ProfitScout
3 years ago
Nice news from GSMG today on further expansion of the company's entertainment based marketing plans. This type of home shopping is a proven model and with the collaboration of the Haier Group we should see very successful results here too.
Glory Star Enters into Strategic Cooperation with Haier Group to Develop New "Home Life Service" Channel
BEIJING, June 8, 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 that it has signed a strategic cooperation agreement (the "Agreement") with Qingdao Ririshun Electrical Service Co., Ltd., the largest strategic business unit of Haier Group ("Haier"). According to the Agreement, the Company will collaborate with Haier to develop a new "Home Life Service" channel (the "Channel") and a one-stop-shop for home life solutions (the "Shop") on its CHEERS e-Mall marketplace and further advance Haier's last mile customer services.
By cooperating with Haier, the Company will introduce a fully integrated online suite of smart home life products and services on its CHEERS e-Mall marketplace. Through the new Shop, for example, Haier will provide users with a broad range of "Home Life Service" products, such as its high-quality home appliance products, maintenance parts and products from its value chain partners. Moreover, users will be able to access Haier's services for the entire "Home Life Service" lifecycle through the new Channel, including traditional home appliance installation, after-sales services, and maintenance services, as well as other new services, such as home renovation, home appliance cleaning and maintenance, wall painting, sanitization and disinfection.
As part of the Agreement, the Company will also advance Haier's last mile customer services. To accomplish this, the Company's CHEERS e-Mall marketplace will help Haier to open online regional stores and distribute its online orders to the nearest offline Haier store. By working with the Company, Haier will be able to better leverage its expansive network of offline stores in 2,840 districts in China to provide timely delivery and installation services to its customers across the country, further improving its customer experiences in turn.
Mr. Bing Zhang, Founder and Chief Executive Officer of Glory Star, commented, "Our cooperation with Haier will serve as our initial entry point into the home life product and services category. Going forward, we plan to further develop this segment to better support our users in their pursuits of higher quality lives. By offering scenario-based, one-stop smart life solutions, our new Channel should prove to be quite attractive to users around the world.
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.
Safe Harbor Statement
Certain statements made in this release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Such forward-looking states include, but are not limited to, the Company's ability to develop its online retail and SaaS industry value chains, expand its business relationship with existing clients and continue its business growth trajectory. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: the ability to manage growth; ability to identify and integrate other future acquisitions; ability to obtain additional financing in the future to fund capital expenditures; fluctuations in general economic and business conditions; costs or other factors adversely affecting the Company's profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Such information speaks only as of the date of this release.
Contacts
Glory Star New Media Group Holdings Limited
Yida Ye
Email: yeyida@yaoshixinghui.com
ICR LLC.
Robin Yang
Tel: +1 (646) 308-0546
Email: gsnm@icrinc.com
https://c212.net/c/img/favicon.png?sn=CN03866&sd=2021-06-08 View original content:http://www.prnewswire.com/news-releases/glory-star-enters-into-strategic-cooperation-with-haier-group-to-develop-new-home-life-service-channel-301307624.html
SOURCE Glory Star New Media Group Holdings Limited
ProfitScout
3 years ago
Glory Star Restates its 2020 Financial Results
BEIJING, June 2, 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 that in response to a statement released by the U.S. Securities and Exchange Commission dated April 12th, 2021, the Company has restated its previously issued consolidated financial statements for the year ended December 31, 2020 to reflect the change in accounting treatment of the private placement warrants issued by the Company (the "Restatement").
The impact of the Restatement was an increase in net income of $19.7 million for the year ended December 31, 2020, an increase in total liabilities of $833,000 and a corresponding decrease in total equity of $833,000 as of December 31, 2020. As a result, the Company's net income increased to $49.0 million from $26.4 million in 2019, representing an increase of 85.4% year over year. The Company's basic earnings per share increased to $0.91 from $0.64 in 2019, representing an increase of 42.2% year over year. The Restatement had no impact on the Company's cash and cash equivalents, or cash flows from operating, investing and financing activities. Please refer to the Form 20-F/A (Amendment No.1) at https://www.sec.gov/Archives/edgar/data/1738758/000121390021030062/f20f2020a1_glorystarnewmedia.htm for more detailed information.
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.
Safe Harbor Statement
Certain statements made in this release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Such forward-looking states include, but are not limited to, the Company's ability to develop its online retail and SaaS industry value chains, expand its business relationship with existing clients and continue its business growth trajectory. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: the ability to manage growth; ability to identify and integrate other future acquisitions; ability to obtain additional financing in the future to fund capital expenditures; fluctuations in general economic and business conditions; costs or other factors adversely affecting the Company's profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Such information speaks only as of the date of this release.
