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 as of November 30, 2021, the total installed base of CHEERS ecosystem users reached 260 million, a 54% increase versus the 2020 installed base of 169 million users. Monthly Active Users ("MAU") from January to November 2021 was 44 million users in average, a 20% increase from the same period in 2020 (36.7 million users in average); further highlighting the wide-spread consumer adoption of the CHEERS app in China.

The CHEERS e-mall had an installed base of over 11 million with November 2021 MAU of 3.4 million users. This equated to Gross Merchandise Value ("GMV") of over RMB2.5 billion, a 260% increase from the same period in 2020. Additionally, the repurchase rate of users reached 35%.

The Company also announced an update to the last press release from December 8, 2021. In conjunction with the build-out of the Metaverse Experience Centers, The Company is developing its closed-loop business model within the CHEERS video platform ("The Platform"), to further monetize its assets by converting traffic into leads and sales. This is a widely applied strategy within the Chinese internet sector. The closed-loop model is a business process that changes from sequence to cycle; allowing users to stay within the eco-system. Through leveraging this model, Glory Star expects to further facilitate the Company's long-term growth prospects, consolidate the e-commerce space, and enhance user experience to strengthen the Company's core competencies.

As a growing and nimble technology company, Glory Star is looking to stay ahead of popular trends, especially within the growing live streaming segment. With the Company's extensive content production experience, Glory Star plans to provide professional training for content creators to help them to continue to develop unique experiences for their viewers. The Company will also adopt NFT technology to help guard the copyrights of the platform's original content.

Live streaming e-commerce is emerging as one of the most innovative and monetizable tools for content creators. To protect the interests of Glory Star's content creators, which is one of the values that the Company upholds in its ecosystem, the Company connects CHEERS e-Mall's SAAS supply chain system to the Platform, allowing content creators to choose relevant products to sell on their platforms at their own discretion. Creators can earn commissions and receive related task rewards from their live streaming content. In addition, the Platform utilizes blockchain technology to ensure each transaction is correctly ledgered. Through these measures, the Company believes it has built a substantial closed-loop business model and created additional value for clients within its ecosystem and enhances user engagement, which should help the Company continue to expand its revenue potential on the CHEERS ecosystem.

Mr. Bing Zhang, Chairman and Chief Executive Officer of Glory Star, commented, "Based on our leading position in professionally generated content ("PGC") video e-commerce and endeavors in the user generated content ("UGC") market, we will continue to actively introduce high-quality IP, support high-quality content creators, retain more users through the content ecosystem to achieve a win-win situation for the Platform, content creators, and users in the closed-loop business model and accelerate our growth at scale. We will leverage the strategic advantages of UGC to stimulate the vitality of the system to a greater extent, build a benign development ecosystem, and consolidate the core competitiveness of the Platform to well-position the Company for the future growth."

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 Upgrade 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.

For investor and media inquiries, please contact:

Investor Relations
Glory Star New Media Group Holdings Limited
Yida Ye
Email: yeyida@gsmg.co