMB 7.2513 to $1.00 and at RMB 6.9646 to $1.00, respectively. Equity accounts were stated at their historical rates. The average translation rates applied to consolidated statements of operations and cash flows for the six months ended June 30, 2023 and 2022 were RMB 6.9283 to $1.00 and RMB 6.4835 to $1.00, respectively.    (w) Recent Accounting Pronouncements   In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08), which clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. The new amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The amendments should be applied prospectively to business combinations occurring on or after the effective date of the amendments, with early adoption permitted. The Company is currently evaluating the impact of the new guidance on the consolidated financial statements.   In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. This guidance also requires certain disclosures for equity securities subject to contractual sale restrictions. The new guidance is required to be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed on the date of adoption. This guidance is effective for fiscal years beginning after 15 December 2023, including interim periods within those fiscal years. Early adoption is permitted. The Company does not expect that the adoption of this guidance will have a material impact on the financial position, results of operations and cash flows.   In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842): Common Control Arrangements, which Offers private companies, as well as not-for-profit entities that are not conduit bond obligors, a practical expedient that gives them the option of using the written terms and conditions of a common-control arrangement when determining whether a lease exists and the subsequent accounting for the lease, including the lease’s classification and Amends the accounting for leasehold improvements in common-control arrangements for all entities. The Combined Companies continues to evaluate the impact of ASU 2023-01 on its financial position, results of operations or cash flows.   Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows or disclosures.

v3.23.2

Accounts Receivable, Net	6 Months Ended
	Jun. 30, 2023
Accounts Receivable [Abstract]
ACCOUNTS RECEIVABLE, NET	3. ACCOUNTS RECEIVABLE, NET       June 30, 2023     December 31, 2022   Accounts receivable   $ 67,875     $ 99,040   Allowance for doubtful accounts     (716 )     (1,006 ) Accounts receivables, net   $ 67,159     $ 98,034     For the six months ended June 30, 2023 and 2022, the movement of allowance for doubtful accounts was presented in the following table:       June 30, 2023     June 30, 2022   Opening balance   $ 1,006     $ 635   Provision of allowance for doubtful accounts     1,111       201   Writing off allowance for doubtful accounts     (1,374 )     -   Foreign exchange adjustment     (27 )     (39 ) Ending balance   $ 716     $ 797

v3.23.2

Prepayment and Other Current Assets	6 Months Ended
	Jun. 30, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepayment and Other Current Assets	4. PREPAYMENT AND OTHER CURRENT ASSETS   As of June 30, 2023 and December 31, 2022, prepayment and other current assets consisted of the following:       June 30, 2023     December 31, 2022   Advances to vendors   $ 27,168     $ 15,272   Prepayment for outsourced production cost     -       36   Staff advance     116       14   Others     94       7       $ 27,378     $ 15,329

v3.23.2

Property, Plant and Equipment, Net	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment, Net [Abstract]
PROPERTY, PLANT AND EQUIPMENT, NET	5. PROPERTY, PLANT AND EQUIPMENT, NET   As of June 30, 2023 and December 31, 2022, property, plant and equipment consisted of the following:       June 30, 2023     December 31, 2022   Electronic equipment   $ 830     $ 864   Office equipment and furniture     68       66   Leasehold improvement     178       186         1,076       1,116   Less: accumulated depreciation     (961 )     (956 )     $ 115     $ 160     For the six months ended June 30, 2023 and 2022, depreciation expense amounted to $45 and $45, respectively.

v3.23.2

Intangible Assets, Net	6 Months Ended
	Jun. 30, 2023
Intangible Assets, Net [Abstract]
INTANGIBLE ASSETS, NET	6. INTANGIBLE ASSETS, NET   As of June 30, 2023 and December 31, 2022, intangible assets consisted of the following:       June 30, 2023     December 31, 2022   Software   $ 25,987     $ 27,055   Less: accumulated amortization     (7,961 )     (6,758 )     $ 18,026     $ 20,297     The balance of intangible assets mainly represents software related to CHEERS App, primarily consisting e-mall, online game, video media library and data warehouse modules, etc., acquired externally tailored to the Company’s requirements and is amortized straight-line over 7 years in accordance with the way the Company estimates to generate economic benefits from such software.   For the six months ended June 30, 2023 and 2022, amortization expense amounted to $1,538 and $1,645, respectively. The following is a schedule, by fiscal years, of amortization amount of intangible asset as of June 30, 2023:   For the six months ending December 31, 2023   $ 1,470   For the year ending December 31, 2024     2,939   For the year ending December 31, 2025     2,939   For the year ending December 31, 2026     2,863   For the year ending December 31, 2027 and thereafter     7,815   Total   $ 18,026

v3.23.2

Accrued Liabilities and Other Payables	6 Months Ended
	Jun. 30, 2023
Accrued Liabilities and Other Payables [Abstract]
ACCRUED LIABILITIES AND OTHER PAYABLES	7. ACCRUED LIABILITIES AND OTHER PAYABLES   As of June 30, 2023 and December 31, 2022, accrued liabilities and other payables consisted of the following:       June 30, 2023     December 31, 2022   Payable to merchants of Cheers e-Mall   $ -     $ 1   Co-invest online series production fund     -       467   Payroll payables     1,391       1,444   Other payables     812       720       $ 2,203     $ 2,632

v3.23.2

Other Taxes Payable	6 Months Ended
	Jun. 30, 2023
Taxes Payable, Current [Abstract]
OTHER TAXES PAYABLE	8. OTHER TAXES PAYABLE   As of June 30, 2023 and December 31, 2022, other taxes payable consisted of the following:       June 30, 2023     December 31, 2022   VAT payable   $ 17,785     $ 15,266   Income tax payable     2,406       2,505   Business tax payable     1,501       1,319   Others     11       -       $ 21,703     $ 19,090

v3.23.2

Bank Loans	6 Months Ended
	Jun. 30, 2023
Bank Loans [Abstract]
BANK LOANS	9. BANK LOANS   Bank loans represent the amounts due to various banks that are due within and over one year. As of June 30, 2023 and December 31, 2022, bank loans consisted of the following:       June 30, 2023     December 31, 2022   Short-term bank loans:             Loan from Bank of Beijing   $ 411     $ 1,139   Loan from China Merchants Bank     2,035       2,144   Loan from Huaxia Bank     -       707   Loan from Xiamen International Bank     410       431       $ 2,856     $ 4,421     For the six months ended June 30, 2023, the Company entered into loan agreements with two banks, pursuant to the Company borrowed an aggregate of $2,598 from the banks with maturity dates due in November 2023 through February 2024. The loan bore interest rates ranging between 4.5% and 6%. For the six months ended June 30, 2023, the Company also repaid an aggregate of $4,041 to four banks.   For the six months ended June 30, 2022, the Company entered into loan agreements with three banks, pursuant to the Company borrowed an aggregate of $5,398 from the banks with maturity dates due in September 2022 through March 2023. The loan bore interest rates ranging between 3.70% and 6%. For the six months ended June 30, 2022, the Company also repaid an aggregate of $4,473 to three banks.   Guarantee information   The loan from Bank of Beijing was guaranteed by Beijing Shichuangtongsheng Financing Guarantee Co., Ltd, for whom a counter-guarantee was provided by Horgos and Mr. Zhang Bing, the Chairman of the Company’s board of directors.    The loan from China Merchants Bank was guaranteed by Beijing Zhongguancun Sci-tech Financing Guarantee Co., Ltd, for whom a counter guarantee was provided by Horgos, Mr. Zhang Bing, the Chairman of the Company’s board of directors, and Mr. Lu Jia, the Vice President of the Company.   The loan from Huaxia Bank was guaranteed by Beijing Haidian Sci-tech Enterprises Financing Guarantee Co., Ltd. Horgos Technology and Beijing Leshare provided counter-guarantee to Beijing Haidian Sci-tech Enterprises Financing Guarantee Co., Ltd and Mr. Zhang Bing, the Chairman of the Company’s board of directors, provided the additional guarantee.   The loan from Xiamen International Bank was guaranteed by Horgos, and Mr. Zhang Bing, the Chairman of the Company’s board of directors.

