Glory Star Records RMB900 Million in Service Contracts in Q1 2021

BEIJING, April 13, 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 significant number of new service contracts and service contract renewals since the beginning of calendar 2021. As of March 31, 2021, the total value of the Company's service contracts had reached RMB900 million. The Company believes that its solid operating performance has been largely driven by the advancements of the Company's CHEERS Video application in online content, including content segments as interactive live streaming, short-form video, and AI-powered voice communications. Meanwhile, the Company continues to expand its CHEERS e-Mall platform into the upstream and downstream segments of the online retail and SaaS industry value chains to further accelerate the development of new consumption habits.

The list of the Company's current clients include several leading enterprises across various industries in China, such as Alibaba Group Holding Ltd., JD.Com, Iflytek Co Ltd., Guangdong Southern Newspaper Media Group Co., Ltd., CNLive.com, Beijing Ultrapower Software Co., Ltd., MIGU Video Co., Ltd., Tianyi Video and Media Co., Ltd., Zhongmin Zaixian, Global Tone Communication Technology Co. Ltd., Hangzhou Dangbei Network Technology Co., Ltd., and ByteDance Ltd. The Company expects that such relationships will have a pivotal impact on its business development and operating results in 2021 as it continues to fulfill its service contracts and expand its collaborations with these clients and more.

The Company maintains its strategic focus on the premium lifestyle market. At the core of the Company's business growth is the consumption of lifestyle content, products, and services. Looking ahead, Glory Star plans to continue fortifying its competitive advantage across the premium content-driven e-commerce space by developing its brand supply chain, establishing more consumption use cases in smart hardware markets, and refining its multifaceted smart lifestyle services on both its CHEERS Video application and CHEERS e-Mall platform. Meanwhile, the Company will also continue to maximize the value of its massive user traffic to achieve more significant operating improvements on a year-over-year basis and sustain its robust growth trajectory 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. Such forward-looking states include, but are not limited to, the Company's ability to develop its online retail and SaaS industry value chains, expand its business relationship with existing clients and continue its business growth trajectory. 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 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. 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 LimitedYida YeEmail: [email protected]

ICR LLC.Sharon ZhouTel: +1 (646) 308-0546Email: [email protected]

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SOURCE Glory Star New Media Group Holdings Limited