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Global Online Retailer SHEIN Announces SHEIN TOGETHER Featuring Headlining Performances By Katy Perry And Lil Nas X

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A Virtual Event To Benefit The COVID-19 Solidarity Response Fund For WHO Powered By The United Nations Foundation

LOS ANGELES, May 4, 2020 /PRNewswire/ — Global industry-leading e-retailer SHEIN announces the brand’s first-ever digital entertainment festival, SHEIN Together, on May 9, 2020. The four-hour digital event SHEIN Together will be streamed via SHEIN’s free app and will help to support and raise awareness and donations to benefit the COVID-19 Solidarity Response Fund for the World Health Organization (WHO) – powered by the United Nations Foundation.

The COVID-19 Solidarity Response Fund for the WHO is the only way individuals, corporations, foundations, and other organizations around the world can directly support WHO’s global work to help countries prevent, detect, and respond to the COVID-19 pandemic. This fund also supports the work of two partners, UNICEF and the Coalition for Epidemic Preparedness Innovations (CEPI).

The unique virtual showcase begins Saturday, May 9th at 1 pm PT and will be packed with exclusive music performances, celebrity segments, special influencer appearances, and TikTok guests. Hosted by E! News’ “The Rundown” host Erin Lim, viewers will also see a beauty tutorial by Chrisspy, at-home styling sessions by celebrity stylists Maeve Reilly and Karla Welch, and plenty of surprises!

PERFORMANCES BY:
KATY PERRY
LIL NAS X
RITA ORA    |    DOJA CAT

SPECIAL GUESTS:
HAILEY BIEBER
YARA SHAHIDI
 MADELAINE PETSCH
 STORM REID
VANESSA MORGAN
LELE PONS
TYLER CAMERON
KIMBERLY LOAIZA
SOFIA WYLIE

SHEIN is committed to donating $100K to the fund with viewers able to also participate by purchasing a limited-edition #SHEINtogether t-shirt collection where 100% of the proceeds will go to the UN Foundation for the COVID-19 Solidarity Response Fund for WHO.  #SHEINtogether t-shirts will retail for $10.00 USD and are available to purchase starting May 4, 2020 at www.shein.com. Additionally, viewers can donate through a donation link on the app and all funds will contribute to supporting the fund.

“As a global brand, we know this crisis has affected all of our communities, consumers and their families and we couldn’t stand by and not help,” says Molly Miao, SHEIN Co-founder. “In addition to our efforts in donating masks to those on the frontlines internationally, we wanted to also make sure our audience understands the importance of supporting this cause, which is why we came up with the idea to host SHEIN Together.”

Download the app on iPhone or Android at the Apple App Store or visit www.shein.com for more details.

About SHEIN Together:
SHEIN Together is a virtual entertainment showcase to benefit the COVID-19 Solidarity Response Fund for WHO – powered by the United Nations Foundation. Hosted by E! News’ “The Rundown” host Erin Lim, the streamed broadcast featuring exclusive music performances by Katy Perry, Lil Nas X, Rita Ora, and Doja Cat. Celebrity segments, special influencer and TikTok appearances by Hailey Bieber, Yara Shahidi, Madelaine Petsch, Storm Reid, Vanessa Morgan, Lele Pons, Tyler Cameron, and many more. SHEIN Together will be broadcasted exclusively on SHEIN app available for download for iPhone and Android on May 9th, 2020 at 1 pm PT.

About SHEIN:
Founded in 2008, SHEIN is a fast-fashion e-retailer with a global network that spans 220 countries and regions. Here at SHEIN, we place a premium not on our apparel, but on choice. That’s why we drop 500 new fashion items daily, spoiling our customers with a dizzying selection of on-trend womenswear that they can mix and match to their heart’s delight. We do this because we believe that the clothes we wear reflect our personalities and we want to empower today’s women to explore and express their individuality. With the abundance of choice we provide, our customers can intricately craft that perfect look which reflects their individuality. Simply put, we help you do you.

To learn more about SHEIN, follow us at shein.com, instagram.com/shein and youtube.com/shein.

