Glory Star's Digital Collection NFT App CheerReal Announces Major Platform Upgrade

BEIJING, May 23, 2023 /PRNewswire/ — 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 a major upgrade to its self-developed digital collection non-fungible tokens (“NFT”) application, CheerReal. The update is now available on both Android and IOS apps and comes with improved security, advanced technology, enhanced functionality, and a more user-friendly interface.

CheerReal is positioned as a “cultural and artistic digital collection” platform that aims to create a new cultural and artistic interactive experience, connecting virtual and real economy through innovative digital art and a diverse and inclusive metaverse world. As a member of the Trusted Blockchain Branch of the Beijing Information Industry Association, the platform is powered by Blockchain Service Network-Decentralized Digital Certificate (“BSN-DDC”), a network infrastructure that is jointly initiated by the State Information Center, China Mobile, and China UnionPay, which consists of more than ten BSN Open Permissioned Blockchains with robust technical systems and distinctive features.

Since its launch back in September 2022, CheerReal has been gaining popularity among art collectors. With the continuous development of blockchain technology, CheerReal aims to provide an even better user experience. The upgrade is expected to make the platform even more engaging and dynamic, strengthening its position in the market and attracting more art collectors and enthusiasts. New collections take inspiration from the ancient Silk Road and the Classic of Mountains and Seas (“Shan Hai Jing“), and give them a contemporary touch. The new “Spark Community” and “CheerReal Club” provide creators and users with official channels for gifting, exchanging, circulating, and auctioning digital assets, giving them more space and opportunities to showcase their digital assets. CheerReal is currently only available in China.

Mr. Bing Zhang, Chairman and Chief Executive Officer of Glory Star, commented: “The upgrade aims to create an immersive and community-based Web 3.0 experience, stimulating the vitality of our new business strings and boosting overall performance of the Cheers ecosystem. By empowering creators and collectors, CheerReal has established a strong foothold in the market for digital collections, and as the market continues to grow, CheerReal is poised to become a leading player in the industry.”

About Glory Star

As a preeminent provider of next-generation mobile internet infrastructure services in China, Glory Star is dedicated to building a digital ecosystem that integrates “platforms, applications, technology, and industry” into a cohesive system, thereby creating a new, open business environment for web3.0 that leverages AI technology. The Company is developing a 5G+VR+AR+AI shared universe space that builds on cutting-edge technologies including blockchain, cloud computing, extended reality, and digital twin.

Glory Star’s portfolio already includes a wide range of products and services, such as the CHEERS Open Platform, CHEERS Video, CHEERS e-Mall, CheerReal, CheerCar, CheerChat, CHEERS Fresh Group-Buying E-commerce Platform, Digital Innovation Research Institute, CHEERS Livestreaming, variety show series, IP short video matrix, and more. These offerings provide diverse application scenarios that seamlessly blend “online/offline” and “virtual/reality” elements.

With “CHEERS+” at the core of Glory Star’s ecosystem, the Company is committed to consolidating and strengthening its core competitiveness, and achieving long-term sustainable and scalable growth.

For more information, please visit http://ir.gsmg.co/.

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; the occurrence of any event, change or other circumstances that could affect the Company’s ability to continue successful development and launch of its metaverse experience centers; the possibility that the Company may not succeed in developing its new lines of businesses due to, among other things, changes in the business environment, competition, changes in regulation, or other economic and policy factors; the possibility that the Company’s new lines of business may be adversely affected by other economic, business, and/or competitive factors; other factors, risks and uncertainties set forth in documents filed by the Company with the Securities and Exchange Commission from time to time, including the Company’s latest Annual Report on Form 20-F filed with the SEC on March 22, 2023. 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.

For investor and media inquiries, please contact:

Wealth Financial Services LLC

Connie Kang, Partner

Email: [email protected]

Tel: +86 1381 185 7742 (CN)

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