Shares of Glory Star New Media Group Holdings Limited (GSMG) were up 8.77% in pre-market trading at $1.86. As of last night’s close, shares of GSMG decreased by -5.00% or $0.09. Prices fluctuated throughout the day between $1.62 and $1.785. In the past 50 days, the company exchanged 2.92 million shares a day, but that volume was lower than its year-to-date volume of 0.88 million.
The GSMG stock has declined -38.48% in the last 12 months, and in the past week, it has declined -4.47%. GSMG stock has decreased by -26.61% over the last three months, and by -56.71% over the last six months. GSMG stock is down 37.82% this year. Furthermore, GSMG stock is trading at a price-to-earnings ratio of 9.61. Shares of GSMG are rising in pre-hour trades as its social app goes into testing.
What app has GSMG been testing?
Glory Star Group provides digital media platforms and content-driven e-commerce services to consumers in China. In its pursuit of enriching people’s lives, GSMG integrates premium lifestyle content, including short videos, online variety shows, online dramas, live streaming, Cheers videos, an e-Cheers retail store, and mobile apps on its platforms. GSMG’s large and active user base is a valuable engagement opportunity for consumers and increases platform stickiness with several thousand international and domestic brands.
CheerChat, Glory Star’s overseas social audio app has entered the next phase of testing, the company announced this month.
- Blockchain and augmented reality technologies (“AR”) are used to integrate user functions for GSMG.
- In addition to social networking, video on demand, and intelligent retail, the metaverse, a virtual world that aims to establish a new way of life and reshape the digital economy, is also included.
- As part of its longer term retail strategy, GSMG is investing in the latest technologies for the metaverse.
- By utilizing 5G and AR technologies to create AR applications, intelligent on-demand video, and intelligent retail solutions, GSMG is further establishing its presence in the metaverse.
- As a result of this partnership, AR and 5G will both be used to develop and consume content more effectively.
What does this mean for GSMG?
CheerChat is scheduled for launch in the first quarter of 2022 and will enhance GSMG’s CHEERS ecosystem and user experience. By launching CheerChat, GSMG demonstrates its commitment to continuously apply innovative technologies to its business model and create additional value through strategic investment in research and development. Glory Star (GSMG) maintains its leadership position in the new media industry by holding this long-term vision.