v3.23.2

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
LEASES	10. LEASES   The Company leases offices space under non-cancelable operating leases, with terms ranging from one to five years. The Company considers those renewal or termination options that are reasonably certain to be exercised in the determination of the lease term and initial measurement of right of use assets and lease liabilities. Lease expense for lease payment is recognized on a straight-line basis over the lease term. Leases with initial term of 12 months or less are not recorded on the balance sheet.   The Company determines whether a contract is or contains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or operating lease. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company discount lease payments based on an estimate of its incremental borrowing rate.   The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.   Supplemental balance sheet information related to operating lease was as follows:           June 30, 2023     December 31, 2022   Right-of-use assets   $ 593     $ 750                     Lease liabilities current     368       208   Lease liabilities non-current     191       471   Total operating lease liabilities   $ 559     $ 679     The weighted average remaining lease terms and discount rates for the operating lease were as follows as of June 30, 2023:   Remaining lease term and discount rate:       Weighted average remaining lease term (years)     1.60   Weighted average discount rate     5.55 %   For the six months ended June 30, 2023 and 2022, the Company incurred total operating lease expenses of $202 and $233, respectively.   The following is a schedule of maturities of lease liabilities as of June 30, 2023:   For the six months ending December 31, 2023     193   For the year ending December 31, 2024     383   Total lease payments     576   Less: imputed interest     (17 ) Present value of lease liabilities   $ 559

v3.23.2

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	11. RELATED PARTY TRANSACTIONS   For the six months ended June 30, 2023, the Company borrowed $1,000 from Mr. Zhang Bing, the Chairman of the Company’s board of directors. The loan was interest free and payable on demand. As of June 30, 2023, the Company had an outstanding balance of $1,000 due to Mr. Zhang Bing.   As of December 31, 2022, the Company did not have balances due from or due to related parties. In addition, the Company did not enter into material related parties transaction arrangements during the six months ended June 30, 2022.

v3.23.2

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax [Abstract]
INCOME TAXES	12. INCOME TAXES   The Company evaluates the level of authority for each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. For the six months ended June 30, 2023 and 2022, the Company had no unrecognized tax benefits. Due to uncertainties surrounding future utilization, the Company estimates there will not be sufficient future income to realize the deferred tax assets arising from net operating losses for the VIEs and the VIEs’ subsidiaries. The Company maintains a full valuation allowance on its net deferred tax assets arising from net operating losses as of June 30, 2023 and December 31, 2022.   As of June 30, 2023 and December 31, 2022, the Company had deferred tax assets of $64 and $103, respectively, arising from allowance of accounts receivable.   The Company does not anticipate any significant increase to its liability for unrecognized tax benefit within the next 12 months. The Company will classify interest and penalties related to income tax matters, if any, in income tax expense.   For the six months ended June 30, 2023 and 2022, the Company had a deferred tax expenses of $37 and a deferred tax benefit of $46, respectively.   Uncertain tax positions   The Company accounts for uncertainty in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. Interest and penalties related to uncertain tax positions are recognized and recorded as necessary in the provision for income taxes. The Company is subject to income taxes in the PRC. According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitations is extended to five years under special circumstances, where the underpayment of taxes is more than RMB 100,000. In the case of transfer pricing issues, the statute of limitation is ten years. There is no statute of limitation in the case of tax evasion. There were no uncertain tax positions as of June 30, 2023 and the Company does not believe that its unrecognized tax benefits will change over the next twelve months.

v3.23.2

Share-Based Compensation to Employees	6 Months Ended
	Jun. 30, 2023
Share-Based Compensation to Employees [Abstract]
SHARE-BASED COMPENSATION TO EMPLOYEES	13. SHARE-BASED COMPENSATION TO EMPLOYEES   On February 14, 2020, the board of directors of the Company approved 2019 Equity Incentive Plan (“2019 Plan”), which allows for the award of stock and options, up to 3,732,590 ordinary shares to its employees, directors and consultants. The per share exercise price for the ordinary shares to be issued pursuant to exercise of an option will be no less than 100% or 110% of the fair market value per ordinary share on the date of grant.   On March 13, 2020, three independent directors of the Company entered into the independent director agreements and restricted stock award agreements (“Award Agreement”) with the Company. Pursuant to the Award Agreement, during the term of service as a director of the Company, each independent director of the Company shall be entitled to a fee of $2 per month ($24 per year) and 2,000 ordinary shares of the Company per year of service. On March 13, 2020, the Company granted each independent director 2,000 shares pursuant to the Award Agreement under the Company’s 2019 Plan. All of the Shares vest upon the date of grant.   On May 29, 2020, the Company granted executive officers and key employees 1,585,000 shares pursuant to the Award Agreement under the Company’s 2019 Plan. 50% shares vest immediately on the date of grant, and 50% shares vest on the date that is 90 days from the date of grant, subject to each person’s continued employment. All of the shares vest as of December 31, 2020 except for 24,000 shares cancelled due to two employees’ resignation from the Company.   On September 15, 2020, the Company entered into an independent director agreement with Mr. Ke Chen (“Chen Agreement”). Under the Chen Agreement, Mr. Chen will receive annual compensation in the amount of $2 per month ($24 per year), plus reimbursement of expenses, and 2,000 ordinary shares of the Company per year of service. On September 14, 2020, the Company granted Mr. Chen 2,000 Shares pursuant to the terms of the restricted stock award agreement under the Company’s 2019 Equity Incentive Plan. 100% of the Shares fully vest on September 14, 2021.   On April 7, 2022, the board appointed Mr. Zhihong Tan as our non executive director, then granted and vested 2,000 ordinary shares for compensation.   As of June 30, 2023 and December 31, 2022, the Company did not have unvested restricted ordinary shares. For the six months ended June 30, 2023 and 2022, the Company recognized share-based compensation expenses of $nil and $2, respectively, which was charged to general and administrative expenses on the unaudited condensed consolidated statements of income.

v3.23.2

Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
EQUITY	14. EQUITY   Ordinary Shares   The Company is authorized to issue 200,000,000 ordinary shares with a par value of $0.0001 per share. Holders of the ordinary shares are entitled to one vote for each share.   On May 9, 2023, the Company closed its private placement with two institutional investors (the “Investors”). Pursuant to the Share Subscription Agreement, the Company issued an aggregate of 24,193,548 ordinary shares, at a purchase price of $2.48 per share for an aggregate gross proceeds of $60 million. The purchase price was agreed to by the Company and the Investors based on the privatization price of $1.55 per share approved by the Company’s shareholders on November 11, 2022, and with a 60% premium.   As of June 30, 2023 and December 31, 2022, there were 92,317,950 and 68,124,402 ordinary shares issued and outstanding, respectively.

v3.23.2

Private Placement Warrants	6 Months Ended
	Jun. 30, 2023
Private Placement Warrants [Abstract]
PRIVATE PLACEMENT WARRANTS	15. PRIVATE PLACEMENT WARRANTS   Simultaneously with the closing of the Initial Public Offering, Symphony Holdings Limited (“Symphony”) purchased an aggregate of 11,800,000 Private Placement Warrants at $0.50 per Private Placement Warrant for an aggregate purchase price of $5,900. On August 22, 2018, TKK consummated the sale of an additional 1,200,000 Private Placement Warrants at a price of $0.50 per Private Placement Warrant, generating gross proceeds of $600. Each Private Placement Warrant is exercisable to purchase one-half of one ordinary share at an exercise price of $11.50 per whole share.   The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants (i) are not redeemable by the Company and (ii) may be exercised for cash or on a cashless basis, so long as they are held by the initial purchaser or any of its permitted transferees. If the Private Placement Warrants are held by holders other than the initial purchasers or any of their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by the holders on the same basis as the Public Warrants. In addition, the Private Placement Warrants may not be transferable, assignable or salable until the consummation of a Business Combination, subject to certain limited exceptions.   As of June 30, 2023 and December 31, 2022, the Company had 13,000,000 of private placement warrants outstanding. The warrant liability related to such private placement warrants was remeasured to its fair value at each reporting period. The change in fair value was recognized in the consolidated statements of operations. The change in fair value of the warrant liability was as follows:       Warrant Liability           Estimated fair value at December 31, 2021   $ 24   Change in estimated fair value     (2 ) Estimated fair value at June 30, 2022   $ 22             Estimated fair value at December 31, 2022   $ 86   Change in estimated fair value     (79 ) Estimated fair value at June 30, 2023   $ 7     15. PRIVATE PLACEMENT WARRANTS (cont.)   The fair value of the private warrants was estimated using the binomial option valuation model. The application of the binomial option valuation model requires the use of a number of inputs and significant assumptions including volatility. Significant judgment is required in determining the expected volatility of the common share. Due to the limited history of trading of the Company’s common share, the Company determined expected volatility based on a peer group of publicly traded companies. The following reflects the inputs and assumptions used:       For the Six Months Ended June 30,       2023     2022   Category of Revenue:             Stock price   $ 0.49     $ 0.87   Exercise price   $ 11.50     $ 11.50   Risk-free interest rate     4.87 %     2.96 % Expected term (in years)     1.63       2.63   Expected dividend yield     -       -   Expected volatility     97.1 %     58.7 %

