Glory Star Records RMB900 Million in Service Contracts in Q1 2021
BEIJING, April 13, 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 significant number of new service contracts and service contract renewals since the beginning of calendar 2021. As of March 31, 2021, the total value of the Company's service contracts had reached RMB900 million. The Company believes that its solid operating performance has been largely driven by the advancements of the Company's CHEERS Video application in online content, including content segments as interactive live streaming, short-form video, and AI-powered voice communications. Meanwhile, the Company continues to expand its CHEERS e-Mall platform into the upstream and downstream segments of the online retail and SaaS industry value chains to further accelerate the development of new consumption habits.
The list of the Company's current clients include several leading enterprises across various industries in China, such as Alibaba Group Holding Ltd., JD.Com, Iflytek Co Ltd., Guangdong Southern Newspaper Media Group Co., Ltd., CNLive.com, Beijing Ultrapower Software Co., Ltd., MIGU Video Co., Ltd., Tianyi Video and Media Co., Ltd., Zhongmin Zaixian, Global Tone Communication Technology Co. Ltd., Hangzhou Dangbei Network Technology Co., Ltd., and ByteDance Ltd. The Company expects that such relationships will have a pivotal impact on its business development and operating results in 2021 as it continues to fulfill its service contracts and expand its collaborations with these clients and more.
The Company maintains its strategic focus on the premium lifestyle market. At the core of the Company's business growth is the consumption of lifestyle content, products, and services. Looking ahead, Glory Star plans to continue fortifying its competitive advantage across the premium content-driven e-commerce space by developing its brand supply chain, establishing more consumption use cases in smart hardware markets, and refining its multifaceted smart lifestyle services on both its CHEERS Video application and CHEERS e-Mall platform. Meanwhile, the Company will also continue to maximize the value of its massive user traffic to achieve more significant operating improvements on a year-over-year basis and sustain its robust growth trajectory going forward.