About UN Foundation:
The UN Foundation brings together ideas, people, and resources to help the United Nations drive global progress and tackle urgent problems. Our hallmark is to collaborate for lasting change and innovate to address humanity’s greatest challenges. Learn more at www.unfoundation.org

Logo – https://techent.tv/wp-content/uploads/2020/05/global-online-retailer-shein-announces-shein-together-featuring-headlining-performances-by-katy-perry-and-lil-nas-x.jpg
Photo – https://techent.tv/wp-content/uploads/2020/05/global-online-retailer-shein-announces-shein-together-featuring-headlining-performances-by-katy-perry-and-lil-nas-x-1.jpg

PR Newswire

Platinum Fortune acquires Jagex for 530 Million

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LOS ANGELES, May 1, 2020 /PRNewswire/ — Platinum Fortune LP has announced that it has acquired Jagex, one of the UK’s largest video game developers and publishers, for $530million from Shanghai Hongtou Network Technology, a subsidiary of Shanghai Fukong Interactive Entertainment Co., Ltd (SH600634) at the time of the purchase. An asset portfolio including Hongtou Network (Hong Kong) was also acquired by Platinum Fortune. The management team of Jagex, headquartered in Cambridge, UK, will remain in place.

Platinum Fortune shares Jagex’s passion for video games and is dedicated to utilizing its experience and expertise to add value to one of the longest-standing video game developers through strategically investing in R&D and marketing to attract new players to its RuneScape franchise of games.

Phil Mansell, Jagex CEO, said:
“The combined strength of Platinum Fortune and Jagex will both support and enhance our strategic plan to deliver great gaming experiences to our communities of RuneScape players and build on our portfolio with more living games for a global audience”.

About Jagex
A leader in creating deep and engaging living games on PC and mobile, Jagex was founded in 2000 and is today one of the UK’s biggest and most respected video game developers and publishers. Famed for its flagship game franchise, RuneScape, Jagex has welcomed more than 280 million player accounts to RuneScape’s game world and created a $1billion lifetime- revenue franchise. Jagex employs more than 370 people at its Cambridge headquarters. More information can be found at www.jagex.com

About Platinum Fortune
Platinum Fortune targets global video game companies and designs strategies to help them grow user base and revenue with the goal of creating better experiences for the 2.5billion, fast- growing, global gamer community. Platinum Fortune, who focused on the video game sector, is one of the funds managed by Macarthur Fortune Holding LLC.

Cision View original content:http://www.prnewswire.com/news-releases/platinum-fortune-acquires-jagex-for-530-million-301050848.html

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TECNO Mobile unveils the Pouvoir 4 Pro for the local market gaming and video creator community

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RANGOON, Myanmar, May 1, 2020 /PRNewswire/ — TECNO Mobile has unveiled a new addition to its hugely popular Pouvoir series. The global premier mobile phone brand has announced the launch of Pouvoir 4 Pro which features an enormous 6000mAh battery, capable of powering the phone for four days straight with just a single charge. Equipped with a 16MP AI Quad camera, plus 5MP+2MP+AI lens at the rear, and 16MP dual flash camera at the front, Pouvoir 4 Pro offers the best entertainment experience – be it gaming, videos in its 7-inch HD+ Drop Display. The ‘Pouvoir-ful’ smartphone features TECNO’s HI OS 6.0 which is built on Android Q, and will be available at leading retailers in Myanmar. and priced at 229,000 Ks.

Pouvoir 4 Pro flaunts a high performing and premium glossy design that is light weight, slimmer and sleeker than its predecessors. It packs a range of cool features such as Face Unlock, Fingerprint Sensor for optimized security with a unique button along the side to wake up a Virtual Google assistant at any time.

As an integrated entertainment product, the Pouvoir 4 Pro’s key USP lies in its ability to provide the best entertainment experience – be its 7-inch display offering 90.55% screen ratio thereby bringing you more wide vision area or its dual speakers providing stereo and digital sound solutions based on acoustic measurement and correction.  

Jason Wong, Country Manager of TECNO Mobile Myanmar said: “TECNO Mobile fans in the local market love consuming video content on their smartphones and want great specs for gaming. As a brand founded on innovation and AI technologies, we are confident that the new Pouvoir 4 will appeal to our innovation focused consumers. With its impressive battery life, an excellent memory and processor that ensures zero lags and a smooth mobile experience, Pouvoir comes power-packed at an affordable price, giving users the best possible value for money.”  

