Glory Star New Media Holdings Limited Announces Partnership with Nanfang Food Basket to Expand CHEERS e-Mall Offerings and Su...
July 07 2020 - 7:00AM
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
established a strategic cooperation agreement with Nanfang Food
Basket, an integrated sales platform for agricultural products in
China. Nanfang Food Basket is operated by Nanfang Media Group,
which has established a top brand presence in China with a service
coverage of roughly 200 million people. The partnership between the
Company and Nanfang Food Basket will focus on leveraging the
substantial user traffic and dynamic media capabilities of the
Company’s CHEERS e-Mall platform to improve the marketing and sales
performances of Nanfang Food Basket for its agricultural products,
which include fresh fruits, vegetables, and dairy products. In
addition, CHEERS e-Mall users in all parts of China will still be
able to enjoy a delivery time of just a few days for these
agricultural products, despite them being sourced from China’s more
rural and poverty-stricken areas.
After launching its CHEERS App in 2018, the
Company concentrated on the integration of premium lifestyle
content with online sales to pioneer a new and innovative content
e-commerce model. In April 2019, the Company launched CHEERS e-Mall
to better address China’s youth and the diverse consumption needs
of this same demographic. CHEERS e-Mall is a highly interactive
shopping experience that allows users to browse the Company’s
online store while simultaneously enjoying the platform’s premium
lifestyle content.
The Company continues to expand its user base as
well as its online advertising and e-commerce businesses by
consistently refining its service offerings and curating premium
lifestyle content. As of April 30, 2020, CHEERS App downloads
exceeded 106.5 million, while CHEERS App average DAUs reached 4.1
million for the three months ended March 31, 2020. In addition,
during the 6.18 Shopping Festival in 2020, the Company collaborated
with 460 business partners and 1,200 brands to present over 15,000
stock keeping units to its users. The Company also grew its GMV to
RMB50.6 million during the 6.18 Shopping Festival in 2020,
representing an increase of more than 40 times the GMV previously
generated during the 6.18 Shopping Festival in 2019.
Mr. Bing Zhang, Chairman and Chief Executive
Officer of Glory Star, commented, “We are pleased to announce our
partnership with Nanfang Food Basket and are excited about its
long-term potential. This collaboration not only marks our entrance
into China’s agricultural industry, but also showcases our
commitment to empowering China’s agricultural industry players
through supply chain digitization. By bringing Nanfang Food
Basket’s agricultural products onto our CHEERS e-Mall platform, we
will enhance our partner’s sales and marketing efforts while
simultaneously augmenting our product offerings, user engagement,
and platform stickiness to create a truly win-win situation.
Importantly, Chinese farmers, who have experienced significant
difficulties as a result of the COVID-19 outbreak, will also
benefit from this exchange as we provide them with more effective
sales and marketing channels for their agricultural products.
Looking ahead, we remain confident that our expansion of e-commerce
offerings, cooperation with agricultural industry players, and
unique combination of media and e-commerce will continue to fuel
our expansion as we advance through the rest of 2020 and
beyond.”
About Glory Star New Media Group
Holdings LimitedGlory 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 StatementCertain
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.
ContactsICR Inc.Jack WangTel:
+1 (646) 308-0546Email: gsnm@icrinc.com
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