Glory Star Provides Streaming Rights to Migu Video for CHEERS Video Series
BEIJING, Nov. 19, 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 owned by Migu Video Technology Co., Ltd (“Migu Video”), a subsidiary of China Mobile (NYSE: CHL), a company providing digital content in the forms of music, videos, books, games, and animation.
According to the Framework Agreement between Glory Star and Migu Video, Glory Star will provide Migu Video access to its rich video series library that is available on the Company’s CHEERS platform. Migu Video will be able to stream Glory Star’s vast video contents on Migu Video’s video streaming platforms. In addition, Glory Star will also receive fees from Migu Video for the use and streaming of the Company’s CHEERS video series content on Migu Video’s video streaming platforms.
Mr. Bing Zhang, Founder and Chief Executive Officer of Glory Star commented, “We are pleased to announce our cooperation with Migu Video and look forward to working together going forward. With a total of more than 947 million mobile subscribers in June 2020, China Mobile is the largest telecom operator in China. We are confident that this cooperation will be mutually beneficial for both parties as we will be able to access China Mobile’s massive user base to extend the reach of our CHEERS video series and Migu Video will be able to bolster its video content offerings to augment its platform’s user stickiness. Looking ahead, we believe that these types of collaborations will continue to enhance our monetization performance, generate increasingly stable revenues, and fuel our growth over the long term.”