Glory Star to Build Three Metaverse Experience Centers in Beijing, Shenzhen, and New York City
Glory Star New Media Group Holdings Limited, ("Glory Star", the "Company" or "we") (NASDAQ: GSMG), a leading digital media platform and content-driven e-commerce company in China, today announced that it will launch metaverse experience centers in Beijing, Shenzhen and New York City. The launch of these experience centers reflects a major development in its move towards redefining the new media and e-commerce arena through its metaverse retail strategy. The Company will leverage its CHEERS ecosystem, blockchain technologies, and strategic collaborations with various partners to develop a metaverse platform that features a virtual world containing immersive experiences in intelligent retail, video on demand, social networking, and gaming.
Mr. Bing Zhang, Chairman and Chief Executive Officer of Glory Star, commented, "Since our establishment, we have been laser focused on developing an ecosystem for our users that incorporates quality content, e-commerce, social networking, and gaming. These core elements have formed the basis of our future metaverse platform and give us a strong competitive advantage in realizing our new strategic objectives. Moving forward, we will continue to integrate our cutting edge blockchain technologies, massive user base from our CHEERS ecosystem, quality content offerings, and our well-established e-commerce platform, with our strategic partners such as E-Surfing for 5G and augmented reality technologies ("AR"), Minsheng Art Museum for non-fungible token ("NFT") technologies, and virtual reality ("VR") equipment suppliers, to develop a metaverse boasting a wide range of "online + offline" and "virtual + reality" scenarios. Our CHEERS Video and e-Mall platforms will provide a solid foundation for us to rapidly develop different entertainment and shopping applications for the metaverse. It will also provide a suite of tools for our users to facilitate the development of new content by creators. We are looking forward to the business opportunities and strong earnings growth potential from our new initiatives, but more importantly, remaining at the forefront of disrupting the way new media and e-commerce is operated. Through our continuous investment in research and development, we can capitalize on the latest innovative technologies."
The launch of the Glory Star metaverse experience centers will give users the opportunity to experience the virtual world firsthand. Users will be able to create their own NFTs, make purchases in virtual shopping malls, interact in digital social connections, and enjoy immersive gaming experiences. The experience centers will be the true integration of reality with the virtual world, and through the right application of 5G, AI, AR and VR technologies, Glory Star will make this a seamless experience to the real world.
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. For more information, please visit http://ir.yaoshixinghui.com.
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.
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