BEIJING, March 16, 2021 /PRNewswire/ -- Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) ("Glory Star" or the "Company"), a leading mobile and online digital media and entertainment company in China, today announced that it has signed a strategic cooperation agreement (the "Agreement") with E-Surfing Media Co., Ltd. ("E-Surfing Media"), a subsidiary of China Telecom, to develop new Augmented Reality ("AR") intelligence solutions for users on both companies' platforms. Under the Agreement, Glory Star and E-Surfing Media will conduct in-depth collaborations for 5G and AR technologies in areas such as AR applications, intelligent on-demand videos, intelligent retail and more, which will help promote the application of 5G and AR technologies in both content development and content consumption.
The signing of the Agreement will take the strategic cooperation between Glory Star and E-Surfing Media to a higher level. Pursuant to the Agreement, both companies will share content, resolve technological challenges jointly, and increase their business collaborations. In addition, by leveraging their industry leadership in digital content and e-commerce, both parties will enhance their core competencies, bolster their technical strengths, and further promote the application of AR technologies on the CHEERS video and E-Surfing Media platforms to further empower users and stimulate new consumption behaviors through AR technology.
With the commercialization and popularization of 5G technology and an increase in the expectations and needs of digital users, the future markets and uses for 5G and AR technology applications are anticipated to have unlimited potential. Compared to traditional forms of digital content, AR technology content can provide users with engaging and immersive experiences, which will significantly enhance user engagement and interactions. With the flourishing development of the "experience economy" of the post-90s and post-00s generations in China, the general application of AR technology in content, entertainment, education, healthcare, business, and other fields is quickly becoming the next digital development trend.
Glory Star plans to integrate AR technology into all business formats going forward, including its CHEERS video application, its CHEERS e-mall, and within its new economic and cultural industrial park in Wuxi. Furthermore, upon the signing of the Agreement, Glory Star will also be able to utilize E-Surfing Media's 5G technology resources to build an AR platform on its CHEERS video application. By integrating 5G and AR technologies into its platform, Glory Star can continue to improve and integrate its users' demands for diverse and personalized entertainment solution, enhance its users' visual and consumption experiences, and promote the development and application of 5G and AR technologies in the industry.
About E-Surfing Media Co., Ltd.
E-Surfing Media Co., Ltd. is a wholly-owned subsidiary of Besttone Holding Co., Ltd. Established in March 2011, E-Surfing Media was formerly known as the video operation center of China Telecom and was the only online video operation platform of China Telecom. Besttone Holding Co., Ltd. (SHSE: 600640) is a public listed company on Shanghai Stock Exchange and also a subsidiary of China Telecom. China Telecom (HKSE: 0728) is one of China's three major telecom operators and had more than 343 million users as of June 2020.
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 LLC.
Sharon Zhou
Tel: +1 (646) 308-0546
Email: gsnm@icrinc.com