v3.23.2

Segment Information	6 Months Ended
	Jun. 30, 2023
Segment Information [Abstract]
SEGMENT INFORMATION	16. SEGMENT INFORMATION   In accordance with ASC 280, Segment Reporting, operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision making group, in deciding how to allocate resources and in assessing performance. The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. Management, including the chief operating decision maker, reviews operation results by the revenue of different services.   Based on management’s assessment, the Company has determined that it has two operating segments as defined by ASC 280, including Cheers APPs internet business and traditional media businesses. Cheers APPs Internet Business generates advertising revenue from broadcasting IP short video, live streaming and APP advertising through Cheer APPs and service revenue from Cheers E-mall marketplace. Traditional Media Business mainly contributes the advertising revenue from Cheers TV-series, copyright revenue, customized content production revenue and others. The CODM measures the performance of each segment based on metrics of revenues and earnings from operations and uses these results to evaluate the performance of, and to allocate resources to, each of the segments. The Company currently does not allocate assets and share-based compensation for employees to its segments, as the CODM does not use such information to allocate resources to or evaluate the performance of the operating segments. As most of the Company’s long-lived assets are located in the PRC and most of the Company’s revenues are derived from the PRC, no geographical information is presented.   The table below provides a summary of the Company’s operating segment results for the six months ended June 30, 2023 and 2022:       For the Six Months Ended June 30,       2023     2022   Net revenues:             Cheers APPs Internet Business   $ 61,608     $ 60,672   Traditional Media Business     5,827       9,261   Total consolidated net revenues   $ 67,435     $ 69,933   Operating income:                 Cheers APPs Internet Business   $ 7,959     $ 9,116   Traditional Media Business     753       1,391   Total segment operating income     8,712       10,507   Unallocated item *     -       (2 ) Total consolidated operating income   $ 8,712     $ 10,505     * The unallocated item for the six months ended June 30, 2022 presents the share-based compensation for employees, which is not allocated to segments.

v3.23.2

Commitments	6 Months Ended
	Jun. 30, 2023
Commitments [Abstract]
COMMITMENTS	17. COMMITMENTS   Capital expenditure commitments   As of June 30, 2023, the Company had capital expenditure commitments of $14,894 which were primarily related to the acquisition of CheerCar, CheerReal, and a VR platform. The Company expected to make these capital expenditures within 12 months from June 30, 2023.

v3.23.2

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS   On July 28, 2023, Glory Star Beijing entered into a three-year loan arrangement with Ximen International Bank, pursuant to which the Company borrowed a loan of $1,732 for working capital, which bears a fixed interest rate of 5.5% with due date on July 27, 2026. The loan is guaranteed by Horgos, and Mr. Zhang Bing, the Chairman of the Company’s board of directors.

