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, announced further details pertaining to its Metaverse Experience Centers. The Company is currently identifying locations in Beijing for its first Metaverse Experience Center, which will incorporate professionally curated media content, e-commerce, social networking, gaming, and non-fungible tokens (“NFTs”).
The Company has continued to receive interests from users and content creators to join the CHEERS video platform (the “Platform”) and the Company upgraded the Platform on December 1, 2021 to include user-generated content (“UGC”) rights management system (the “System”). The Company expects to enhance the relationship between users and the Platform to accelerate user engagement by leveraging the Company’s production value with leading content creators. The Company expects the Platform’s profitability to increase by creating new income streams for users and converting the Platform’s traffic into additional revenue.
The CHEERS video platform is a professionally-produced and curated media platform that engages users with high-quality videos featuring lifestyle, culture, and fashion, and continues to develop lifestyle short videos and interactive live-broadcasting. With these upgrades, users now have access and opportunity to co-build the Platform and contribute to the improvement of the content production ecosystem. The Company has made a new strategic plan of cultivating outstanding UGC creators and producing high quality UGC in the long run in partnership with the Company. The plan includes multiple initiatives such as traffic support and cash subsidies for UGC creators and guidance of trending topics to support the creation of high-quality videos. In addition, the Company plans to attract influencers with a high number of followers/traffic to help accelerate the Platform’s adoption.
Mr. Bing Zhang, Chairman and Chief Executive Officer of Glory Star, commented, “The latest version is a milestone for the Platform since it was launched in 2016 as it has developed a solid foundation for continuous generation of high-quality content, interactive user participation, and a fruitful content ecosystem. Furthermore, the System will enhance the relationship between the Platform and its users, helping to enhance the Company’s top-, and bottom-line. This results in a win-win situation for everyone involved.”
Mr. Zhang, continued: “We encourage all users who are passionate about sharing their views of life to become partners of the Platform. We will fully dedicate our resources, offer traffic support, and provide rewards and long-term contracts as incentives to incubate high-quality IP and create more opportunities for people to fulfill self-worth through the CHEERS App platform.”