Providing an extraordinary experience, the Pouvoir 4 Pro features a 128GB + 6G memory which means Pouvoir 4 Pro users will get a lag-free gaming experience. Other core gaming features for gamers include a magic button that can be used as fire key in arcade/shooting games, a specific PUBG related Intelligent scheduling of system resources to ensure a high quality PUBG game experience and a Screen Off Gaming Mode that saves more than 50% of the power.  

For the camera enthusiasts, besides the excellent rear and front cameras, the phone also comes with a low light video record mode that automatically brightens videos.

The device operates on HiOS which is a customized version of Android Q and will be available in 3 color options of Ice Jadeite, Misty Grey and Fascinating Purple.

For more information, please visit: https://www.tecno-mobile.com/mm/home/#/ For more information, please visit: https://www.tecno-mobile.com/mm/home/#/

About TECNO Mobile

TECNO Mobile is a premium smartphone brand from TRANSSION Holdings. Upholding the brand essence of “Expect More”, TECNO is committed to giving the masses access to latest technology at accessible prices, allowing the consumers to reach beyond their current limitations and uncover a world of possibilities. TECNO understands the needs of consumers from different markets and provides them with localized innovations across a product portfolio featuring smartphones, tablets, and feature phones. TECNO is a major global player with presence in around 60 emerging markets across the world. It is also the global Official Tablet and Handset Partner of Manchester City Football Club. For more information, please visit: www.tecno-mobile.com

Photo – https://photos.prnasia.com/prnh/20200430/2791122-1?lang=0
Video – https://cdn5.prnasia.com/202004/TecnoMobile/video.mp4

PR Newswire

WeChat is Taking Museums to the Cloud

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SAN FRANCISCO, May 1, 2020 /PRNewswire/ — Since the outbreak of the pandemic, major museums, galleries and expositions across the United States have been forced to cancel events and close their doors. This has put a lot of pressure on the industry as a whole. Within this environment, WeChat has teamed up with 11 museums in the U.S. to create an innovative “Museum in the Cloud” experience, allowing would-be museum-goers to digitally visit participating museums from their homes.

The partnership is wholeheartedly supported by the American Alliance of Museums (AAM).

“We are very happy to support WeChat’s initiative to help digitalize the museum experience, as it also connects to the American Alliance of Museum’s vision of building ‘A world informed and enriched by thriving museums,'” said Arthur Affleck, the Vice President of Development of AAM. “The museum Mini Programs will enable Chinese audiences to tour American museums remotely from across the ocean, and help in bringing the world closer together under this special timing.”

These 11 museums are among the first partners to join WeChat’s travel solutions initiative – WeChat go. The partner museums span the East and West Coasts of the U.S. and include the New York Museum of Modern Art (MoMA), Asian Art Museum of San Francisco, Autry Museum of American West, Guggenheim, Museum of the City of New York, Brooklyn Museum, Peabody Essex Museum, Walt Disney Family Museum, Telfair Museums, Aquarium of the Pacific and Lowell Observatory. From modern to ancient arts, aquariums to observatories, the participating museums run the gamut of curated collections.

Aimed at Chinese visitors, the Mini Programs being launched by the museums offer free public resources such as guided audio tours, video materials, introductions of pieces in the collections and interactive games. It is hoped that these resources will help Chinese museum-goers better understand the collections and offer them a more engaging experience, while allowing them to strengthen cross-cultural understanding even during social distancing.

MoMA Shows Users the Cream of the Collection

The MoMA Mini Program developed by the New York Museum of Modern Art, offers Chinese language explanations and audio guides for some of the museum’s finest pieces. Anna Temkin, MoMA’s Chief Curator of Painting and Sculpture, even takes it upon herself to relate precious works such as Van Gogh’s Starry Night, Picasso’s Les Demoiselles d’Avignon and Monet’s Water Lillies to digital visitors.

Aside from these more practical functions, the MoMA Mini Program has two other bonus functions – “Find Your Match” and “Rewards”. “Find Your Match” was developed taking inspiration from dating software. Works of art pop up and users can swipe left or right depending on whether they like the piece or not.

Screenshots of the MoMA Mini Program
Screenshots of the MoMA Mini Program

Meanwhile, “Awards” encourages user engagement by giving them tasks to complete, through which they can win prizes such as exclusive wallpapers, MoMA postcards and membership draws.