v3.23.2

Accounting Policies, by Policy (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Security and Exchange Commission and accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial reporting. Certain information and footnote disclosures normally included in financial statements prepared in conformity with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2022 filed on March 23, 2023. In the opinion of the management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments, which are necessary for a fair presentation of financial results for the interim periods presented. The Group believes that the disclosures are adequate to make the information presented not misleading. The accompanying unaudited condensed consolidated financial statements have been prepared using the same accounting policies as used in the preparation of the Company’s consolidated financial statements for the year ended December 31, 2022. The results of operations for the six months ended June 30, 2022 and 2023 are not necessarily indicative of the results for the full years.
Financial statement amounts and balances of the VIEs and the VIEs’ subsidiaries	Financial statement amounts and balances of the VIEs and the VIEs’ subsidiaries  Total assets and liabilities presented on the Company’s unaudited condensed consolidated balance sheets and revenue, expense, net income presented on the Company’s unaudited condensed consolidated statements of income as well as the cash flow from operating, investing and financing activities presented on the unaudited condensed consolidated statements of cash flows are substantially the financial position, operation and cash flow of the VIEs and the VIEs’ subsidiaries. Glory Star has not provided any financial support to the VIEs and the VIEs’ subsidiaries for the six months ended June 30, 2022 and 2023. The following financial statements amounts and balances of the VIEs and the VIEs’ subsidiaries were included in the unaudited condensed consolidated financial statements as of December 31, 2022 and June 30, 2023, and for the six months ended June 30, 2023 and 2022:     June 30,     December 31,       2023     2022   Total assets   $ 261,493     $ 188,597   Total liabilities   $ 31,640     $ 38,872       For the Six Months Ended June 30,       2023     2022   Total revenues   $ 67,437     $ 69,933   Net income   $ 10,004     $ 11,356                     Net cash provided by (used in) operating activities   $ 24,796     $ (26,452 ) Net cash used in investing activities   $ (61 )   $ (383 ) Net cash provided by financing activities   $ 60,385     $ 710   The VIEs and the VIEs’ subsidiaries contributed 100% and 100% of the consolidated revenues for the six months ended June 30, 2023 and 2022. As of June 30, 2023 and December 31, 2022, the VIEs and the VIEs’ subsidiaries accounted for an aggregate of 98.2% and 91.6%, respectively, of the consolidated total assets, and 94.6% and 116.2%, respectively, of the consolidated total liabilities. There are no terms in any arrangements, considering both explicit arrangements and implicit variable interests that require the Company or its subsidiaries to provide financial support to the VIEs. However, the Company has provided and will continue to provide financial support to the VIEs considering the business requirements of the VIEs, as well as the Company’s own business objectives in the future. There are no assets held in the VIEs and the VIEs’ subsidiaries that can be used only to settle obligations of the VIEs and the VIEs’ subsidiaries, except for registered capital and the PRC statutory reserves. As the VIEs and the VIEs’ subsidiaries are incorporated as a limited liability company under the PRC Company Law, creditors of the VIEs and the VIEs’ subsidiaries do not have recourse to the general credit of the Company for any of the liabilities of the VIEs and the VIEs’ subsidiaries. Relevant PRC laws and regulations restrict the VIEs and the VIEs’ subsidiaries from transferring a portion of their net assets, equivalent to the balance of its statutory reserve and its share capital, to the Company in the form of loans and advances or cash dividends.
Accounts receivable, net	Accounts receivable, net Accounts receivable represent the amounts that the Company has an unconditional right to consideration (including billed and unbilled amount) when the Company has satisfied its performance obligation. The Company does not have any contract assets since revenue is recognized when control of the promised services is transferred and the payment from customers is not contingent on a future event. The Company maintains allowance for potential credit losses on accounts receivable. Management reviews the composition of accounts receivable and analyses historical bad debt, customer concentrations, customer credit worthiness, current economic trends and changes in customer payment patterns to estimate the allowance. Past due accounts are generally written off against the allowance for bad debts only after all collection attempts have been exhausted and the potential for recovery is considered remote.
Unamortized produced content	Unamortized produced content Produced content includes direct production costs, production overhead and acquisition costs and is stated at the lower of unamortized cost or estimated fair value. Produced content also includes cash expenditures made to enter into arrangements with third parties to co-produce certain of its productions. The Company uses the individual-film-forecast-computation method and amortizes the produced content based on the ratio of current period actual revenue (numerator) to estimated remaining unrecognized ultimate revenue as of the beginning of the fiscal year (denominator) in accordance with ASC 926. Ultimate revenue estimates for the produced content are periodically reviewed and adjustments, if any, will result in prospective changes to amortization rates. When estimates of total revenues and other events or changes in circumstances indicate that a film or television series has a fair value that is less than its unamortized cost, a loss is recognized currently for the amount by which the unamortized cost exceeds the film or television series’ fair value. For the six months ended June 30, 2023 and 2022, $10,617 and $11,978 were amortized to the cost of sales, respectively. For the six months ended June 30, 2023 and 2022, the Company accrued impairment of $21 and $nil against unamortized produced content.
Accounts payable	Accounts payable Accounts payable represent liabilities for goods and services provided to the Company prior to the end of financial period which are unpaid. They are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). Otherwise, they are presented as non-current liabilities. Accounts payable are initially recognized at fair value, and subsequently carried at amortized cost using the effective interest method.
Revenue Recognition	Revenue Recognition The Company early adopted the new revenue standard Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, on January 1, 2017. The core principle of this new revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:   ● Step 1: Identify the contract with the customer   ● Step 2: Identify the performance obligations in the contract   ● Step 3: Determine the transaction price   ● Step 4: Allocate the transaction price to the performance obligations in the contract   ● Step 5: Recognize revenue when the company satisfies a performance obligation   The Company mainly offers and generates revenue from the copyright licensing of self-produced content, advertising and customized content production and others. Revenue recognition policies are discussed as follows: - Copyright revenue The Company self produces or coproduces TV series featuring lifestyle, culture and fashion, and licenses the copyright of the TV series on an episode basis to the customer for broadcast over a period of time. Generally, the Company signs a contract with a customer which requires the Company to deliver a series of episodes that are substantially the same and that have the same pattern of transfer to the customer. Accordingly, the delivery of the series of episodes is defined as the only performance obligation in the contract. For the TV series produced solely by the Company, the Company satisfies its performance obligation over time by measuring the progress toward the delivery of the entire series of episodes which is made available to the licensee for exhibition after the license period has begun. Therefore, the copyright revenue in a contract is recognized over time based on the progress of the number of episodes delivered. The Company also coproduces TV series with other producers and licenses the copyright to third-party video broadcast platforms for broadcast. For TV series produced by Glory Star Group with co-producers, the Company satisfies its performance obligations over time by the delivery of the entire series of episodes to the customer, and requires the customer to pay consideration based on the number and the unit price of valid subsequent views of the TV series that occur on a broadcast platform. Therefore, the copyright revenue is recognized when the later of the valid subsequent view occurs or the performance obligation relating to the delivery of a number of episodes has been satisfied. - Advertising revenue The Company generates revenue from sales of various forms of advertising on its TV series and streaming content by way of 1) advertisement displays, or 2) the integration of promotion activities in TV series and content to be broadcast. Advertising contracts are signed to establish the different contract prices for different advertising scenarios, consistent with the advertising period. The Company enters into advertising contracts directly with the advertisers or the third-party advertising agencies that represent advertisers.  For the contracts that involve the third-party advertising agencies, the Company is principal as the Company is responsible for fulfilling the promise of providing advertising services and has the discretion in establishing the price for the specified advertisement. Under a framework contract, the Company receives separate purchase orders from advertising agencies before the broadcast. Accordingly, each purchase order is identified as a separate performance obligation, containing a bundle of advertisements that are substantially the same and that have the same pattern of transfer to the customer. Where collectability is reasonably assured, revenue is recognized monthly over the service period of the purchase order. For contracts signed directly with the advertisers, the Company commits to display a series of advertisements which are substantially the same or similar in content and transfer pattern, and the display of the whole series of advertisements is identified as the single performance obligation under the contract. The Company satisfies its performance obligations over time by measuring the progress toward the display of the whole series of advertisements in a contract, and advertising revenue is recognized over time based on the number of advertisements displayed. Payment terms and conditions vary by contract types, and terms typically include a requirement for payment within a period from 6 to 9 months. Both direct advertisers and third-party advertising agencies are generally billed at the end of the display period and require the Company to issue VAT invoices in order to make their payments.   - Customized content production revenue The Company produces customized short streaming videos according to its customers’ requirement, and earns fixed fees based on delivery. Revenue is recognized upon the delivery of short streaming videos. - CHEERS E-mall marketplace service revenue The Company through CHEERS E-mall, an online e-commerce platform, enables third-party merchants to sell their products to consumers in China. The Company charges fees for platform services to merchants for sales transactions completed on the Cheer E-Mall including but not limited to products displaying, promotion and transaction settlement services. The Company does not take control of the products provided by the merchants at any point in the time during the transactions and does not have latitude over pricing of the merchandise. Transaction services fee is determined as the difference between the platform sales price and the settlement price with the merchants. CHEERS E-mall marketplace service revenue is recognized at a point of time when the Company’s performance obligation to provide marketplace services to the merchants are determined to have been completed under each sales transaction upon the consumers confirming the receipts of goods. Payments for services are generally received before deliveries. The Company provides coupons to consumers at our own discretion as incentives to promote CHEERS E-mall marketplace with validity usually around or less than one week, which can only be used in future purchases of eligible merchandise offered on CHEERS E-mall to reduce purchase price that are not specific to any merchant. Consumers are not customers of the Company, therefore incentives offered to consumers are not considered consideration payable to customers. As the consumers are required to make future purchases of the merchants’ merchandise to redeem these coupons, the Company does not accrue any expense for coupons when granted and recognizes the amounts of redeemed coupons as marketing expenses when future purchases are made. Other Revenues Other revenue primarily consists of copyrights trading of purchased and produced TV-series and the sales of products on Taobao platform. For copyright licensing of purchased and produced TV-series, the Company recognize revenue on net basis at a point of time upon the delivery of master tape and authorization of broadcasting right. For sales of product, the company recognize revenue upon the transfer of products according to the fixed price and production amount in sales orders.  The following table identifies the disaggregation of our revenue for the six months ended June 30, 2023 and 2022, respectively:      For the Six Months Ended June 30,       2023     2022   Category of Revenue:             Advertising revenue   $ 64,863     $ 67,231   Copyrights revenue     2,451       2,209   CHEERS e-Mall marketplace service revenue     110       252   Other revenue     11       241   Total   $ 67,435     $ 69,933   Timing of Revenue Recognition:                 Services transferred over time   $ 67,314     $ 69,440   Services transferred at a point in time     110       252   Goods transferred at a point in time     11       241   Total   $ 67,435     $ 69,933   The Company applied a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. The Company does not have any significant incremental costs of obtaining contracts with customers incurred and/or costs incurred in fulfilling contracts with customers within the scope of ASC Topic 606, that shall be recognized as an asset and amortized to expenses in a pattern that matches the timing of the revenue recognition of the related contract.
Concentration and Credit Risk	Concentration and Credit Risk Substantially all of the Company’s operating activities are transacted into RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. Approval of foreign currency payments by the People’s Bank of China or other regulatory institutions require submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts. The Company maintains certain bank accounts in the PRC, Hong Kong and Cayman, which are not insured by Federal Deposit Insurance Corporation (“FDIC”) insurance or other insurance. As of June 30, 2023, $152,066 of the Company’s cash were on deposit at financial institutions in the PRC where there currently is no rule or regulation requiring such financial institutions to maintain insurance to cover bank deposits in the event of bank failure. Accounts receivable are typically unsecured and derived from revenue earned from customers, thereby exposed to credit risk. The risk is mitigated by the Company’s assessment of its customers’ creditworthiness and its ongoing monitoring of outstanding balances. The Company’s sales are made to customers that are located primarily in China. The Company has a concentration of its revenues and receivables with specific customers. For the six months ended June 30, 2023, four customers accounted for 20%, 19%, 17% and 13% of the Company’s total revenue, respectively. For the six months ended June 30, 2022, four customers accounted for 22%, 20%, 18% and 18% of the Company’s total revenue, respectively. As of June 30, 2023, four customers accounted for 22%, 19%, 16% and 13% of the net accounts receivable balance. As of December 31, 2022, four customers accounted for 27%, 19%, 11%, and 10% of the net accounts receivable balance. The Company has a concentration of its purchases and payables with specific vendors. For the six months ended June 30, 2023, three vendors accounted for 33%, 26%, and 23% of the Company’s total purchases, respectively. For the six months ended June 30, 2022, four vendors accounted for 29%, 18%, 17% and 17% of the Company’s total purchases, respectively. As of June 30, 2023, four vendors accounted for 37%, 22%, 13% and 10% of accounts payable, respectively. As of December 31, 2022, four vendors accounted for 30%, 22%, 17% and 10% of accounts payable, respectively.
Foreign Currency Translation	Foreign Currency Translation The reporting currency of the Company is the U.S. dollar (“USD”). The functional currency of subsidiaries, VIEs and VIEs’ subsidiaries located in China is the Chinese Renminbi (“RMB”). For the entities whose functional currency is the RMB, result of operations and cash flows are translated at average exchange rates during the period, assets and liabilities are translated at the unified exchange rate at the end of the period, and equity is translated at historical exchange rates. As a result, amounts relating to assets and liabilities reported on the statements of cash flows may not necessarily agree with the changes in the corresponding balances on the balance sheets. Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining comprehensive income/loss. Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the balance sheet date with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. All of the Company’s revenue and expense transactions are transacted in the functional currency of the operating subsidiaries. The Company does not enter into any material transaction in foreign currencies. Transaction gains or losses have not had, and are not expected to have, a material effect on the results of operations of the Company. The consolidated balance sheet amounts, with the exception of equity, at June 30, 2023 and December 31, 2022 were translated at RMB 7.2513 to $1.00 and at RMB 6.9646 to $1.00, respectively. Equity accounts were stated at their historical rates. The average translation rates applied to consolidated statements of operations and cash flows for the six months ended June 30, 2023 and 2022 were RMB 6.9283 to $1.00 and RMB 6.4835 to $1.00, respectively.
Recent Accounting Pronouncements	(w) Recent Accounting Pronouncements In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08), which clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. The new amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The amendments should be applied prospectively to business combinations occurring on or after the effective date of the amendments, with early adoption permitted. The Company is currently evaluating the impact of the new guidance on the consolidated financial statements. In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. This guidance also requires certain disclosures for equity securities subject to contractual sale restrictions. The new guidance is required to be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed on the date of adoption. This guidance is effective for fiscal years beginning after 15 December 2023, including interim periods within those fiscal years. Early adoption is permitted. The Company does not expect that the adoption of this guidance will have a material impact on the financial position, results of operations and cash flows. In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842): Common Control Arrangements, which Offers private companies, as well as not-for-profit entities that are not conduit bond obligors, a practical expedient that gives them the option of using the written terms and conditions of a common-control arrangement when determining whether a lease exists and the subsequent accounting for the lease, including the lease’s classification and Amends the accounting for leasehold improvements in common-control arrangements for all entities. The Combined Companies continues to evaluate the impact of ASU 2023-01 on its financial position, results of operations or cash flows. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows or disclosures.

