Glory Star Announces the Commercial Application of Blockchain Technology in CHEERS Video Application and CHEERS E-Mall

Rhea-AI Summary

On April 6, 2021, Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) announced the integration of blockchain technology into its CHEERS Video app and CHEERS e-Mall. This strategic enhancement aims to safeguard intellectual property rights and streamline digital copyright transactions. The new technology includes a digital copyright management platform and a trading system that reduces intermediary costs. Looking forward, Glory Star plans to leverage its R&D capabilities to support small to medium-sized enterprises and expand blockchain applications in various sectors, enhancing its market position.

Positive

• Integration of blockchain technology into CHEERS Video app and CHEERS e-Mall to enhance digital copyright management.
• Launch of a digital copyright trading system, expected to improve transaction efficiency and reduce costs.
• Plans to empower small to medium enterprises and advance blockchain applications in digital assets and e-commerce.

Negative

• None.

BEIJING, April 6, 2021 /PRNewswire/ -- 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 integrated the commercial application of blockchain technology into its CHEERS Video application and CHEERS e-Mall, as a result of its strategic deployment and R&D investment in blockchain technology, which began in 2019.

With the rise of the digital economy, new forms such as digital payments, online videos, online music, e-books, online games, and other online content and products are replacing their traditional models and becoming a mainstream on their markets, thus making the protection of intellectual property ("IP") a top priority. Blockchain technology can be utilized as a trusted platform for verifying the authenticity of IP ownership. Notably, blockchain technology has already played an essential role in technological innovation and industrial transformation, paving the way for major breakthroughs and developments in the field of digital assets and digital rights management.

Glory Star has utilized blockchain technology in developing its digital copyright management platform. This platform will allow creators a means to manage its digital copyright assets throughout the entire digital-related transaction process from digital asset registry, validation, rights confirmation, and verification. In addition, the Company has launched its internally developed digital copyright trading system, SaaS system, and blockchain credits platform on its CHEERS Video app and CHEERS e-Mall. The Company expects these new products to further improve the efficiency of digital copyright transactions and reduce intermediary costs.

Looking ahead, the Company plans to utilize its competitive advantages in research and development in the blockchain technology to empower small- to medium-sized enterprises in the fields of mobile internet and 5G, and to improve the application and development of blockchain technology in several different fields, including digital assets, digital payments, digital rights, and e-commerce.

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 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.
Sharon Zhou
Tel: +1 (646) 308-0546
Email: gsnm@icrinc.com

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SOURCE Glory Star New Media Group Holdings Limited

FAQ

What recent advancements has Glory Star made in blockchain technology?

Glory Star has integrated blockchain technology into its CHEERS Video app and CHEERS e-Mall to improve digital copyright management.

How does Glory Star's blockchain application affect its CHEERS platform?

The application enhances digital copyright transactions by providing a reliable system for asset registry, validation, and verification.

What are Glory Star's future plans regarding blockchain technology?

The company aims to utilize blockchain to support small to medium enterprises and expand its applications in digital payments and e-commerce.

When did Glory Star start its investment in blockchain technology?

Glory Star began its strategic deployment and R&D investment in blockchain technology in 2019.

What is the significance of blockchain for Glory Star's business model?

Blockchain technology helps protect intellectual property rights and enhances the efficiency of digital transactions, which is crucial for Glory Star's operations.