Glory Star Signs Annual Content Agreement with a Subsidiary of ByteDance
BEIJING,March 9,2021 -- 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 signed an annual content cooperation agreement (the "Agreement") with Beijing Youzhuju Network Technology Co.,Ltd. ("Youzhuju"),a wholly-owned subsidiary of ByteDance Ltd. ("ByteDance").
Youzhuju is the operating entity of Toutiao,which is ByteDance's content platform for Chinese language news and information. Under the Agreement,Youzhuju will provide to Glory Star Toutiao's real-time graphics and video content for integration into the Company's CHEERS video platform.The Agreement further provides that both Glory Star and Youzhuju will jointly develop and deploy software development kits and application program interfaces to ensure the smooth integration and transmission of Toutiao's provided content on Glory Star's CHEERS Platform. Glory Star and Toutiao recognize the enormous market potential of the 5G era and thus plan to work together going forward in order to explore more innovative opportunities for cooperation in many other fields,including search and AI.
Glory Star has already integrated many forms of content into its CHEERS app,including CHEERS e-Mall,an original short-form video IP matrix,high-quality short- and medium-form user generated video content,audio,self-produced TV dramas and variety shows,the CHEERS series variety programs,interactive live broadcasts,games,graphics,and more. Glory Star will be able to include Toutiao's high-quality,personalized,and original content on its CHEERS video platform through its cooperation with Youzhuju. This will help to further expand the number of content scenarios on the CHEERS video platform as well as enrich the platform's overall content ecosystem,which will enable Glory Star to satisfy the diverse information needs of its users and significantly enhance their immersion and activity. More importantly,the cooperation between Glory Star and Youzhuju will play a significant role in strengthening connections between users,content,and consumption on the CHEERS video platform as well as improving Glory Star's ability to convert its CHEERS e-Mall traffic.
About ByteDance Ltd.
Founded in 2012,ByteDance's mission is to inspire creativity and enrich life. With a suite of more than a dozen products,including TikTok,Helo,and Resso,as well as platforms specific to the China market,including Toutiao,Douyin,and Xigua,ByteDance has made it easier and more fun for people to connect with,consume,and create content. ByteDance's investors include Coatue,General Atlantic,KKR,Sequoia Capital,SIG,and Softbank.
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 our profitability; litigation involving patents,intellectual property,and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic; and other factors listed in the Company's Annual Report on Form 10-K for the year ending December 31,2019 and in other filings made by the Company with the Securities and Exchange Commission from time to time. 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