v3.23.2

Organization and Principal Activities (Tables)	6 Months Ended
	Jun. 30, 2023
Organization and Principal Activities [Abstract]
Schedule of VIEs and the VIE’s subsidiaries	As of June 30, 2023, the Company’s subsidiaries, the VIEs and the VIE’s subsidiaries were as the following:     Date of incorporation   Place of incorporation   Percentage of legal/beneficial ownership by the Company     Principal activities Subsidiaries:                     Glory Star New Media Group HK Limited (“Glory Star HK”)   December 18, 2018   Hong Kong     100 %   Holding Glory Star New Media (Beijing) Technology Co., Ltd. (“WFOE”)   March 13, 2019   PRC     100 %   Holding VIEs:                     Xing Cui Can International Media (Beijing) Co., Ltd. (“Xing Cui Can”)   September 7, 2016   PRC     100 %   Holding Horgos Glory Star Media Co., Ltd. (“Horgos”)   November 1, 2016   PRC     100 %   Holding and Operating VIEs’ subsidiaries                     Glory Star Media (Beijing) Co., Ltd. (“Glory Star Beijing”)   December 9, 2016   PRC     100 %   Holding and Operating Leshare Star (Beijing) Technology Co., Ltd. (“Beijing Leshare”)   March 28, 2016   PRC     100 %   Holding and Operating Shenzhen Leshare Investment Co., Ltd. (“Shenzhen Leshare”)   June 27, 2018   PRC     100 %   Holding and Operating Horgos Glary Prosperity Culture Co., Ltd. (“Glary Prosperity”)   December 14, 2017   PRC     51 %   Holding and Operating Horgos Glary Prosperity Culture Co., Ltd, Beijing Branch (“Glary Prosperity BJ”)   May 8, 2018   PRC     51 %   Holding and Operating Glory Star (Horgos) Media Technology Co., Ltd (“Horgos Technology”)   September 20, 20220   PRC     100 %   Holding and Operating

v3.23.2

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Schedule of Financial Statements	The following financial statements amounts and balances of the VIEs and the VIEs’ subsidiaries were included in the unaudited condensed consolidated financial statements as of December 31, 2022 and June 30, 2023, and for the six months ended June 30, 2023 and 2022:     June 30,     December 31,       2023     2022   Total assets   $ 261,493     $ 188,597   Total liabilities   $ 31,640     $ 38,872
Schedule of Cashflow Statements	The following financial statements amounts and balances of the VIEs and the VIEs’ subsidiaries were included in the unaudited condensed consolidated financial statements as of December 31, 2022 and June 30, 2023, and for the six months ended June 30, 2023 and 2022:     For the Six Months Ended June 30,       2023     2022   Total revenues   $ 67,437     $ 69,933   Net income   $ 10,004     $ 11,356                     Net cash provided by (used in) operating activities   $ 24,796     $ (26,452 ) Net cash used in investing activities   $ (61 )   $ (383 ) Net cash provided by financing activities   $ 60,385     $ 710
Schedule of Disaggregation of our Revenue	The following table identifies the disaggregation of our revenue for the six months ended June 30, 2023 and 2022, respectively:     For the Six Months Ended June 30,       2023     2022   Category of Revenue:             Advertising revenue   $ 64,863     $ 67,231   Copyrights revenue     2,451       2,209   CHEERS e-Mall marketplace service revenue     110       252   Other revenue     11       241   Total   $ 67,435     $ 69,933   Timing of Revenue Recognition:                 Services transferred over time   $ 67,314     $ 69,440   Services transferred at a point in time     110       252   Goods transferred at a point in time     11       241   Total   $ 67,435     $ 69,933

v3.23.2

Accounts Receivable, Net (Tables)	6 Months Ended
	Jun. 30, 2023
Accounts Receivable, Net [Abstract]
Schedule of Accounts Receivable	June 30, 2023     December 31, 2022   Accounts receivable   $ 67,875     $ 99,040   Allowance for doubtful accounts     (716 )     (1,006 ) Accounts receivables, net   $ 67,159     $ 98,034
Schedule of Allowance for Doubtful Accounts	For the six months ended June 30, 2023 and 2022, the movement of allowance for doubtful accounts was presented in the following table:     June 30, 2023     June 30, 2022   Opening balance   $ 1,006     $ 635   Provision of allowance for doubtful accounts     1,111       201   Writing off allowance for doubtful accounts     (1,374 )     -   Foreign exchange adjustment     (27 )     (39 ) Ending balance   $ 716     $ 797

v3.23.2

Prepayment and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Schedule of Prepayment and Other Current Assets	As of June 30, 2023 and December 31, 2022, prepayment and other current assets consisted of the following:     June 30, 2023     December 31, 2022   Advances to vendors   $ 27,168     $ 15,272   Prepayment for outsourced production cost     -       36   Staff advance     116       14   Others     94       7       $ 27,378     $ 15,329

v3.23.2

Property, Plant and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment, Net [Abstract]
Schedule of Property, Plant and Equipment, Net	As of June 30, 2023 and December 31, 2022, property, plant and equipment consisted of the following:     June 30, 2023     December 31, 2022   Electronic equipment   $ 830     $ 864   Office equipment and furniture     68       66   Leasehold improvement     178       186         1,076       1,116   Less: accumulated depreciation     (961 )     (956 )     $ 115     $ 160

