Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) ("Glory Star" or the "Company"), a leading digital media platform and content-driven e-commerce company in China, today announced that its independently developed CHEERS Data Middle Platform was recognized as an outstanding example in the Report of 2021 Outstanding Examples of Enterprise Digitalization in China released during the Global Forum on Digital Applications and Transformation at the 2021 Zhongguancun Forum (the "2021 ZGC Forum").

The 2021 ZGC forum was jointly hosted by the Ministry of Science and Technology, the Chinese Academy of Sciences, the China Association for Science and Technology, and the People's Government of Beijing Municipality in Beijing, China. The "Outstanding Example of Enterprise Digitalization in China" standard recognizes the profound achievements in digital transformation of select Chinese enterprises. The standard also serves as a development roadmap for other Chinese enterprises and thus helps to shape the global digital environment.

Mr. Bing Zhang, Chairman and Chief Executive Officer of Glory Star, commented, "Our recognition as an 'Outstanding Example of Enterprise Digitalization in China' further demonstrates our cutting-edge technological capabilities and commitment to innovation. The CHEERS Data Middle Platform currently provides digitalization support for hundreds of industry users both upstream and downstream the new-retail e-commerce industry value chain. As a leader in the new media industry, we will continue utilizing our core technical strengths to add more value for companies and users going forward."

As a result of Glory Star's rich content resources, CHEERS Data Middle Platform can collect data from multiple sources and produce comprehensive offline reports in real time. It integrates information and data management, reduces labor costs, and improves data usage efficiency. CHEERS Data Middle Platform also conducts in-depth analysis of multiple data points to identify the key dynamics that underpin corporate decision-making, thereby improving companies' efficiency and reducing their costs.

"Digital transformation is not only an essential means for enterprises to improve efficiency and competency, but also an important driver for the national economy to achieve high-quality development and reshape its competitiveness on the international stage. China's recent application to join the Digital Economy Partnership Agreement (the 'DEPA') is a move to help Chinese digital companies tap overseas markets and establish a globally-recognized cooperative mechanism for cross-border digital trade," continued Mr. Bing Zhang, "We believe that the Chinese government's intention to strongly support the digital economy will create many more growth opportunities for our CHEERS Data Middle Platform."

About Glory Star New Media Group Holdings Limited

Glory Star New Media Group Holdings Limited is a leading digital media platform and content-driven e-commerce company 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 the Company's profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic; the occurrence of any event, change or other circumstances that could affect the Company's ability in developing a new cross-border e-commerce business; the ability of the Company to successfully expand and promote its CHEERS e-Mall platform services; costs related to the proposed development of the Company's proposed cross-border e-commerce business; costs related to the expansion and promotion of the Company's CHEERS e-Mall platform services; the possibility that the Company may not succeed in developing a cross-border e-commerce business due to, among other things, changes in the business environment, competition or other economic and policy factors; and the possibility that the proposed cross-border e-commerce business may be adversely affected by other economic, business, and/or competitive factors. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 20-F filed with the SEC on March 29, 2021, as amended. 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.
Robin Yang
Tel: +1 (646) 308-0546
Email: gsnm@icrinc.com