BEIJING, May 18, 2021 /PRNewswire/ -- Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) ("Glory Star" or the "Company"), a leading digital media platform and content-driven e-commerce company in China, today announced the renewal of its cooperation agreement with E-Surfing Media Co., Ltd. ("E-Surfing Media"), a subsidiary of China Telecom. Under the terms of the agreement, the Company will continue to license and authorize the use of its CHEERS video series content to E-Surfing Media on E-Surfing Media's platform and other third-party platforms that E-Surfing Media operates for a licensing fee of RMB27 million.
E-Surfing Media has since become one of the largest paid video service platforms in China. The strategic partnership between E-Surfing Media and the Company has provided access to China Telecom's enormous user base, leading to a rapid expansion of the viewership of the Company's premium content, further promotion of the Glory Star brand, and increased the Company's market share in the digital media industry.
Mr. Bing Zhang, Founder and Chief Executive Officer of Glory Star, commented, "Following the tremendous success we have had over the last year, we are very excited to renew our strategic partnership with E-Surfing Media to continue growing viewership of our premium video content and further expand E-Surfing Media's user base. The renewal of this partnership allows us to build on our past success by combining our resources and competitive advantages to deliver a superior service and premium content experience to users. We are confident that working together with E-Surfing Media will allow us to achieve greater potential in the online video industry and pave the way for mutual growth."
About Glory Star New Media Group Holdings Limited
Glory Star New Media Group Holdings Limited is a leading digital media platform and content-driven e-commerce company 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. Such forward-looking states include, but are not limited to, the Company's ability to develop its online retail and SaaS industry value chains, expand its business relationship with existing clients and continue its business growth trajectory. 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 the Company's profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; and a pandemic or epidemic. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission. 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
