Glory Star Makes Strong Progress Implementing its Metaverse Retail Strategy as its CheerChat App Enters Next Phase of Testing
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 that CheerChat, its overseas social audio app has entered the next phase of testing. Glory Star is leveraging blockchain and augmented reality technologies ("AR") to incorporate user functions such as social networking, video on demand, and intelligent retail into the metaverse, a virtual world that is expected to create a new way of life and reshape the digital economy. Glory Star is at the forefront of the metaverse development and continues to invest in applying the latest technologies for its longer term retail strategy.
Mr. Bing Zhang, Chairman and Chief Executive Officer of Glory Star, commented, "We will continue to develop Glory Star's presence in the metaverse and explore new underlying technologies to enhance our overall retail experience. By leveraging the traffic and monetization systems of our CHEERS Video and CHEERS e-Mall platforms, our CheerChat app will have strong and distinct competitive advantages in penetrating the social audio market. CheerChat will provide users with individual and group matching functions, while connecting high-quality content communities that utilize intelligent voice translation technology. Glory Star's innovative technology and business model will provide its CheerChat users with unique social scenarios and a more personalized entertainment experience for social audio networking. We believe that launch of our CheerChat app will be a key development in our progression into the metaverse."
Glory Star has recently signed a strategic cooperation agreement with E-Surfing media to further its position in the metaverse by using 5G and AR technologies to develop AR applications, intelligent on-demand video, and intelligent retail solutions. This cooperation will help promote the application of 5G and AR technologies in both content development and consumption. Glory Star has also signed a cooperation agreement with Beijing Minsheng Art Museum to promote the application of non-fungible token ("NFT") technologies for digital content. Glory Star has established an NFT research department to provide innovative and comprehensive digital copyright protection in the areas of art, culture, streaming, and digital media.
The CheerChat app is expected to launch in the first quarter of 2022 and will improve the overall user experience and development of the Company's CHEERS ecosystem. Glory Star's CheerChat launch demonstrates the Company's emphasis on continuing to apply innovative technologies to its business model and create further value through strategic investment in research and development. This long-term vision enables Glory Star to maintain its leading position in the new media industry.
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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