The Asian Art Museum of San Francisco Turns Users into Collectors

In order to offer users a more engaging experience, the Asian Art Museum of San Francisco equips three other functions, including introductions of the collections, museum guides and fun, interactive achievements for users to complete. After opening the Mini Program, users are led around the museum on a Private Tour by Dr. Jay Xu, Director and CEO of the Asian Art Museum of San Francisco. No matter how far users are from the museum geographically, they can feel like they’re right in the museum.

If a certain piece of the collection catches users’ eyes during their tours, they can add it to “My Display Case” and take a brief quiz. If the user answers successufully, they can obtain a “Collection Certification” from the Asian Art Museum and become an “Expert Collector.”

Screenshots of the San Francisco Asian Art Museum Mini Program
Screenshots of the San Francisco Asian Art Museum Mini Program

“The world is changing,” notes Dr. Xu. “But one constant is the desire for connection. WeChat serves as one of the Asian Art Museum’s most important portals—24 hours a day, 7 days a week, across oceans and continents—for engaging our global communities to 6,000 years of art and culture. WeChat empowers us to creatively embrace change, inspire new audiences with new ideas, and share our most compelling stories from the past to the present, stories that spotlight our common humanity and connect art to life.”

The other 9 museum Mini Programs also being launched have incorporated museum introductions and basic visitor information like opening hours, pricing and reminders. The applets will also offer Chinese language explanations of key exhibit pieces and collection files, along with unique photo frames designed exclusively for the various museums. These digital portals will provide Chinese users and tourists real-time services and a rich “Museum in the Cloud” experience.

In addition to these Mini Programs, all-Mandarin arts and cultural platform Move the Mind (MTM) is also unveiling its own Mini Program to provide a one-stop outlet for the Chinese cultural tourist. MTM’s Mini Program will collate key information on arts and cultural institutions, and connect to other museum applets to encourage users to explore deeper and further. Accessible through MTM’s WeChat account, the Mini Program will add value to its readers’ viewing experience, encouraging them to actively engage with global arts and culture.

A Digital Escape to the Museums in the Cloud

Even though museums are temporarily unable to open and public gatherings have been restricted during the pandemic, WeChat is supporting the AAM to help 11 US museums bring a brilliant historical and cultural experience to users by opening the doors to the “Museum in the Cloud”. At the same time, it also helps to show other museums and cultural institutions how they can give themselves a “modern makeover” to create a more engaging and personalized experience that attracts new visitors, both digitally and offline.

Interested in collaborating with WeChat go? Send us emails at wechatgo@tencent.com 

Photo – https://photos.prnasia.com/prnh/20200430/2790992-1-a?lang=0
Photo – https://photos.prnasia.com/prnh/20200430/2790992-1-b?lang=0

PR Newswire

GigaMedia Announces First-Quarter 2020 Financial Results

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TAIPEI, April 30, 2020 /PRNewswire/ — GigaMedia Limited (NASDAQ: GIGM) today announced its first-quarter 2020 unaudited financial results.

Comments from Management

For the first quarter of 2020, GigaMedia reported revenues of $1.60 million, with a gross profit of $0.93 million, an operating loss of $0.64 million and the net loss of $0.29 million. Total revenues increased by 6.6% if compared to the previous quarter, and net loss was similar.

“The pandemic of COVID-19 only mildly affected our operations in Taiwan and Hong Kong,” said GigaMedia CEO James Huang. “While it has indeed caused disruptions to our offline marketing and operating activities, we managed to mitigate its impact, and continued improving the productivity in our existing products and making progress in developing new offerings.”

First Quarter Overview

  • Operating revenue increased by $0.10 million or 6.6% in quarter-on-quarter comparison, and increased by 8.2% in year-over-year comparison.
  • Loss from operations amounted to approximately $0.64 million and net loss approximately $0.29 million, comparable to the fourth quarter of 2019 and slightly improved when compared with the same quarter last year.

Unaudited Consolidated Financial Results

GigaMedia Limited is a diversified provider of digital entertainment services. GigaMedia’s digital entertainment service business FunTown develops and operates a suite of digital entertainments in Taiwan and Hong Kong, with focus on mobile games and casual games. Unaudited consolidated results of GigaMedia are summarized in the table below.

