BEIJING, Feb. 25, 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 content service agreement (the "Agreement") with Hangzhou Beiying Network Technology Co., Ltd. ("Hangzhou Beiying"), a subsidiary of Dangbei Network Technology Co. Ltd. ("Dangbei Network"), the leading smart home entertainment solution developer and manufacturer. The Company has received the initial payment of RMB6 million from Hangzhou Beiying under the Agreement. The Company believes that the cooperation with Hangzhou Beiying will further catalyze the development of the Company's content services business and therefore help to increase the long-term growth momentum of the Company's enterprise value.
Under the Agreement, Glory Star will distribute its high-quality content, such as its unique domestic short-form video matrix, Cheers lifestyle video series, PGC interactive live streaming events, and more, on Hangzhou Beiying's multiple intelligent terminals and smart hardware equipment markets, including but not limited to Dangbei Market, SONY TV, Baidu App Market, Skyworth TV, Konka TV, Haier TV, Xiaomi TV, Panasonic TV, Wasu TV, XGIMI Projector, and JmGo Projector. In addition, the Company will also launch an updated version of its CHEERS Video App designed specifically for large screens. As part of its new consumption model, the Company plans to utilize smart algorithms to provide high-quality short-form video content and e-commerce services that are tailored to the preferences of hundreds of millions of large screen users, which will further promote the development of the Company's content services in the domestic market for intelligent IoT terminals.
Glory Star owns multiple registered copyrights and provides high-quality and original short-form videos on its CHEERS Video platform. Over the years, the Company has been committed to expanding its short-form video content across various fields, such as e-commerce, live streaming, marketing, education, and lifestyle services. This has led to the development of the Company's unique content-based new consumption model in China. Through its cooperation with Hangzhou Beiying, the Company will utilize its competitive strengths in short- and medium-form video content creation, user operation management, big data analysis, and algorithms, as well as Hangzhou Beiying's mature intelligent terminal ecosystem. As a result, the Company will be able to provide more immersive and interactive experiences to its users in order to meet their needs across a wider range of consumption scenarios. At the same time, such advantages will also enable the Company to deepen its collaborations with IoT industry partners. By integrating digital content and digital technology with intelligent IoT terminals, the Company will further enrich the lives of its users and enhance its users' smart living experiences in multiple scenarios.
About Dangbei Network Technology Co. Ltd.
Founded in 2013, Dangbei Network Technology Co. Ltd. ("Dangbei Network") designs and manufactures large screen home entertainment solutions with award winning engineering and innovation in premium quality and style. Dangbei Network's product lines include hardware, such as smart home entertainment projectors and the super TV box, as well as software, such as Dangbei OS, Dangbei Store, customized large screen content for TVs and projectors, and apps. As a result of its strategic partners, professional team, and investors, including Shunwei Capital, Haitong, and Suning Group, Dangbei Network has grown into a leading developer in the intelligent TV network industry, serving more than 300 million global users. In China, Dangbei Market is the number one store for large screen applications, with 80% of the total market share. Additionally, Dangbei projector ranks in the top 3 spots for projectors on JD.com and TMall, the biggest ecommerce platform in China.
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
