Glory Star Announces Update to the Metaverse Experience Center and Upgrades to the CHEERS Video Platform to Accelerate User Engagement and Profitability
Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) has announced plans for its first Metaverse Experience Center in Beijing, integrating e-commerce, social networking, and NFTs. The company upgraded its CHEERS video platform on December 1, 2021, introducing a user-generated content rights management system aimed at boosting user engagement and profitability. Glory Star aims to cultivate UGC creators, offering incentives to enhance content quality, thereby expanding revenue streams. The leadership highlights this upgrade as a critical milestone for the platform's future growth and ecosystem development.
- Announcement of the first Metaverse Experience Center in Beijing; integrating various digital elements.
- Upgraded CHEERS video platform now includes user-generated content rights management, expected to enhance user engagement.
- Plans to incentivize UGC creators, potentially increasing content quality and platform profitability.
- None.
BEIJING, Dec. 8, 2021 /PRNewswire/ -- Glory Star New Media Group Holdings Limited, ("Glory Star", the "Company" or "we") (NASDAQ: GSMG), a leading digital media platform and content-driven e-commerce company in China, today announced further details pertaining to its Metaverse Experience Centers (https://www.prnewswire.com/news-releases/glory-star-to-build-three-metaverse-experience-centers-in-beijing-shenzhen-and-new-york-city-301426575.html). The Company is currently identifying locations in Beijing for its first Metaverse Experience Center, which will incorporate professionally curated media content, e-commerce, social networking, gaming, and non-fungible tokens ("NFTs").
The Company has continued to receive interests from users and content creators to join the CHEERS video platform (the "Platform") and the Company upgraded the Platform on December 1, 2021 to include user-generated content ("UGC") rights management system (the "System"). The Company expects to enhance the relationship between users and the Platform to accelerate user engagement by leveraging the Company's production value with leading content creators. The Company expects the Platform's profitability to increase by creating new income streams for users and converting the Platform's traffic into additional revenue.
The CHEERS video platform is a professionally-produced and curated media platform that engages users with high-quality videos featuring lifestyle, culture, and fashion, and continues to develop lifestyle short videos and interactive live-broadcasting. With these upgrades, users now have access and opportunity to co-build the Platform and contribute to the improvement of the content production ecosystem. The Company has made a new strategic plan of cultivating outstanding UGC creators and producing high quality UGC in the long run in partnership with the Company. The plan includes multiple initiatives such as traffic support and cash subsidies for UGC creators and guidance of trending topics to support the creation of high-quality videos. In addition, the Company plans to attract influencers with a high number of followers/traffic to help accelerate the Platform's adoption.
Mr. Bing Zhang, Chairman and Chief Executive Officer of Glory Star, commented, "The latest version is a milestone for the Platform since it was launched in 2016 as it has developed a solid foundation for continuous generation of high-quality content, interactive user participation, and a fruitful content ecosystem. Furthermore, the System will enhance the relationship between the Platform and its users, helping to enhance the Company's top-, and bottom-line. This results in a win-win situation for everyone involved."
Mr. Zhang, continued: "We encourage all users who are passionate about sharing their views of life to become partners of the Platform. We will fully dedicate our resources, offer traffic support, and provide rewards and long-term contracts as incentives to incubate high-quality IP and create more opportunities for people to fulfill self-worth through the CHEERS App platform."
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. For more information, please visit http://ir.gsmg.co/.
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 occurrence of any event, change or other circumstances that could affect the Company's ability in developing a new cross-border e-commerce business; the ability of the Company to successfully expand and promote its CHEERS e-Mall platform services; costs related to the proposed development of the Company's proposed cross-border e-commerce business; costs related to the expansion and promotion of the Company's CHEERS e-Mall platform services; the possibility that the Company may not succeed in developing a cross-border e-commerce business due to, among other things, changes in the business environment, competition or other economic and policy factors; and the possibility that the proposed cross-border e-commerce business may be adversely affected by other economic, business, and/or competitive factors. 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, including the Company's Annual Report on Form 20-F filed with the SEC on March 29, 2021, as amended. 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.
For investor and media inquiries, please contact:
Investor Relations
Glory Star New Media Group Holdings Limited
Yida Ye
Email: yeyida@gsmg.co
View original content:SOURCE Glory Star New Media Group Holdings Limited
FAQ
What are the key features of Glory Star's Metaverse Experience Center planned for Beijing?
What updates were made to the CHEERS video platform on December 1, 2021?
How does Glory Star plan to support UGC creators on the CHEERS platform?
What is Glory Star's strategy for increasing the profitability of the CHEERS video platform?