For the First Quarter

GIGAMEDIA 1Q20 UNAUDITED CONSOLIDATED FINANCIAL RESULTS

(unaudited, in US$ thousands, except for percentages and per
share amounts)

1Q20

4Q19

Change

(%)

1Q20

1Q19

Change

(%)

Revenues

$

1,604

$

1,504

6.6

%

$

1,604

$

1,483

8.2

%

Gross Profit

927

1,025

(9.6)

%

927

738

25.6

%

Loss from Operations

(640)

(399)

NM

(640)

(949)

NM

Net Loss Attributable to GigaMedia

(286)

(271)

NM

(286)

(532)

NM

Loss Per Share Attributable to GigaMedia,
Diluted

(0.03)

(0.02)

NM

(0.03)

(0.05)

NM

EBITDA(A)

(536)

(574)

NM

(536)

(876)

NM

Cash, Cash Equivalents and Restricted Cash

57,311

58,274

(1.7)

%

57,311

58,494

(2.0)

%

NM= Not Meaningful

(A) EBITDA (earnings before interest, taxes, depreciation, and amortization) is provided as a supplement to results provided in
accordance with U.S. generally accepted accounting principles (“GAAP”). (See, “Use of Non-GAAP Measures,” for more details.)

First-Quarter Financial Results

  • Consolidated revenues for the first quarter of 2020 increased by 6.6% quarter-on-quarter to $1.60 million, from $1.50 million in the fourth quarter of 2019, or by 8.2% year-over-year from $1.48 million in the first quarter of 2019.
  • Consolidated gross profit decreased to $0.93 million from $1.03 million in last quarter but increased by 25.6% from $0.74 million in the same quarter last year.
  • Consolidated operating expenses were $1.57 million in the first quarter of 2020, representing an increase by $0.14 million quarter-on-quarter, or a decrease by $0.12 million from $1.69 million year-over-year.
  • Loss from operation for the first quarter of 2020 was approximately $0.64 million, comparable to a loss of $0.40 million last quarter and approximately a loss of $0.95 million in the first quarter of 2019.
  • Net loss for the first quarter of 2020 was $0.29 million, approximately comparable to such amount in the fourth quarter of 2019, and improved by $0.25 million when compared with the net loss of $0.53 million in the same quarter last year.
  • Cash, cash equivalents and restricted cash at the first quarter-end of 2020 accounted for $57.31 million, which decreased by $0.96 million from the end of 2019.

Financial Position

GigaMedia maintained its solid financial position, with cash, cash equivalents and restricted cash amounting to $57.31 million, or approximately $5.19 per share as of March 31, 2020.

Business Outlook

The following forward-looking statements reflect GigaMedia’s expectations as of April 30, 2020. Given potential changes in economic conditions and consumer spending, the evolving nature of digital entertainments, and various other risk factors, including those discussed in the Company’s 2019 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission as referenced below, actual results may differ materially.

In following quarters, we will continue developing new offerings to enhance the variety of our product lines, while our marketing strategies will adjust swiftly, as in the current coronavirus situation, stay-home requirement may boost sales of online business on the one hand, but prevailing economic uncertainties and weakened consumer confidence may discourage spending on entertainment on the other hand.

“In this time of uncertainty, we don’t just wait out the storm. We practice frugality and adapt proactively while focusing on sharpening our core competence,” stated CEO James Huang, “so that we will get well prepared when the storm is over.”

Meanwhile, our business strategies always include expanding through mergers and acquisitions. “We will also continue reviewing potential targets that have strategic capacity to accelerate our growth and enhance shareholders’ value,” said CEO James Huang.

Use of Non-GAAP Measures

To supplement GigaMedia’s consolidated financial statements presented in accordance with U.S. GAAP, the company uses the following measure defined as non-GAAP by the SEC: EBITDA. Management believes that EBITDA (earnings before interest, taxes, depreciation, and amortization) is a useful supplemental measure of performance because it excludes certain non-cash items such as depreciation and amortization and that EBITDA is a measure of performance used by some investors, equity analysts and others to make informed investment decisions. EBITDA is not a recognized earnings measure under GAAP and does not have a standardized meaning. Non-GAAP measures such as EBITDA should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, other financial measures prepared in accordance with GAAP. A limitation of using EBITDA is that it does not include all items that impact the company’s net income for the period. Reconciliations to the GAAP equivalents of the non-GAAP financial measures are provided on the attached unaudited financial statements.

