Glory Star Signs Agreement With GTCOM Entertainment to Empower Consumption Through AI Technology
BEIJING, Feb. 9, 2021 /PRNewswire/ -- 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 a strategic cooperation agreement (the "Agreement") with Global Digital Media & Entertainment Co., Ltd. ("GTCOM Entertainment"), a leading company in the field of digital audio interface and computer vision powered by artificial intelligence ("AI") technology in China. The Company's decision to enter into the Agreement is in line with the increased market demand for new consumption scenarios that are empowered by AI technology and are expected to have huge growth potentials. Pursuant to the Agreement, both parties plan to further explore the innovation of such digital consumption models that integrate AI technology into new consumption scenarios. Utilizing speech recognition and other related AI technologies, the Company's CHEERS video platform has developed a voice-centric social networking product, Cheer Chat, which is currently undergoing extensive testing.
In light of the growing market demand and consumption growth, Glory Star signed the Agreement with GTCOM Entertainment to integrate resources from both parties. Under the Agreement, GTCOM Entertainment will provide to Glory Star access to AI and certain computer technology. This cooperation with GTCOM Entertainment will enable Glory Star to utilize multiple leading industry technologies, including natural language processing, big data analysis, and AI technology, so as to provide improved services for in multiple different use areas, such as precision marketing, product identification analysis, consumer identification analysis, intelligent platform operations, advertising, unmanned retail, intelligent customer services, and more.
By leveraging the convenience of mobile devices, cutting-edge technologies, and the 5G network, Glory Star will be able to create more innovative consumption scenarios and more personalized consumption experiences for it users to continue staying ahead and competitive in the digital market. Furthermore, Glory Star will also be able to use these technologies to continually enhance the core competitiveness of the Company, CHEERS video platform, and CHEERS e-Mall platform in the digital economy era.
GTCOM Entertainment is a subsidiary of China Translation Corporation. As a leading company in the field of AI in China, GTCOM Entertainment is committed to its core values of globalization, copyright protection, and intelligentization. GTCOM Entertainment has become a leading and innovative entertainment technology company in China and remains committed to its mission of bringing entertainment services to more people's lives through AI technology.
With the establishment of its digital economy headquarters in Wuxi, the improvement of its IT infrastructure, and the widespread penetration of its use cases, Glory Star will deploy an "AI integration" strategy throughout the entire industry value chain as well as in online and offline business formats. Looking ahead, Glory Star plans to continue empowering more emerging use cases, improving its users' consumption experiences, increasing its platform conversion rates, and augmenting the momentum of its expansion into new forms of consumption business layouts.
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.
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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.