GSMG NASDAQ GS 3.8700 0.0800 ( 2.11% ) Vol: 43666 Last Updated Apr 16 03:59PM EDT

Investor Relations

Glory Star Cooperates With E-Surfing Media, a Subsidiary of China Telecom, to Launch AR New Consumption Solutions

BEIJINGMarch 16, 2021 /PRNewswire/ -- 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 signed a strategic cooperation agreement (the "Agreement") with E-Surfing Media Co., Ltd.  ("E-Surfing Media"), a subsidiary of China Telecom, to develop new Augmented Reality ("AR") intelligence solutions for users on both companies' platforms. Under the Agreement, Glory Star and E-Surfing Media will conduct in-depth collaborations for 5G and AR technologies in areas such as AR applications, intelligent on-demand videos, intelligent retail, and more, which will help promote the application of 5G and AR technologies in both content development and content consumption.

The signing of the Agreement will take the strategic cooperation between Glory Star and E-Surfing Media to a higher level. Pursuant to the Agreement, both companies will share content, resolve technological challenges jointly, and increase their business collaborations. In addition, by leveraging their industry leadership in digital content and e-commerce, both parties will enhance their core competencies, bolster their technical strengths, and further promote the application of AR technologies on the CHEERS video and E-Surfing Media platforms to further empower users and stimulate new consumption behaviors through AR technology. With the commercialization and popularization of 5G technology and an increase in the expectations and needs of digital users, the future markets and uses for 5G and AR technology applications are anticipated to have unlimited potential. Compared to traditional forms of digital content, AR technology content can provide users with engaging and immersive experiences, which will significantly enhance user engagement and interactions. With the flourishing development of the "experience economy" of the post-90s and post-00s generations in China, the general application of AR technology in content, entertainment, education, healthcare, business, and other fields is quickly becoming the next digital development trend. Glory Star plans to integrate AR technology into all business formats going forward, including its CHEERS video application, its CHEERS e-mall, and within its new economic and cultural industrial park in Wuxi. Furthermore, upon the signing of the Agreement, Glory Star will also be able to utilize E-Surfing Media's 5G technology resources to build an AR platform on its CHEERS video application. By integrating 5G and AR technologies into its platform, Glory Star can continue to improve and integrate its users' demands for diverse and personalized entertainment solutions, enhance its users' visual and consumption experiences, and promote the development and application of 5G and AR technologies in the industry.