About the Numbers in This Release

Quarterly results

All quarterly results referred to in the text, tables and attachments to this release are unaudited. The financial statements from which the financial results reported in this press release are derived have been prepared in accordance with U.S. GAAP, unless otherwise noted as “non-GAAP,” and are presented in U.S. dollars.

Q&A

For Q&A regarding the first quarter 2020 performance upon the release, investors may send the questions via email to IR@gigamedia.com.tw, and the responses will be replied individually.

About GigaMedia

Headquartered in Taipei, Taiwan, GigaMedia Limited (Singapore registration number: 199905474H) is a diversified provider of digital entertainment services. GigaMedia’s digital entertainment service business develops and operates a suite of digital entertainments in Taiwan and Hong Kong, with focus on browser/mobile games and casual games. More information on GigaMedia can be obtained from www.gigamedia.com.

The statements included above and elsewhere in this press release that are not historical in nature are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding expected financial performance (as described without limitation in the “Business Outlook” section and in quotations from management in this press release) and GigaMedia’s strategic and operational plans. These statements are based on management’s current expectations and are subject to risks and uncertainties and changes in circumstances. There are important factors that could cause actual results to differ materially from those anticipated in the forward looking statements, including but not limited to, our ability to license, develop or acquire additional online games that are appealing to users, our ability to retain existing online game players and attract new players, and our ability to launch online games in a timely manner and pursuant to our anticipated schedule. Further information on risks or other factors that could cause results to differ is detailed in GigaMedia’s Annual Report on Form 20-F filed in April 2020 and its other filings with the United States Securities and Exchange Commission.

(Tables to follow)

GIGAMEDIA LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

Three months ended

3/31/2020

12/31/2019

3/31/2019

unaudited

unaudited

unaudited

USD

USD

USD

Operating revenues

Digital entertainment service revenues

$

1,603,904

$

1,503,848

$

1,483,233

Operating costs

Cost of digital entertainment service revenues

677,194

479,341

744,901

Gross profit

926,710

1,024,507

738,332

Operating expenses

Product development and engineering expenses

328,815

213,241

320,494

Selling and marketing expenses

410,475

427,090

526,003

General and administrative expenses

824,442

571,562

835,987

Impairment losses

—

208,921

—

Other

2,984

2,957

5,214

1,566,716

1,423,771

1,687,698

Loss from operations

(640,006)

(399,264)

(949,366)

Non-operating income (expense)

Interest income

255,719

322,587

381,799

Foreign exchange (loss) gain – net

98,887

(84,774)

(11,402)

Other – net

(298)

(110,020)

46,912

354,308

127,793

417,309

Loss before income taxes

(285,698)

(271,471)

(532,057)

Income tax benefit (expense)

—

—

—

Net loss attributable to shareholders of GigaMedia

$

(285,698)

$

(271,471)

$

(532,057)

Loss per share attributable to GigaMedia

Basic and Diluted:

$

(0.03)

$

(0.02)

$

(0.05)

Weighted average shares outstanding:

