glory-star-provides-operational-updates

Glory Star Provides Operational Updates

 

Glory Star New Media Group Holdings Limited, (“Glory Star“, the “Company” or “we”) (NASDAQ: GSMG), a leading digital media platform and content-driven e-commerce company in China, today announced that as of November 30, 2021, the total installed base of CHEERS ecosystem users reached 260 million, a 54% increase versus the 2020 installed base of 169 million users. Monthly Active Users (“MAU”) from January to November 2021 was 44 million users in average, a 20% increase from the same period in 2020 (36.7 million users in average); further highlighting the wide-spread consumer adoption of the CHEERS app in China.

The CHEERS e-mall had an installed base of over 11 million with November 2021 MAU of 3.4 million users. This equated to Gross Merchandise Value (“GMV”) of over RMB2.5 billion, a 260% increase from the same period in 2020. Additionally, the repurchase rate of users reached 35%.

The Company also announced an update to the last press release from December 8, 2021. In conjunction with the build-out of the Metaverse Experience Centers, The Company is developing its closed-loop business model within the CHEERS video platform (“The Platform”), to further monetize its assets by converting traffic into leads and sales. This is a widely applied strategy within the Chinese internet sector. The closed-loop model is a business process that changes from sequence to cycle; allowing users to stay within the eco-system. Through leveraging this model, Glory Star expects to further facilitate the Company’s long-term growth prospects, consolidate the e-commerce space, and enhance user experience to strengthen the Company’s core competencies.

As a growing and nimble technology company, Glory Star is looking to stay ahead of popular trends, especially within the growing live streaming segment. With the Company’s extensive content production experience, Glory Star plans to provide professional training for content creators to help them to continue to develop unique experiences for their viewers. The Company will also adopt NFT technology to help guard the copyrights of the platform’s original content.

Live streaming e-commerce is emerging as one of the most innovative and monetizable tools for content creators. To protect the interests of Glory Star’s content creators, which is one of the values that the Company upholds in its ecosystem, the Company connects CHEERS e-Mall’s SAAS supply chain system to the Platform, allowing content creators to choose relevant products to sell on their platforms at their own discretion. Creators can earn commissions and receive related task rewards from their live streaming content. In addition, the Platform utilizes blockchain technology to ensure each transaction is correctly ledgered. Through these measures, the Company believes it has built a substantial closed-loop business model and created additional value for clients within its ecosystem and enhances user engagement, which should help the Company continue to expand its revenue potential on the CHEERS ecosystem.

Mr. Bing Zhang, Chairman and Chief Executive Officer of Glory Star, commented, “Based on our leading position in professionally generated content (“PGC”) video e-commerce and endeavors in the user generated content (“UGC”) market, we will continue to actively introduce high-quality IP, support high-quality content creators, retain more users through the content ecosystem to achieve a win-win situation for the Platform, content creators, and users in the closed-loop business model and accelerate our growth at scale. We will leverage the strategic advantages of UGC to stimulate the vitality of the system to a greater extent, build a benign development ecosystem, and consolidate the core competitiveness of the Platform to well-position the Company for the future growth.”

glory-star-announces-the-commercial-application-of-blockchain-technology-in-cheers-video-application-and-cheers-e-mall

Glory Star Announces the Commercial Application of Blockchain Technology in CHEERS Video Application and CHEERS E-Mall

 

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 integrated the commercial application of blockchain technology into its CHEERS Video application and CHEERS e-Mall, as a result of its strategic deployment and R&D investment in blockchain technology, which began in 2019.

With the rise of the digital economy, new forms such as digital payments, online videos, online music, e-books, online games, and other online content and products are replacing their traditional models and becoming a mainstream on their markets, thus making the protection of intellectual property (“IP”) a top priority. Blockchain technology can be utilized as a trusted platform for verifying the authenticity of IP ownership. Notably, blockchain technology has already played an essential role in technological innovation and industrial transformation, paving the way for major breakthroughs and developments in the field of digital assets and digital rights management.

Glory Star has utilized blockchain technology in developing its digital copyright management platform. This platform will allow creators a means to manage its digital copyright assets throughout the entire digital-related transaction process from digital asset registry, validation, rights confirmation, and verification. In addition, the Company has launched its internally developed digital copyright trading system, SaaS system, and blockchain credits platform on its CHEERS Video app and CHEERS e-Mall. The Company expects these new products to further improve the efficiency of digital copyright transactions and reduce intermediary costs.

Looking ahead, the Company plans to utilize its competitive advantages in research and development in the blockchain technology to empower small- to medium-sized enterprises in the fields of mobile internet and 5G, and to improve the application and development of blockchain technology in several different fields, including digital assets, digital payments, digital rights, and e-commerce.