Glory Star New Media Group Holdings Limited Completes Content Production Programs for Multiple International Luxury Brands
09 6월 2020 - 9:00PM
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
successfully completed content production programs for multiple
international luxury brands, including Fendi, Prada, Gucci, and
Burberry.
According to the Luxury Goods Worldwide Market
Study, Fall-Winter 2019 report produced by Bain & Company, the
worldwide demand for luxury goods continued to grow in 2019, which
resulted in a global industry worth approximately €281 billion as
of the end of the year. Currently, China has begun to lead the way
toward recovery from the COVID-19 pandemic, and Chinese consumers
are set to cement their status as crucial growth drivers for the
industry going forward. According to Bain & Company’s Luxury
Study 2020 Spring Update released in May 2020, Chinese consumers
are expected to account for approximately 50% of the total global
market for luxury goods in 2025 compared to 35% in 2019. Based on
data from data for the 2019 McKinsey China Luxury Report, the
growth of China’s luxury spending will be primarily driven by a
significant uptick of upper-middle-class households. The total
number of China’s upper-middle-class households is expected to
reach 350 million by 2025 with a compound annual growth rate of 28%
from 2018 to 2025.
As part of Glory Star’s content production
strategies with international luxury brands, Glory Star will
leverage its award-winning lifestyle content production services
and social media platforms to help expand the online presence of
these brands in China. Glory Star will also utilize the leading
traffic conversion capabilities and extensive content library of
its CHEERS app to enable luxury brands to better penetrate China’s
emerging luxury market more effectively.
Mr. Bing Zhang, Chairman and Chief Executive
Officer of Glory Star, commented, “We are excited to work with such
internationally renowned luxury brands. These working relationships
will allow us to further solidify our leadership as a premium
content provider in the high-end segment of the luxury e-commerce
market. Meanwhile, our access to world-class brands and expanding
library of custom content will further boost user retention, user
engagement, and user stickiness on our platform. Looking ahead, we
are confident that these working relationships will make meaningful
contributions to our business expansion efforts as we advance
through the rest of 2020 and beyond.”
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.
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 our
profitability; litigation involving patents, intellectual property,
and other matters; potential changes in the legislative and
regulatory environment; a pandemic or epidemic; and other factors
listed in the Company’s Annual Report on Form 10-K for the year
ending December 31, 2019 and in other filings made by the Company
with the Securities and Exchange Commission from time to time. 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 ICR Inc. Jack Wang Tel: +1 (646) 308-0546 Email:
gsnm@icrinc.com
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