Basic

11,052,235

11,052,235

11,052,235

Diluted

11,052,235

11,052,235

11,052,235

GIGAMEDIA LIMITED

CONSOLIDATED BALANCE SHEETS

3/31/2020

12/31/2019

3/31/2019

unaudited

audited

unaudited

USD

USD

USD

Assets

Current assets

Cash and cash equivalents

$

56,777,472

$

57,742,696

$

57,976,503

Accounts receivable – net

355,225

368,445

589,520

Prepaid expenses

276,010

112,243

208,919

Restricted cash

533,436

530,984

517,815

Other receivables

238,396

261

375,192

Other current assets

148,757

138,601

127,377

Total current assets

58,329,296

58,893,230

59,795,326

Property, plant & equipment – net

8,117

—

100,148

Intangible assets – net

17,965

—

32,492

Prepaid licensing and royalty fees

210,530

43,915

383,681

Other assets

285,319

285,071

1,034,278

Total assets

$

58,851,227

$

59,222,216

$

61,345,925

Liabilities and equity

Short-term borrowings

$

—

$

—

$

—

Accounts payable

60,405

64,337

98,921

Accrued compensation

156,948

200,455

134,243

Accrued expenses

1,449,553

1,079,234

1,228,483

Unearned revenue

1,285,399

1,364,749

1,290,792

Other current liabilities

715,877

874,434

177,073

Total current liabilities

3,668,182

3,583,209

2,929,512

Other liabilities

7,337

94,385

779,919

Total liabilities

3,675,519

3,677,594

3,709,431

Total equity

55,175,708

55,544,622

57,636,494

Total liabilities and equity

$

58,851,227

$

59,222,216

$

61,345,925

GIGAMEDIA LIMITED

Reconciliations of Non-GAAP Results of Operations

Three months ended

3/31/2020

12/31/2019

3/31/2019

unaudited

unaudited

unaudited

USD

USD

USD

Reconciliation of Net Income (Loss) to EBITDA

Net loss attributable to GigaMedia

$

(285,698)

$

(271,471)

$

(532,057)

Depreciation

354

10,888

25,388

Amortization

4,657

9,669

12,899

Interest income

(255,719)

(322,587)

(381,799)

Interest expense

—

—

—

Income tax (benefit) expense

—

—

—

EBITDA

$

(536,406)

$

(573,501)

$

(875,569)

Cision View original content:http://www.prnewswire.com/news-releases/gigamedia-announces-first-quarter-2020-financial-results-301050152.html

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iQIYI Becomes the First Chinese Video Streaming Site to Support AV1 Video Codec

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The new encoding format allows viewers to stream ultra-HD video using 20% less data without sacrificing quality

BEIJING, April 30, 2020 /PRNewswire/ — iQIYI Inc. (NASDAQ: IQ) (“iQIYI” or ‘the “Company”), an innovative market-leading online entertainment service in China, has recently launched support for the Alliance for Open Media Video 1 (AV1) video encoding format for users on PC web browsers and Android devices, becoming the first and the only Chinese video streaming site to adopt the AV1 format to date.

The AV1 format reduces the size of video files by around 20% while maintaining the same quality. For example, watching a 1080P video typically requires 1,000 MB data, but with AV1, just 800 MB is needed. The adoption of the AV1 codec will help to improve the user streaming experience of ultra HD videos especially for 4K and 8K resolutions. Given the large size of raw video files, video encoding techniques are required to compress the files for efficient storage and transmission. AV1 is the new-generation open-source video codec designed to deliver higher quality videos on a narrower bandwidth.

AV1 was developed by Alliance for Open Media (AOM), a consortium founded by leading tech companies including Google, Facebook, Amazon, Intel, Netflix and Apple. AOM is committed to the promotion of ultra-high quality videos, data saving technologies and improved user experiences. iQIYI joined AOM in 2018, becoming the first Chinese member of the alliance. Thanks to the efforts of AOM, AV1 has won widespread support in the industry and is being rapidly deployed to deliver a greater viewing experience.

To further boost the encoding efficiency, iQIYI independently developed an AV1 standard-based QAV1 encoder that significantly mitigates computation complexity and reduces the time required for encoding. As a result, the QAV1 encoder delivers smoother streaming of AV1 videos while allowing users to realize massive savings in data usage.

As ultra HD 4K and 8K videos are poised to enter a period of explosive growth, audiences have increasingly high demands for video quality. The development of AV1 and other new-generation video encoding standards will ensure sharpness and cost-effectiveness in video streaming platforms with limited bandwidth. It will also allow users to enjoy ultra HD videos while saving more data.

As a leading online video streaming platform in China, iQIYI will continue to work with members of AOM to build open, high-quality technical standards. The Company will collaborate with industrial partners, chipmakers, mobile phone vendors to expand the deployment of AV1 to more devices and deliver premium entertainment experiences to users.

About iQIYI, Inc.

iQIYI, Inc. is an innovative market-leading online entertainment service in China. Its corporate DNA combines creative talent with technology, fostering an environment for continuous innovation and the production of blockbuster content. iQIYI’s platform features highly popular original content, as well as a comprehensive library of other professionally-produced content, partner-generated content and user generated content. The Company distinguishes itself in the online entertainment industry by its leading technology platform powered by advanced AI, big data analytics and other core proprietary technologies. iQIYI attracts a massive user base with tremendous user engagement, and has developed a diversified monetization model including membership services, online advertising services, content distribution, live broadcasting, online games, IP licensing, online literature and e-commerce.

