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 won the award for Best Chinese Internet Media Service
Stock at the 2020 Zhitongcaijing Chinese ADRs Summit Forum held in
Hangzhou China.
Resilient business model and explosive user growth
Glory Star's business model is designed to
empower the Internet’s new consumption model through the provision
of premium lifestyle content. Glory Star produces premium content
to attract users and enhance user stickiness and provides
e-commerce offerings to augment its platform monetization
efficiency. By expanding its content offerings to include short
videos, online variety shows, online dramas, TV series, live
streaming, games, and more, Glory Star has built a quality content
ecosystem. Users can access all of Glory Star's services and
content on its CHEERS App, and the information that Glory Star
receives from its CHEERS customers, products, and content can help
to further enrich its CHEERS e-Mall content offerings.
The epidemic has not significantly affected
Glory Star’s closed loop model of content-to-consumption
conversion. On the contrary, the ecosystem has prospered and user
growth has exploded as a result of the outbreak. As of June 30,
2020, downloads of the CHEERS App had increased by 241% year over
year to reach 121.0 million downloads. Meanwhile, Glory Star’s
total video playback volume exceeded 17.1 billion as of June 30,
2020, representing a year-over-year increase of 308%. DAUs of the
CHEERS App in the second quarter 2020 also increased by 522% year
over year to reach 4.9 million in the period.
Multiple strategic partnerships
Glory Star continues to expand its
collaborations with strategic partners to improve its shopping
experience and work towards laying the foundation for the explosive
growth of its user groups. Since the beginning of 2020, Glory Star
has also established strategic partnerships with a number of
reputable external partners, including JD.com, Nanfang Daily Media
Group, CNLive.com, Beijing Ultrapower Software Co., Ltd., and
E-Surfing Media.
In order to meet the diverse product needs of
its users, Glory Star has increased the number of SKUs on its
Cheers e-Mall platform, recording 19,984 as of June 30, 2020, as
compared to 3,000 as of June 30, 2019. At the same time, partner
brands and merchants has exceeded 1,200 and 460 respectively since
2020. For the three months ended June 30, 2020, Cheers e-Mall
recorded US$14.1 million in GMV, while also achieving an impressive
monthly GMV of $7.7 million in June 2020, growing from just $0.5
million in the same period of 2019.
Robust performance despite a challenging period
Glory Star has achieved a strong recovery in its
overall performance despite the prolonged impact of the epidemic.
Glory Star generated US$19.7 million in total revenues in the
second quarter of 2020, representing a year-over-year increase of
6.3% and a quarter-over-quarter increase of 100%. Additionally,
during the second quarter of 2020, advertising revenues increased
by 13.7% year over year, while cost of revenues was just US$5.4
million, representing a year-over-year decrease of 46.5%. As a
result, Glory Star recognized US$11.6 million in non-GAAP net
income attributable to ordinary shareholders in the second quarter
of 2020, representing a year-over-year increase of 75.4%.
Mr. Bing Zhang, Founder and Chief Executive
Officer of Glory Star, commented, “Our explosive growth in user
base and GMV continues to display our unique market position and
formidable competitive advantages in the industry. At the same
time, this success also underscores the foresight of our decision
to focus on high-quality content as a method of empowering new
consumption on the Internet, which is in line with the trend of
current industry development and has thus enabled us to build an
increasingly vibrant content ecosystem. As we continue to expand
our closed loop model of content-to-consumption conversion, grow
our strategic partner collaborations, and augment our economies of
scale, we remain confident that our core business will achieve
significant growth going forward.”
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 Inc. Sharon Zhou Tel: +1 (646) 308-0546 Email:
gsnm@icrinc.com
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