v3.23.2

Intangible Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2023
Intangible Assets, Net [Abstract]
Schedule of Intangible Assets, Net	As of June 30, 2023 and December 31, 2022, intangible assets consisted of the following:     June 30, 2023     December 31, 2022   Software   $ 25,987     $ 27,055   Less: accumulated amortization     (7,961 )     (6,758 )     $ 18,026     $ 20,297
Schedule of Amortization Amount of Intangible Asset	For the six months ended June 30, 2023 and 2022, amortization expense amounted to $1,538 and $1,645, respectively. The following is a schedule, by fiscal years, of amortization amount of intangible asset as of June 30, 2023: For the six months ending December 31, 2023   $ 1,470   For the year ending December 31, 2024     2,939   For the year ending December 31, 2025     2,939   For the year ending December 31, 2026     2,863   For the year ending December 31, 2027 and thereafter     7,815   Total   $ 18,026

v3.23.2

Accrued Liabilities and Other Payables (Tables)	6 Months Ended
	Jun. 30, 2023
Accrued Liabilities and Other Payables [Abstract]
Schedule of Accrued Liabilities and Other Payables	As of June 30, 2023 and December 31, 2022, accrued liabilities and other payables consisted of the following:     June 30, 2023     December 31, 2022   Payable to merchants of Cheers e-Mall   $ -     $ 1   Co-invest online series production fund     -       467   Payroll payables     1,391       1,444   Other payables     812       720       $ 2,203     $ 2,632

v3.23.2

Other Taxes Payable (Tables)	6 Months Ended
	Jun. 30, 2023
Taxes Payable, Current [Abstract]
Schedule of Other Taxes Payable	As of June 30, 2023 and December 31, 2022, other taxes payable consisted of the following:     June 30, 2023     December 31, 2022   VAT payable   $ 17,785     $ 15,266   Income tax payable     2,406       2,505   Business tax payable     1,501       1,319   Others     11       -       $ 21,703     $ 19,090

v3.23.2

Bank Loans (Tables)	6 Months Ended
	Jun. 30, 2023
Bank Loans [Abstract]
Schedule of Bank Loans Represent the Amounts Due to Various Banks	Bank loans represent the amounts due to various banks that are due within and over one year. As of June 30, 2023 and December 31, 2022, bank loans consisted of the following:     June 30, 2023     December 31, 2022   Short-term bank loans:             Loan from Bank of Beijing   $ 411     $ 1,139   Loan from China Merchants Bank     2,035       2,144   Loan from Huaxia Bank     -       707   Loan from Xiamen International Bank     410       431       $ 2,856     $ 4,421

v3.23.2

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Supplemental Balance Sheet Information Related to Operating Lease	Supplemental balance sheet information related to operating lease was as follows:     June 30, 2023     December 31, 2022   Right-of-use assets   $ 593     $ 750                     Lease liabilities current     368       208   Lease liabilities non-current     191       471   Total operating lease liabilities   $ 559     $ 679
Schedule of Remaining Lease Term and Discount Rate	The weighted average remaining lease terms and discount rates for the operating lease were as follows as of June 30, 2023: Remaining lease term and discount rate:       Weighted average remaining lease term (years)     1.60   Weighted average discount rate     5.55 %
Schedule of Maturities of Lease Liabilities	The following is a schedule of maturities of lease liabilities as of June 30, 2023: For the six months ending December 31, 2023     193   For the year ending December 31, 2024     383   Total lease payments     576   Less: imputed interest     (17 ) Present value of lease liabilities   $ 559

v3.23.2

Private Placement Warrants (Tables)	6 Months Ended
	Jun. 30, 2023
Private Placement Warrants [Abstract]
Schedule of Change in Fair Value of Warrant Liability	The change in fair value of the warrant liability was as follows:     Warrant Liability           Estimated fair value at December 31, 2021   $ 24   Change in estimated fair value     (2 ) Estimated fair value at June 30, 2022   $ 22             Estimated fair value at December 31, 2022   $ 86   Change in estimated fair value     (79 ) Estimated fair value at June 30, 2023   $ 7
Schedule of Inputs and Significant Assumptions Including Volatility	Due to the limited history of trading of the Company’s common share, the Company determined expected volatility based on a peer group of publicly traded companies. The following reflects the inputs and assumptions used:     For the Six Months Ended June 30,       2023     2022   Category of Revenue:             Stock price   $ 0.49     $ 0.87   Exercise price   $ 11.50     $ 11.50   Risk-free interest rate     4.87 %     2.96 % Expected term (in years)     1.63       2.63   Expected dividend yield     -       -   Expected volatility     97.1 %     58.7 %

v3.23.2

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Information [Abstract]
Schedule of Segment Information	The table below provides a summary of the Company’s operating segment results for the six months ended June 30, 2023 and 2022:     For the Six Months Ended June 30,       2023     2022   Net revenues:             Cheers APPs Internet Business   $ 61,608     $ 60,672   Traditional Media Business     5,827       9,261   Total consolidated net revenues   $ 67,435     $ 69,933   Operating income:                 Cheers APPs Internet Business   $ 7,959     $ 9,116   Traditional Media Business     753       1,391   Total segment operating income     8,712       10,507   Unallocated item *     -       (2 ) Total consolidated operating income   $ 8,712     $ 10,505   * The unallocated item for the six months ended June 30, 2022 presents the share-based compensation for employees, which is not allocated to segments.

v3.23.2

Organization and Principal Activities (Details) - Schedule of VIEs and the VIE’s subsidiaries	6 Months Ended
	Jun. 30, 2023
Glory Star New Media Group HK Limited (“Glory Star HK”) [Member]
Subsidiaries:
Entity Incorporation, Date of Incorporation	Dec. 18, 2018
Place of incorporation	Hong Kong
Percentage of legal/beneficial ownership by the Company	100.00%
Principal activities	Holding
Glory Star New Media (Beijing) Technology Co., Ltd. (“WFOE”) [Member]
Subsidiaries:
Entity Incorporation, Date of Incorporation	Mar. 13, 2019
Place of incorporation	PRC
Percentage of legal/beneficial ownership by the Company	100.00%
Principal activities	Holding
Xing Cui Can International Media (Beijing) Co., Ltd. (“Xing Cui Can”) [Member]
Subsidiaries:
Entity Incorporation, Date of Incorporation	Sep. 07, 2016
Place of incorporation	PRC
Percentage of legal/beneficial ownership by the Company	100.00%
Principal activities	Holding
Horgos Glory Star Media Co., Ltd. (“Horgos”) [Member]
Subsidiaries:
Entity Incorporation, Date of Incorporation	Nov. 01, 2016
Place of incorporation	PRC
Percentage of legal/beneficial ownership by the Company	100.00%
Principal activities	Holding and Operating
Glory Star Media (Beijing) Co., Ltd. (“Glory Star Beijing”) [Member]
Subsidiaries:
Entity Incorporation, Date of Incorporation	Dec. 09, 2016
Place of incorporation	PRC
Percentage of legal/beneficial ownership by the Company	100.00%
Principal activities	Holding and Operating
Leshare Star (Beijing) Technology Co., Ltd. (“Beijing Leshare”) [Member]
Subsidiaries:
Entity Incorporation, Date of Incorporation	Mar. 28, 2016
Place of incorporation	PRC
Percentage of legal/beneficial ownership by the Company	100.00%
Principal activities	Holding and Operating
Shenzhen Leshare Investment Co., Ltd. (“Shenzhen Leshare”) [Member]
Subsidiaries:
Entity Incorporation, Date of Incorporation	Jun. 27, 2018
Place of incorporation	PRC
Percentage of legal/beneficial ownership by the Company	100.00%
Principal activities	Holding and Operating
Horgos Glary Prosperity Culture Co., Ltd. (“Glary Prosperity”) [Member]
Subsidiaries:
Entity Incorporation, Date of Incorporation	Dec. 14, 2017
Place of incorporation	PRC
Percentage of legal/beneficial ownership by the Company	51.00%
Principal activities	Holding and Operating
Horgos Glary Prosperity Culture Co., Ltd, Beijing Branch (“Glary Prosperity BJ”) [Member]
Subsidiaries:
Entity Incorporation, Date of Incorporation	May 08, 2018
Place of incorporation	PRC
Percentage of legal/beneficial ownership by the Company	51.00%
Principal activities	Holding and Operating
Glory Star (Horgos) Media Technology Co., Ltd (“Horgos Technology”) [Member]
Subsidiaries:
Place of incorporation	PRC
Percentage of legal/beneficial ownership by the Company	100.00%
Principal activities	Holding and Operating

