BEIJING, Sept. 2, 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 that it has officially launched CheerCar, its self-developed interactive entertainment application ("CheerCar"), on Tencent Auto Intelligence ("TAI"), which is an Internet of Vehicles ("IoV") ecosystem. CheerCar is among the first batch of cooperative applications to be launched on the platform.
As an onboard interactive entertainment application ("App") that was designed to provide entertainment in vehicles, CheerCar makes connections between passengers and in-vehicle infotainment systems closer and more efficient. As an App in Tencent's IoV ecosystem, CheerCar allows users to set preferences and browse individualized content from the Company's library of high-quality videos that are available on its CHEERS application platform. CheerCar also uses a personalized intelligent algorithm recommendation system to recommend contents based on user's preferences.
To satisfy the entertainment lifestyle demands of both front- and back-seat passengers, CheerCar also provides access to content over a full range of lifestyle genres, including gourmet cuisine, tourism, celebrity, fitness, homecare, fashion, childcare, beauty, and many more. By leveraging leading technologies, such as big data, artificial intelligence ("AI"), as well as intelligent search recommendations, CheerCar is able to improve the satisfaction of in-vehicle passengers while enhancing the services provided through precision marketing, intelligent advertising, and consumer identification and analysis.
In China, the domestic production and sales of electronic vehicles have grown rapidly on a sequential basis, while the market penetration rate has also been accelerating. Traditional auto giants are ramping up the electric transformations of vehicles, while many technology giants have also announced new plans to produce automobiles. As the auto industry evolves and enters a more intelligent era, the application of smart in-vehicle applications has also been widely promoted. Through the use of the Company's premium lifestyle content ecosystem, CheerCar will be able to provide consumers of the auto industry with a more personalized, immersive, diversified, and interactive in-vehicle audio and video experience, which will further enable the Company to capture more of the market share for the new generation of in-vehicle infotainment systems.
Mr. Bing Zhang, Chairman and Chief Executive Officer of Glory Star, commented, "CheerCar is part of the first batch of cooperative products to be launched on Tencent's intelligent in-vehicle system. As such, we believe that CheerCar will accelerate the deployment of the new generation of infotainment systems, allow the CHEERS ecosystem and platform content to achieve a wider and more accurate reach, and facilitate the larger expansion of CHEERS+. Looking ahead, we plan to actively explore the development and application of the mobile Internet in the 5G era while enhancing the competitiveness of our CHEERS Video and CHEERS e-Mall platforms throughout the digital economy."
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; a pandemic or epidemic; the inability to successfully launch CheerCar; the inability to have CheerCar adopted by new energy vehicle manufactures; and the inability to integrate CheerCar into mobile AI or IoV ecosystems. 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.
Robin Yang
Tel: +1 (646) 308-0546
Email: gsnm@icrinc.com
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