Contacts
Glory Star New Media Group Holdings Limited
Yida Ye
Email: yeyida@yaoshixinghui.com
ICR LLC.
Robin Yang
Tel: +1 (646) 308-0546
Email: gsnm@icrinc.com
https://c212.net/c/img/favicon.png?sn=CN97923&sd=2021-06-02 View original content:http://www.prnewswire.com/news-releases/glory-star-restates-its-2020-financial-results-301303808.html
SOURCE Glory Star New Media Group Holdings Limited
jedijazz
3 years ago
News: Blockchain and NFT technology Applications to become New Growth Drivers for Glory Star
Tue, May 25, 2021, 7:30 AM
BEIJING, May 25, 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 commencement of the commercial applications of its blockchain and non-fungible token ("NFT") technologies through its digital copyright management platform (the "Platform"). The Platform will allow Glory Star to further explore business opportunities in NFT assets as potential new growth drivers for the Company.
Interest in NFTs derived from blockchain technology is growing rapidly. According to the latest data from nonfungible.com, the value of the entire NFT market has grown from less than $41 million three years ago to $338 million at the end of 2020, representing an increase of 724%. Furthermore, with the development of the digital global economy, production, operation, consumption, entertainment, and lifestyles are rapidly undergoing a digital transformation. This has led to data becoming one of the most important assets in this new digital economy. Consequently, new challenges in data authentication and authorization have also become important issues to consider, and blockchain technology could play a significant role in alleviating these challenges.
Glory Star's Platform has been put to use in the Company's copyright management system for its CHEERS video platform as well as the SaaS, point-redemption, and live-event modules for its CHEERS e-Mall. The Company's Platform leverages cutting-edge technologies such as blockchain, big data, and artificial intelligence to store the key data for digital intellectual property ("IP") in a blockchain database. The immutability, traceability, scalability, and transparency of blockchain technology enables the Company's database to verify the integrity and security of these assets through all registration, search, and other processes. This ensures the credibility of the digital IP and the traceability of user operations to ensure a trustworthy and authoritative copyright platform.
Furthermore, the Company's Platform offers effective tools for users to streamline copyright validation, storage, protection, and other transactional processes for digital assets to safeguard against copyright infringement. It also provides effective solutions for industry challenges in copyright verification, monitoring, and evidence collection. The Platform also provides digital asset blockchain certificates to validate copyright, deploys a digital-asset DNA database for cross-checking information and generating verification reports to monitor copyright, and leverages blockchain technology to enable the collection of ownership data, confirm the digital asset's ownership online, and execute copyright transactions to generate funds by trading asset-backed securities through the blockchain. As previously announced, the Company has signed a cooperation agreement with Beijing Minsheng Art Museum to promote the application of NFT technologies for digital content. Both parties plan to further explore the feasibility of minting joint NFT assets and participating in the trading of NFT artwork and other collectible digital assets. In addition, Glory Star will integrate a new category of cultural and art collectibles on the Company's CHEERS e-Mall platform, which will provide a boost to the circulation and promotion of Chinese artwork and further improve the content ecology on CHEERS applications.
Mr. Bing Zhang, Founder and Chief Executive Officer of Glory Star, commented, "As an innovator in the entertainment industry, we have always actively monitored the digital development of culture, media, and technology with great interest. Our commitment to R&D and investment in new technology has always been critical to our strategy to integrate our product ecosystem with the new digital economy. We are confident that such efforts will enhance the competitiveness of our products and fortify our industry leadership. Going forward, new applications for blockchain technology will be an important focus for us to promote rapid growth not only for Glory Star but for the entire digital content industry as well."
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.
Safe Harbor Statement
Certain statements made in this release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Such forward-looking states include, but are not limited to, the Company's ability to develop its online retail and SaaS industry value chains, expand its business relationship with existing clients and continue its business growth trajectory. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: the ability to manage growth; ability to identify and integrate other future acquisitions; ability to obtain additional financing in the future to fund capital expenditures; fluctuations in general economic and business conditions; costs or other factors adversely affecting the Company's profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Such information speaks only as of the date of this release.
Contacts
Glory Star New Media Group Holdings Limited
Yida Ye
Email: yeyida@yaoshixinghui.com
ICR LLC.
Robin Yang
Tel: +1 (646) 308-0546
Email: gsnm@icrinc.com
Cision
Cision
View original content:http://www.prnewswire.com/news-releases/blockchain-and-nft-technology-applications-to-become-new-growth-drivers-for-glory-star-301298472.html
SOURCE Glory Star New Media Group Holdings Limited
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