Glory Star Provides Authorization to E-Surfing Media to Launch CHEERS Video Series
BEIJING, Sept. 08, 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 the its CHEERS video series has officially launched on platforms that are either owned or operated by E-Surfing Media Co., Ltd. (“E-Surfing Media”). The first payment of RMB4.57 million in authorization fees for the use of the Company’s CHEERS video series content was made on August 30, 2020, by E-Surfing Media to the Company.
According to the cooperation agreement, Glory Star will provide authorization of its high-quality video IP content to E-Surfing through information network transmission. Additionally, E-Surfing Media will obtain the right to play this video content on its own platform and other third-party platforms that it operates.
Mr. Bing Zhang, Founder and Chief Executive Officer of Glory Star, commented, “We are pleased to announce our cooperation with E-Surfing Media. Formerly known as the video operation center of China Telecom (SEHK: 00728), E-Surfing Media is currently the only online video operation platform owned and operated by China Telecom. China Telecom is one of the three major telecom operators in China and had more than 343 million mobile subscribers in total in June 2020. We firmly believe that this will be a win-win cooperation for both parties as we will be able to reach China Telecom’s huge user base to achieve rapid promotion, and E-Surfing Media will be able to further enrich its video content and thus enhance the user stickiness of both its own platform and the third-party platforms that it operates. We expect that this kind of cooperation will continue to bring us stable revenues and provide a strong impetus for our performance growth.”
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.
Glory Star New Media Group Holdings Limited
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