v3.23.2

Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands	6 Months Ended			12 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 ¥ / shares	Jun. 30, 2022 USD ($) $ / shares	Dec. 31, 2022 $ / shares
Summary of Significant Accounting Policies (Details) [Line Items]
Total assets percentage	98.20%	98.20%		91.60%
Total liabilities percentage	94.60%	94.60%		116.20%
Amortized cost of sales (in Dollars)	$ 10,617		$ 11,978
Accrued impairment (in Dollars)	21
Exception of equity rates | (per share)		¥ 6.9646		$ 1
Average translation rates | (per share)		6.9283	$ 1
Maximum [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Exception of equity rates | ¥ / shares		¥ 7.2513
Minimum [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Exception of equity rates | $ / shares				$ 1
Credit Concentration Risk [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Deposit at financial institutions (in Dollars)	$ 152,066
Purchases [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Concentration risk percentage	33.00%
Accounts Payable One [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Concentration risk percentage	22.00%
Accounts Receivable [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Concentration risk percentage	22.00%		27.00%
Purchases Two [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Concentration risk percentage	26.00%		18.00%
Purchases Three [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Concentration risk percentage	23.00%		17.00%
Purchases [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Concentration risk percentage			29.00%
Purchase Three [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Concentration risk percentage			17.00%
Accounts Payable [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Concentration risk percentage	37.00%		30.00%
Accounts Payable Two [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Concentration risk percentage	13.00%		17.00%
Accounts Payable Three [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Concentration risk percentage	10.00%		10.00%
Accounts Payable One [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Concentration risk percentage			22.00%
Variable Interest Entity [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Revenues percentage	100.00%	100.00%	100.00%
RMB [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Average translation rates | (per share)		¥ 6.4835	$ 1
Other Customer [Member] | Revenue [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Concentration risk percentage	20.00%		22.00%
Customer One [Member] | Revenue [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Concentration risk percentage	19.00%		20.00%
Customer One [Member] | Accounts Receivable [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Concentration risk percentage	16.00%		19.00%
Customer Two [Member] | Revenue [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Concentration risk percentage	17.00%		18.00%
Customer Two [Member] | Accounts Receivable [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Concentration risk percentage	19.00%		11.00%
Customer Three [Member] | Revenue [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Concentration risk percentage	13.00%		18.00%
Customer Three [Member] | Accounts Receivable [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Concentration risk percentage	13.00%		10.00%

v3.23.2

Summary of Significant Accounting Policies (Details) - Schedule of Financial Statements - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule Of Financial Statements Abstract
Total assets	$ 261,493	$ 188,597
Total liabilities	$ 31,640	$ 38,872

v3.23.2

Summary of Significant Accounting Policies (Details) - Schedule of Cashflow Statements - Variable interest entity [Member] - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Condensed Cash Flow Statements, Captions [Line Items]
Total revenues	$ 67,437	$ 69,933
Net income	10,004	11,356
Net cash provided by (used in) operating activities	24,796	(26,452)
Net cash used in investing activities	(61)	(383)
Net cash provided by financing activities	$ 60,385	$ 710

v3.23.2

Summary of Significant Accounting Policies (Details) - Schedule of Disaggregation of our Revenue - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Category of Revenue:
Total	$ 67,435	$ 69,933
Advertising revenue [Member]
Category of Revenue:
Total	64,863	67,231
Copyrights revenue [Member]
Category of Revenue:
Total	2,451	2,209
CHEERS e-Mall marketplace service revenue [Member]
Category of Revenue:
Total	110	252
Other revenue [Member]
Category of Revenue:
Total	11	241
Services transferred over time [Member]
Category of Revenue:
Total	67,314	69,440
Services transferred at a point in time [Member]
Category of Revenue:
Total	110	252
Goods transferred at a point in time [Member]
Category of Revenue:
Total	$ 11	$ 241

v3.23.2

Accounts Receivable, Net (Details) - Schedule of Accounts Receivable - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of Accounts Receivable [Abstract]
Accounts receivable	$ 67,875	$ 99,040
Allowance for doubtful accounts	(716)	(1,006)
Accounts receivables, net	$ 67,159	$ 98,034

v3.23.2

Accounts Receivable, Net (Details) - Schedule of Allowance for Doubtful Accounts - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Schedule Of Allowance For Doubtful Accounts Abstract
Opening balance	$ 1,006	$ 635
Provision of allowance for doubtful accounts	1,111	201
Writing off allowance for doubtful accounts	(1,374)
Foreign exchange adjustment	(27)	(39)
Ending balance	$ 716	$ 797

v3.23.2

Prepayment and Other Current Assets (Details) - Schedule of Prepayment and Other Current Assets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Prepayment and Other Current and Non-Current Assets [Abstract]
Advances to vendors	$ 27,168	$ 15,272
Prepayment for outsourced production cost		36
Staff advance	116	14
Others	94	7
Total prepayment and other current assets	$ 27,378	$ 15,329

v3.23.2

Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment, Net [Abstract]
Depreciation expense	$ 45	$ 45

v3.23.2

Property, Plant and Equipment, Net (Details) - Schedule of Property, Plant and Equipment, Net - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Prepayment and Other Current and Non-Current Assets [Abstract]
Property and equipment, gross	$ 1,076	$ 1,116
Less: accumulated depreciation	(961)	(956)
Property and equipment, net	115	160
Electronic equipment [Member]
Prepayment and Other Current and Non-Current Assets [Abstract]
Property and equipment, gross	830	864
Office equipment and furniture [Member]
Prepayment and Other Current and Non-Current Assets [Abstract]
Property and equipment, gross	68	66
Leasehold improvement [Member]
Prepayment and Other Current and Non-Current Assets [Abstract]
Property and equipment, gross	$ 178	$ 186

v3.23.2

Intangible Assets, Net (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Intangible Assets, Net [Abstract]
Intangible asset, useful life	7 years
Amortization expense	$ 1,538	$ 1,645

v3.23.2

Intangible Assets, Net (Details) - Schedule of Intangible Assets, Net - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of Intangible Assets [Abstract]
Software	$ 25,987	$ 27,055
Less: accumulated amortization	(7,961)	(6,758)
Total	$ 18,026	$ 20,297

v3.23.2

Intangible Assets, Net (Details) - Schedule of Amortization Amount of Intangible Asset - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of Amortization Amount of Intangible Asset [Abstract]
For the six months ending December 31, 2023	$ 1,470
For the year ending December 31, 2024	2,939
For the year ending December 31, 2025	2,939
For the year ending December 31, 2026	2,863
For the year ending December 31, 2027 and thereafter	7,815
Total	$ 18,026	$ 20,297

v3.23.2

Accrued Liabilities and Other Payables (Details) - Schedule of Accrued Liabilities and Other Payables - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of accrued liabilities and other payables [Abstract]
Payable to merchants of Cheers e-Mall		$ 1
Co-invest online series production fund		467
Payroll payables	1,391	1,444
Other payables	812	720
Total	$ 2,203	$ 2,632

v3.23.2

Other Taxes Payable (Details) - Schedule of Other Taxes Payable - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of Other Taxes Payable [Abstract]
VAT payable	$ 17,785	$ 15,266
Income tax payable	2,406	2,505
Business tax payable	1,501	1,319
Others	11
Total	$ 21,703	$ 19,090

v3.23.2

Bank Loans (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Bank Loans (Details) [Line Items]
Loan from the banks (in Dollars)	$ 2,598
Repaid an aggregate of banks (in Dollars)	$ 4,041	$ 4,473
Minimum [Member]
Bank Loans (Details) [Line Items]
Loan bore interest rates	4.50%	3.70%
Maximum [Member]
Bank Loans (Details) [Line Items]
Loan bore interest rates	6.00%	6.00%

