Glory Star New Media Group Holdings Limited Announces Update on Its Content Partnership with JD.com
BEIJING, May 21, 2020 (GLOBE NEWSWIRE) -- Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) (the “Company”), a leading mobile and online digital media and entertainment company in China, today announced that it had resumed content production, which was suspended due to the COVID-19 outbreak for JD.com Inc. (“JD”), one of China’s largest e-commerce platforms. The Company previously entered into a content collaboration framework agreement with JD, at the end of 2019.
As part of the partnership, the Company will develop solutions to help JD fulfill their customers’ needs for premium lifestyle-oriented online content, in the forms of text and short-form videos.
The content production for JD.com is a great addition to Glory Star’s premium digital client lists which includes Tencent, Alibaba, Weibo, Iqiyi as well as traditional consumer brand clients such as Starbucks, Pantene, Louis Vuitton, Samsung and Sony etc.
“While the outbreak of COVID-19 has gradually been brought under control, we are excited to resume our content production in May as part of our partnerships with all of our clients,” commented Mr. Bing Zhang, Chairman and Chief Executive Officer of Glory Star. “In the past three years, we have leveraged our industry-leading content production and content marketing capabilities to serve consumer brands both at home and abroad. Through our collaboration, our premium content will help JD better serve its massive customer base by establishing a complete content service ecosystem. As we actively explore additional collaboration opportunities with JD for a long-term partnership, we are confident that our partnership will serve as an important driver for our growth and a success case for us to forge more strategic partnerships going forward.”
JD.com is a leading technology driven e-commerce company transforming to become the leading supply chain-based technology and service provider. The company’s cutting-edge retail infrastructure seeks to enable consumers to buy whatever they want, whenever and wherever they want it. The company has opened its technology and infrastructure to partners, brands and other sectors, as part of its Retail as a Service offering to help drive productivity and innovation across a range of industries. JD.com is the largest retailer in China, a member of the NASDAQ100 and a Fortune Global 500 company.
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 Commissiom 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.