BEIJING, July 07, 2020 (GLOBE NEWSWIRE) — 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 established a strategic cooperation agreement with Nanfang Food Basket, an integrated sales platform for agricultural products in China. Nanfang Food Basket is operated by Nanfang Media Group, which has established a top brand presence in China with a service coverage of roughly 200 million people. The partnership between the Company and Nanfang Food Basket will focus on leveraging the substantial user traffic and dynamic media capabilities of the Company’s CHEERS e-Mall platform to improve the marketing and sales performances of Nanfang Food Basket for its agricultural products, which include fresh fruits, vegetables, and dairy products. In addition, CHEERS e-Mall users in all parts of China will still be able to enjoy a delivery time of just a few days for these agricultural products, despite them being sourced from China’s more rural and poverty-stricken areas.
After launching its CHEERS App in 2018, the Company concentrated on the integration of premium lifestyle content with online sales to pioneer a new and innovative content e-commerce model. In April 2019, the Company launched CHEERS e-Mall to better address China’s youth and the diverse consumption needs of this same demographic. CHEERS e-Mall is a highly interactive shopping experience that allows users to browse the Company’s online store while simultaneously enjoying the platform’s premium lifestyle content.
The Company continues to expand its user base as well as its online advertising and e-commerce businesses by consistently refining its service offerings and curating premium lifestyle content. As of April 30, 2020, CHEERS App downloads exceeded 106.5 million, while CHEERS App average DAUs reached 4.1 million for the three months ended March 31, 2020. In addition, during the 6.18 Shopping Festival in 2020, the Company collaborated with 460 business partners and 1,200 brands to present over 15,000 stock keeping units to its users. The Company also grew its GMV to RMB50.6 million during the 6.18 Shopping Festival in 2020, representing an increase of more than 40 times the GMV previously generated during the 6.18 Shopping Festival in 2019.
Mr. Bing Zhang, Chairman and Chief Executive Officer of Glory Star, commented, “We are pleased to announce our partnership with Nanfang Food Basket and are excited about its long-term potential. This collaboration not only marks our entrance into China’s agricultural industry, but also showcases our commitment to empowering China’s agricultural industry players through supply chain digitization. By bringing Nanfang Food Basket’s agricultural products onto our CHEERS e-Mall platform, we will enhance our partner’s sales and marketing efforts while simultaneously augmenting our product offerings, user engagement, and platform stickiness to create a truly win-win situation. Importantly, Chinese farmers, who have experienced significant difficulties as a result of the COVID-19 outbreak, will also benefit from this exchange as we provide them with more effective sales and marketing channels for their agricultural products. Looking ahead, we remain confident that our expansion of e-commerce offerings, cooperation with agricultural industry players, and unique combination of media and e-commerce will continue to fuel our expansion as we advance through the rest of 2020 and beyond.”
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.