Glory Star Renews Content Licensing Agreement with E-Surfing Media
BEIJING, May 18, 2021 /PRNewswire/ -- Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) ("Glory Star" or the "Company"), a leading digital media platform and content-driven e-commerce company in China, today announced the renewal of its cooperation agreement with E-Surfing Media Co., Ltd. ("E-Surfing Media"), a subsidiary of China Telecom. Under the terms of the agreement, the Company will continue to license and authorize the use of its CHEERS video series content to E-Surfing Media on E-Surfing Media's platform and other third-party platforms that E-Surfing Media operates for a licensing fee of RMB27 million.
E-Surfing Media has since become one of the largest paid video service platforms in China. The strategic partnership between E-Surfing Media and the Company has provided access to China Telecom's enormous user base, leading to a rapid expansion of the viewership of the Company's premium content, further promotion of the Glory Star brand, and increased the Company's market share in the digital media industry.
Mr. Bing Zhang, Founder and Chief Executive Officer of Glory Star, commented, "Following the tremendous success we have had over the last year, we are very excited to renew our strategic partnership with E-Surfing Media to continue growing viewership of our premium video content and further expand E-Surfing Media's user base. The renewal of this partnership allows us to build on our past success by combining our resources and competitive advantages to deliver a superior service and premium content experience to users. We are confident that working together with E-Surfing Media will allow us to achieve greater potential in the online video industry and pave the way for mutual growth."
About Glory Star New Media Group Holdings Limited
Glory Star New Media Group Holdings Limited is a leading digital media platform and content-driven e-commerce company 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.
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Glory Star New Media Group Holdings Limited
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