v3.23.2

Bank Loans (Details) - Schedule of Bank Loans Represent the Amounts Due to Various Banks - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Short-term bank loans:
Total bank loan	$ 2,856	$ 4,421
Short-term bank loans [Member] | Loan from Huaxia Bank [Member]
Short-term bank loans:
Short-term bank loans		707
Short-term bank loans [Member] | Loan from Bank of Beijing [Member]
Short-term bank loans:
Short-term bank loans	411	1,139
Short-term bank loans [Member] | Loan from China Merchants Bank [Member]
Short-term bank loans:
Short-term bank loans	2,035	2,144
Short-term bank loans [Member] | Loan from Xiamen International Bank [Member]
Short-term bank loans:
Short-term bank loans	$ 410	$ 431

v3.23.2

Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Leases (Details) [Line Items]
Operating lease expenses	$ 202	$ 233
Minimum [Member]
Leases (Details) [Line Items]
Operating leases terms	1 year
Maximum [Member]
Leases (Details) [Line Items]
Operating leases terms	5 years

v3.23.2

Leases (Details) - Schedule of Supplemental Balance Sheet Information Related to Operating Lease - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of Supplemental Balance Sheet Information Related to Operating Lease [Abstract]
Right-of-use assets	$ 593	$ 750
Lease liabilities current	368	208
Lease liabilities non-current	191	471
Total operating lease liabilities	$ 559	$ 679

v3.23.2

Leases (Details) - Schedule of Remaining Lease Term and Discount Rate	6 Months Ended
	Jun. 30, 2023
Remaining lease term and discount rate:
Weighted average remaining lease term (years)	1 year 7 months 6 days
Weighted average discount rate	5.55%

v3.23.2

Leases (Details) - Schedule of Maturities of Lease Liabilities $ in Thousands	Jun. 30, 2023 USD ($)
Schedule of Maturities of Lease Liabilities [Abstract]
For the six months ending December 31, 2023	$ 193
For the year ending December 31, 2024	383
Total lease payments	576
Less: imputed interest	(17)
Present value of lease liabilities	$ 559

v3.23.2

Related Party Transactions (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Related Party Transactions (Details) [Line Items]
Outstanding balance	$ 1,000
Mr. Zhang Bing [Member]
Related Party Transactions (Details) [Line Items]
Outstanding balance	$ 1,000

v3.23.2

Income Taxes (Details) ¥ in Thousands	6 Months Ended
	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)
Income Tax [Abstract]
Deferred tax assets allowance of accounts receivable		$ 0.064	$ 0.103
Deferred tax expenses		$ 37,000		$ 46,000
Tax benefit rate	50.00%
Underpayment of taxes (in Yuan Renminbi) | ¥	¥ 100,000

v3.23.2

Share-Based Compensation to Employees (Details) - USD ($) $ in Thousands			1 Months Ended			6 Months Ended
	Apr. 07, 2022	Mar. 13, 2020	Sep. 15, 2020	May 29, 2020	Feb. 14, 2020	Jun. 30, 2023	Jun. 30, 2022
Share-Based Compensation to Employees (Details) [Line Items]
Vested ordinary shares	2,000
Share based compensation							$ 2
2019 Equity Incentive Plan [Member]
Share-Based Compensation to Employees (Details) [Line Items]
Granted shares pursuant to the award agreement		2,000			3,732,590
Minimum [Member] | 2019 Equity Incentive Plan [Member]
Share-Based Compensation to Employees (Details) [Line Items]
Exercise percentage					100.00%
Maximum [Member] | 2019 Equity Incentive Plan [Member]
Share-Based Compensation to Employees (Details) [Line Items]
Exercise percentage					110.00%
Independent directors [Member]
Share-Based Compensation to Employees (Details) [Line Items]
Award agreements, description		Pursuant to the Award Agreement, during the term of service as a director of the Company, each independent director of the Company shall be entitled to a fee of $2 per month ($24 per year) and 2,000 ordinary shares of the Company per year of service.
Executive Officers [Member]
Share-Based Compensation to Employees (Details) [Line Items]
Award agreements, description				the Company granted executive officers and key employees 1,585,000 shares pursuant to the Award Agreement under the Company’s 2019 Plan. 50% shares vest immediately on the date of grant, and 50% shares vest on the date that is 90 days from the date of grant, subject to each person’s continued employment. All of the shares vest as of December 31, 2020 except for 24,000 shares cancelled due to two employees’ resignation from the Company.
Mr. Ke Chen [Member]
Share-Based Compensation to Employees (Details) [Line Items]
Award agreements, description			Under the Chen Agreement, Mr. Chen will receive annual compensation in the amount of $2 per month ($24 per year), plus reimbursement of expenses, and 2,000 ordinary shares of the Company per year of service. On September 14, 2020, the Company granted Mr. Chen 2,000 Shares pursuant to the terms of the restricted stock award agreement under the Company’s 2019 Equity Incentive Plan. 100% of the Shares fully vest on September 14, 2021.

v3.23.2

Equity (Details) - USD ($)		6 Months Ended
	May 09, 2023	Jun. 30, 2023	Dec. 31, 2022	Nov. 11, 2022	Jun. 30, 2022
Equity (Details) [Line Items]
Ordinary shares authorized		200,000,000	200,000,000
Ordinary par value (in Dollars per share)		$ 0.0001	$ 0.0001
Ordinary shares vote		one
Aggregate of ordinary share issued	24,193,548
Purchase price per share (in Dollars per share)	$ 2.48
Aggregate gross proceeds (in Dollars)	$ 60
Preferred stock, shares authorized		2,000,000	2,000,000	1.55
Preferred stock, par value (in Dollars per share)		$ 0.0001	$ 0.0001	$ 60
Common stock, shares issued		92,317,950	68,124,402
Common stock, shares outstanding		92,317,950	68,124,402
Common Stock [Member]
Equity (Details) [Line Items]
Common stock, shares issued		92,317,950	68,124,402
Common stock, shares outstanding			68,124,402		92,317,950

v3.23.2

Private Placement Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended
	Aug. 22, 2018	Jun. 30, 2023	Dec. 31, 2022
Private Placement Warrants (Details) [Line Items]
Generating gross proceeds (in Dollars)	$ 600
Exercise price (in Dollars per share)	$ 11.5
Private Placement Warrant [Member]
Private Placement Warrants (Details) [Line Items]
Aggregate of purchase shares		11,800,000
Warrants per share price (in Dollars per share)	$ 0.5	$ 0.5
Aggregate purchase price amount (in Dollars)		$ 5,900
Additional sale of shares	1,200,000
Warrants outstanding shares		13,000,000	13,000,000

v3.23.2

Private Placement Warrants (Details) - Schedule of Change in Fair Value of Warrant Liability - Warrant Liability [Member] - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Private Placement Warrants (Details) - Schedule of Change in Fair Value of Warrant Liability [Line Items]
Estimated fair value at Beginning	$ 86	$ 24
Change in estimated fair value	(79)	(2)
Estimated fair value at Ending	$ 7	$ 22

v3.23.2

Private Placement Warrants (Details) - Schedule of Inputs and Significant Assumptions Including Volatility - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Category of Revenue:
Stock price (in Dollars per share)	$ 0.49	$ 0.87
Exercise price (in Dollars per share)	$ 11.5	$ 11.5
Risk-free interest rate	4.87%	2.96%
Expected term (in years)	1 year 7 months 17 days	2 years 7 months 17 days
Expected dividend yield
Expected volatility	97.10%	58.70%

v3.23.2

Segment Information (Details) - Schedule of Segment Information - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
Net revenues:
Cheers APPs Internet Business		$ 61,608	$ 60,672
Traditional Media Business		5,827	9,261
Total consolidated net revenues		67,435	69,933
Operating income:
Cheers APPs Internet Business		7,959	9,116
Traditional Media Business		753	1,391
Total segment operating income		8,712	10,507
Unallocated item	[1]		(2)
Total consolidated operating income		$ 8,712	$ 10,505
[1] The unallocated item for the six months ended June 30, 2022 presents the share-based compensation for employees, which is not allocated to segments.

v3.23.2

Commitments (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Commitments [Abstract]
Capital expenditures totaling	$ 14,894

v3.23.2

Subsequent Events (Details) - Subsequent Event [Member] $ in Thousands	Jul. 18, 2023 USD ($)
Subsequent Events (Details) [Line Items]
Working capital	$ 1,732
Fixed interest rate	5.50%

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