{"id":497273,"date":"2020-07-20T19:00:02","date_gmt":"2020-07-20T19:00:02","guid":{"rendered":"https:\/\/www.abnewswire.com\/pressreleases\/?p=497273"},"modified":"2020-07-20T19:00:02","modified_gmt":"2020-07-20T19:00:02","slug":"glory-star-new-media-group-nasdaq-symbol-gsmg-announces-an-agreement-with-nanfang-food-basket-a-sales-platform-for-agricultural-products-in-china","status":"publish","type":"post","link":"https:\/\/www.abnewswire.com\/pressreleases\/glory-star-new-media-group-nasdaq-symbol-gsmg-announces-an-agreement-with-nanfang-food-basket-a-sales-platform-for-agricultural-products-in-china_497273.html","title":{"rendered":"Glory Star New Media Group (Nasdaq Symbol: GSMG) announces an agreement with Nanfang Food Basket, a sales platform for agricultural products in China"},"content":{"rendered":"
Nanfang Food Basket has established a top brand presence in China of roughly 200 million people\n<\/div>\n

Industry Leaders such as JD.com, Alibaba and Tencent for Premium Entertainment Services in China; Programs for Luxury Brands Including Fendi, Prada, Gucci, and Burberry<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

On July 7th, 2020 GSMG announced 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 GSMG 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.<\/p>\n

On June 23rd, 2020 GSMG announced that the Gross Merchandise Value (GMV) for its CHEERS e-Mall online e-commerce platform grew by 4,009% year over year to RMB50.6 million and order volume increased by more than 780% year over year in 2020 during the 6.18 e-commerce shopping festival, a highly popular mid-year e-commerce shopping bonanza occurring annually in China. A focus on the young Chinese consumer segment has become a cornerstone of the GSMG CHEERS e-Mall development strategy and contributes to much of its success. <\/p>\n

GSMG has witnessed an acceleration in consumption growth in third-tier cities and below. In order to capitalize on this emerging opportunity, GSMG utilized a number of creative promotion methods, such as flash buy, friend referral discount programs, and many more. <\/p>\n

Meanwhile, GSMG still maintains its strong presence in first- and second-tier cities, such as Beijing, Shanghai, Guangzhou, Changsha, and Zhengzhou, etc., from which it attracted 50% of its paying users during the shopping festival. <\/p>\n

On June 09th, 2020 GSMG announced it has successfully completed content production programs for multiple international luxury brands, including Fendi, Prada, Gucci, and Burberry.<\/p>\n

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.<\/p>\n

On May 27th, 2020 GSMG 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. <\/p>\n

On May 11th, 2020 GSMG announced its financial results for the first quarter ended March 31, 2020.
Highlights included: <\/p>\n

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. .<\/p>\n

For more information on GSMG visit: http:\/\/www.yaoshixinghui.com\/<\/a><\/p>\n

Media Contact<\/span>
Company Name:<\/strong> GLORY STAR NEW MEDIA GROUP HOLDINGS LIMITED<\/a>
Contact Person:<\/strong> Media Relations
Email:<\/strong> Send Email<\/a>
Phone:<\/strong> 86-138-1035-5988
Address:<\/strong>22nd Floor Block B Xinhua Technology Building No.8 Tuofangying South Road Chaoyang District
City:<\/strong> Beijing
Country:<\/strong> China
Website:<\/strong> http:\/\/www.yaoshixinghui.com\/<\/a><\/p>\n

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Nanfang Food Basket has established a top brand presence in China of roughly 200 million people Industry Leaders such as JD.com, Alibaba and Tencent for Premium Entertainment Services in China; Programs for Luxury Brands Including Fendi, Prada, Gucci, and Burberry … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[426,436,427,423,404],"tags":[],"class_list":["post-497273","post","type-post","status-publish","format-standard","hentry","category-Financial-Market","category-India","category-Personal-Finance","category-Professional-Services","category-US"],"_links":{"self":[{"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/posts\/497273","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/comments?post=497273"}],"version-history":[{"count":0,"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/posts\/497273\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/media?parent=497273"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/categories?post=497273"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/tags?post=497273"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}