Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) (“Glory
Star” or the “Company”), a leading mobile and online digital media
and entertainment company in China, today announced that the
Company’s Chief Executive Officer, Mr. Bing Zhang, was interviewed
by Chief Entertainment Officer Magazine on July 13, 2020. Chief
Entertainment Officer Magazine is a social media group focused on
covering online entertainment in China. The full transcript of the
interview can be accessed on the Company’s investor relations
website at http://ir.gsmg.co/. The following excerpts are English
language translations of key highlights from the interview.
Integrating E-Commerce into Live Streaming Content
Mr. Zhang commented, "The premium content on our
CHEERS App plays an essential role in our integration of live
streaming services with e-commerce services. This premium content
can take the form of videos, short-form videos, games, and
interactive live streaming. Our professionally curated lifestyle
content has enabled us to attract a healthy following of users in
pursuit of increasingly modern lifestyles. Our extensive user base
of this targeted demographic has made us an ideal partner for
premium lifestyle brands and businesses in China. As we continue to
leverage the quality of our professionally generated content as
well as our market-leading content production capabilities, we will
also continue to expand our business partnerships and user
base.
Meanwhile, we have adopted a comprehensive brand
selection process to ensure the quality of all products on our
platform, evaluate each brand’s track record, and maintain robust
customer support capabilities. To date, we have integrated
cosmetic, personal care, and food products as well as a wide range
of digital products into our live streaming & e-commerce
model."
A Unique Live Streaming & E-Commerce Business
Model
Mr. Zhang highlighted, "The uniqueness of our
business model is a result of our strategic focus on our platform's
products and users. As of now, we have established distribution
agreements with 450 brands and are on track to partner with up to
1,000 brands by the end of 2020. Our partner brands now offer more
than 19,000 SKUs across nine different categories on our platform
for our users to access while enjoying our curated live streaming
content.
Total CHEERS App downloads exceeded 106.5
million as of April 30, 2020, while CHEERS App average DAUs reached
4.1 million during the first quarter of 2020. In addition, our
products, which are both cost-effective and of a premium quality,
as well as our content production expertise have helped to ensure
the quality of our user base. During the 6.18 e-commerce shopping
festival, for example, half of the paying users on CHEERS e-Mall
came from first- and second-tier cities, which is a group of
consumers generally characterized by above-average purchasing
power.
In order to fully utilize our massive base of
highly-targeted users and encourage higher user engagement, we have
launched four new interactive features on our CHEERS e-Mall
platform. Going forward, we plan to continue introducing more
innovative ways to foster interactions between users and live
streaming hosts on our platform. Such user engagement will enable
us to both convert and monetize our user traffic. Ultimately, our
goal is to create a platform through which all parties can host
live streaming sessions and market any product during these
sessions at the same time."
Glory Star’s Future Plans for Its Live Streaming &
E-Commerce Model
Mr. Zhang added, "In the current live streaming
market, most brands still rely on a low pricing strategy to attract
consumers and facilitate transactions. As a consequence, businesses
are not able to generate any profit from the sale of products
through live streaming content. We believe that live streaming
platforms will have to shift their focus from a low pricing
strategy to a strategy based on quality products and services in
order to ensure their business model sustainability and attract
more users going forward.
Our live streaming content mainly consists of
professionally generated content, which has allowed us to better
control and standardize our platform’s content quality. Looking
ahead, we plan to utilize our live streaming tools in order to help
our users create and share their own content, socialize within
their individual networks, and integrate their content with
products on our CHEERS App to earn rewards. In fact, one of our key
strategies for the second half of 2020 is to create a mutually
beneficial environment for our users, our partner brands, and our
platform."
About Glory Star New Media Group Holdings Limited
Glory Star New Media Group Holdings Limited is a
leading mobile entertainment operator in China. Glory Star’s
ability to integrate premium lifestyle content, including short
videos, online variety shows, online dramas, live streaming, its
Cheers lifestyle video series, e-Mall, and mobile app, along with
innovative e-commerce offerings on its platform enables it to
pursue its mission of enriching people’s lives. The Company’s large
and active user base creates valuable engagement opportunities with
consumers and enhances platform stickiness with thousands of
domestic and international brands.
Safe Harbor Statement
Certain statements made in this release are
“forward looking statements” within the meaning of the “safe
harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. When used in this press release, the
words “estimates,” “projected,” “expects,” “anticipates,”
“forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,”
“will,” “should,” “future,” “propose” and variations of these words
or similar expressions (or the negative versions of such words or
expressions) are intended to identify forward-looking statements.
These forward-looking statements are not guarantees of future
performance, conditions or results, and involve a number of known
and unknown risks, uncertainties, assumptions and other important
factors, many of which are outside the Company’s control, that
could cause actual results or outcomes to differ materially from
those discussed in the forward-looking statements. Important
factors, among others, are: the ability to manage growth; ability
to identify and integrate other future acquisitions; ability to
obtain additional financing in the future to fund capital
expenditures; fluctuations in general economic and business
conditions; costs or other factors adversely affecting our
profitability; litigation involving patents, intellectual property,
and other matters; potential changes in the legislative and
regulatory environment; a pandemic or epidemic; and other factors
listed in the Company’s Annual Report on Form 10-K for the year
ending December 31, 2019 and in other filings made by the Company
with the Securities and Exchange Commission from time to time. The
Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable law.
Such information speaks only as of the date of this release.
Contacts
Glory Star New Media Group Holdings Limited Yida Ye Email:
yeyida@yaoshixinghui.com
ICR Inc. Jack Wang Tel: +1 (646) 308-0546 Email:
gsnm@icrinc.com
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