Glory Star Provides Streaming Rights to Migu Video for CHEERS Video Series
BEIJING, Nov. 19, 2020 (GLOBE NEWSWIRE) -- 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 the its CHEERS video series has officially launched on platforms owned by Migu Video Technology Co., Ltd (“Migu Video”), a subsidiary of China Mobile (NYSE: CHL), a company providing digital content in the forms of music, videos, books, games, and animation.
According to the Framework Agreement between Glory Star and Migu Video, Glory Star will provide Migu Video access to its rich video series library that is available on the Company’s CHEERS platform. Migu Video will be able to stream Glory Star’s vast video contents on Migu Video’s video streaming platforms. In addition, Glory Star will also receive fees from Migu Video for the use and streaming of the Company’s CHEERS video series content on Migu Video’s video streaming platforms.
Mr. Bing Zhang, Founder and Chief Executive Officer of Glory Star, commented, “We are pleased to announce our cooperation with Migu Video and look forward to working together going forward. With a total of more than 947 million mobile subscribers in June 2020, China Mobile is the largest telecom operator in China. We are confident that this cooperation will be mutually beneficial for both parties as we will be able to access China Mobile’s massive user base to extend the reach of our CHEERS video series and Migu Video will be able to bolster its video content offerings to augment its platform’s user stickiness. Looking ahead, we believe that these types of collaborations will continue to enhance our monetization performance, generate increasingly stable revenues, and fuel our growth over the long term.”
About Glory Star New Media Group Holdings Limited
Glory Star New Media Group Holdings Limited is a leading mobile entertainment operator 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. 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 our profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic; and other factors listed in the Company’s Annual Report on Form 10-K for the year ending December 31, 2019 and in other filings made by the Company with the Securities and Exchange Commission from time to time. 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.
Sharon Zhou
Tel: +1 (646) 308-0546
Email: gsnm@icrinc.com
