Glory Star Makes Strong Progress Implementing its Metaverse Retail Strategy as its CheerChat App Enters Next Phase of Testing
Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) has announced that its overseas social audio app, CheerChat, is entering the next testing phase. The company is integrating blockchain and augmented reality technologies to enhance social networking and video services within the metaverse. Glory Star aims to leverage its CHEERS platform's traffic and monetization systems to gain a competitive edge. The app is expected to launch in Q1 2022, as part of the company's long-term strategy to innovate and enhance retail experiences.
- CheerChat app entering next testing phase enhances competitive positioning
- Integration of blockchain and AR technologies into the metaverse offers unique user experiences
- Strategic cooperation agreements with E-Surfing media and Beijing Minsheng Art Museum to bolster AR and NFT capabilities
- CheerChat app expected to launch in Q1 2022, improving the CHEERS ecosystem
- Potential risks associated with the successful launch and adoption of the CheerChat app
- Forward-looking statements indicate uncertainties in achieving business growth and profitability
BEIJING, Oct. 13, 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 CheerChat, its overseas social audio app has entered the next phase of testing. Glory Star is leveraging blockchain and augmented reality technologies ("AR") to incorporate user functions such as social networking, video on demand, and intelligent retail into the metaverse, a virtual world that is expected to create a new way of life and reshape the digital economy. Glory Star is at the forefront of the metaverse development and continues to invest in applying the latest technologies for its longer term retail strategy.
Mr. Bing Zhang, Chairman and Chief Executive Officer of Glory Star, commented, "We will continue to develop Glory Star's presence in the metaverse and explore new underlying technologies to enhance our overall retail experience. By leveraging the traffic and monetization systems of our CHEERS Video and CHEERS e-Mall platforms, our CheerChat app will have strong and distinct competitive advantages in penetrating the social audio market. CheerChat will provide users with individual and group matching functions, while connecting high-quality content communities that utilize intelligent voice translation technology. Glory Star's innovative technology and business model will provide its CheerChat users with unique social scenarios and a more personalized entertainment experience for social audio networking. We believe that launch of our CheerChat app will be a key development in our progression into the metaverse."
Glory Star has recently signed a strategic cooperation agreement with E-Surfing media to further its position in the metaverse by using 5G and AR technologies to develop AR applications, intelligent on-demand video, and intelligent retail solutions. This cooperation will help promote the application of 5G and AR technologies in both content development and consumption. Glory Star has also signed a cooperation agreement with Beijing Minsheng Art Museum to promote the application of non-fungible token ("NFT") technologies for digital content. Glory Star has established an NFT research department to provide innovative and comprehensive digital copyright protection in the areas of art, culture, streaming, and digital media.
The CheerChat app is expected to launch in the first quarter of 2022 and will improve the overall user experience and development of the Company's CHEERS ecosystem. Glory Star's CheerChat launch demonstrates the Company's emphasis on continuing to apply innovative technologies to its business model and create further value through strategic investment in research and development. This long-term vision enables Glory Star to maintain its leading position in the new media industry.
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 inability to successfully launch CheerCar; the inability to have CheerCar adopted by new energy vehicle manufactures; and the inability to integrate CheerCar into mobile AI or IoV platforms. 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
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SOURCE Glory Star New Media Group Holdings Limited
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