Partnered with JD.com as a Premium Entertainment Provider for China.
Variety of Premium Content Including Popular Cheers Lifestyle Series.
Content Programs Completed for Multiple International Luxury Brands.
Strong Financial Results Being Reported in 2020 to Date.
Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) 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 peoples’ 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.
GSMG partners with JD.com Inc. (“JD”) is one of China’s largest e-commerce platforms. As part of the partnership with GSMG, the company will develop solutions to help JD fulfill their customers’ needs for premium lifestyle-oriented online content, in the forms of text and short-form videos. The content production for JD.com is a great addition to Glory Star’s premium digital client lists which includes Tencent, Alibaba, Weibo, Iqiyi as well as traditional consumer brand clients such as Starbucks, Pantene, Louis Vuitton, Samsung and Sony etc.
JD.com is a leading technology driven e-commerce company transforming to become the leading supply chain-based technology and service provider. JD.com is the largest retailer in China, a member of the NASDAQ100 and a Fortune Global 500 company.
Completion of Content Production Programs for Multiple Luxury Brands
On June 09th, 2020 GSMG announced it has successfully completed content production programs for multiple international luxury brands, including Fendi, Prada, Gucci, and Burberry.
Currently, China has begun to lead the way toward recovery from the COVID-19 pandemic, and Chinese consumers are set to cement their status as crucial growth drivers for the industry going forward. According to Bain & Company’s Luxury Study 2020 Spring Update released in May 2020, Chinese consumers are expected to account for approximately 50% of the total global market for luxury goods in 2025 compared to 35% in 2019. The total number of China’s upper-middle-class households is expected to reach 350 million by 2025 with a compound annual growth rate of 28% from 2018 to 2025.
As part of Glory Star’s content production strategies with international luxury brands, Glory Star will leverage its award-winning lifestyle content production services and social media platforms to help expand the online presence of these brands in China. Glory Star will also utilize the leading traffic conversion capabilities and extensive content library of its CHEERS app to enable luxury brands to better penetrate China’s emerging luxury market more effectively.
Production for 3rd Season of Flagship Online Variety Show Hello! Rapper
On May 27thGSMG announced plans to begin production of the third season of its flagship online variety show Hello! Rapper in June 2020. As one of the first music-centric variety shows in China, the inaugural season of Hello! Rapper was produced by GSMG in 2017. The show was an instant online success, collecting over 100 million views. The latest installment of Hello! Rapper is expected to help Glory Star continue strengthening its ties with China’s youth.
Success Shown in First Quarter 2020 Financial Results
On May 11th GSMG announced its financial results for the first quarter ended March 31, 2020.
– Downloads of the CHEERS App1 exceeded 100.5 million as of March 31, 2020, compared to 17.2 million as of March 31, 2019.
– Average daily active users (“DAUs”)2 of the CHEERS App increased to 4.1 million from 0.5 million in the same period of 2019.
– The Company’s e-Mall carried over 9,602 Stock Keeping Units (“SKUs”) as of March 31, 2020, and recorded over RMB40.6 million (US$5.8 million) in gross merchandise value (“GMV”)3 through its CHEERS App in Q1.
– Revenues were US$9.8 million as compared to US$13.8 million in the same period of 2019.
– Income from operations was US$2.9 million as compared to US$4.4 million in the same period of 2019.
For more information on GSMG visit: http://wwwr.yaoshixinghui.com/
Company Name: GLORY STAR NEW MEDIA GROUP HOLDINGS LIMITED
Contact Person: Media Relations
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Address:22nd Floor Block B Xinhua Technology Building No.8 Tuofangying South Road Chaoyang District