Glory Star New Media Group Holdings Limited (NASDAQ:GSMG) ("Glory Star" or the "Company"), a leading digital media platform and content-driven e-commerce company in China, today updated its operating metrics for the first quarter ending March 31, 2021.
First Quarter 2021 Operating Metrics Highlights
- Downloads of the Company's CHEERS Video Application1 increased by 91.6% year over year to 192.6 million as of March 31, 2021.
- Average daily active users ("DAUs")2 of the Company's CHEERS Video Application increased by 73.2% year over year to 7.1 million.
- Stock Keeping Units ("SKUs") carried on the Company's CHEERS e-Mall platform increased by 284.2% year over year to 36,887.
- Gross merchandise value ("GMV")3 of the CHEERS e-Mall platform increased by 963.2% year over year to RMB432 million.
In addition, the Company announced that both of its earnout targets for fiscal year 2019 and 2020 for Glory Star New Media Group Limited ("GS Media") under the Share Exchange Agreement, dated September 6, 2019 (the "Agreement"), and as amended by that certain Joinder to the Agreement, dated as of November 1, 2019 and the Amendment to the Agreement, dated December 29, 2020, by and among the Company, GS Media, and other parties to the Agreement, were fully achieved.
Mr. Bing Zhang, Founder and Chief Executive Officer of Glory Star, commented, "Our first quarter operating metrics reflects strong growth momentum, new opportunities from easing government restrictions, and successful execution of our transition strategy. We fulfilled our earnout commitments for 2019 and 2020, while continuing to drive the growth of our online business. Our online business contributed 67.5% of our total revenues last year, and we expect it to comprise an even greater portion of our business this year. With our CHEERS e-Mall operations now independently operated, we are pushing forward our evolution from an offline production company into a content-driven internet company. Premium content is a core part of this strategy, and we launched a new show and several new livestreaming programs for our CHEERS e-Mall during the quarter. Going forward, we are confident that our continued transition, investment in supporting technologies, and production of premium content will position us to capitalize on the growth trend for the content-driven e-commerce industry."