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Source: iQIYI, Inc.

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iQIYI to host Spring Online Screenings for Beijing International Film Festival

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BEIJING, April 30, 2020 /PRNewswire/ — iQIYI Inc. (NASDAQ: IQ) (“iQIYI” or the “Company”), the innovative market-leading online entertainment service in China, announced recently that it will be hosting spring online screenings (the “Screenings”) in partnership with Beijing International Film Festival (BIFF), allowing movie-goers to enjoy the film feast just a click away. The Screenings will run from May 1 to May 5, during which 32 films will be screened as part of five different segments. iQIYI will serve as the official streaming platform of the Screenings while Suike, a diversified video-sharing platform under iQIYI, is designated as a premier online video engagement community for the event.

The Academy-award winning film Marriage Story will serve as the Screenings’ opening film and be made available for limited online screening. Closing out the Screenings will be the Golden Globe-nominated film Bombshell, of which a Chinese-audio track developed by iQIYI and Shanghai Film Dubbing Studios will be made available for users to choose. The Academy-award winning film Judy will also be released for screening on May 1. Many international films from countries such as India, Italy, Spain, France, Ireland and the Philippines as well as Chinese art and indie films will also be screened as part of the Screenings. In addition, renowned director Chen Kaige, actor Tong Dawei and actress Tan Zhuo will also be invited as special curators to share their love and dreams in the movie world with fans. The festival program highlights iQIYI’s extensive content library and its operation capacity, as well as its efforts to introduce high-quality art films to the general public.

“We believe that online film screenings will help revitalize the passion that people have for film festivals during this special period. This includes activities such as getting tickets for films of interests or watching and discussing different films with people,” said Song Jia, General Manager of iQIYI Film Center. “The online format also helps us reach a wider audience base and expose our users to different film categories.”

The online film screenings will retain the same ticket purchasing practice as traditional film festivals, of which only a limited number of tickets are reserved for blockbuster films. Fans can make an appointment to purchase tickets online, and receive notifications when online sales start. Attendees can use the ticket, which can be conveniently saved online, to watch the movie. Meanwhile, the online film screenings will introduce a host of interactive features to optimize the movie-going experience. For example, before the Screenings, attendees can receive an exclusive invitation letter from the festival organizers to invite their friends to join together. And after a film ends, fans can generate an exclusive virtual movie poster to record their watching history on the online platform.

About iQIYI, Inc.

iQIYI, Inc. is an innovative market-leading online entertainment service in China. Its corporate DNA combines creative talent with technology, fostering an environment for continuous innovation and the production of blockbuster content. iQIYI’s platform features highly popular original content, as well as a comprehensive library of other professionally-produced content, partner-generated content and user generated content. The Company distinguishes itself in the online entertainment industry by its leading technology platform powered by advanced AI, big data analytics and other core proprietary technologies. iQIYI attracts a massive user base with tremendous user engagement, and has developed a diversified monetization model including membership services, online advertising services, content distribution, live broadcasting, online games, IP licensing, online literature and e-commerce.

Cision View original content:http://www.prnewswire.com/news-releases/iqiyi-to-host-spring-online-screenings-for-beijing-international-film-festival-301049928.html

Source: iQIYI, Inc.

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“Black Desert Mobile” Introduces Merchantry: A New System of World Trade

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SEOUL, South Korea, April 29, 2020 /PRNewswire/ — Pearl Abyss announced today the addition of Merchantry, a new system of world trade in Black Desert Mobile. Adventurers can take this opportunity to trade regional specialties across the in-game world for large amounts of silver and various rewards.

Black Desert Mobile Introduces Merchantry: A New System of World Trade
Black Desert Mobile Introduces Merchantry: A New System of World Trade

Adventurers can begin trading regional specialties through Trade Vendors found in each village. They need a carriage, a horse, and four workers available in their camp for Merchantry to begin. Camp workers that participate in Merchantry will gain EXP points and level up. Adventurers will also gain rewards for not only leveling up their camp workers through Merchantry but also for completing special events that occur during trade missions.

In addition, Pearl Abyss will be hosting the second season of “Black Desert Mobile World Championship – Ramoness.” Ramoness is a 3 vs 3 PvP mode in Black Desert Mobile where Adventurers can gain points by defeating opponents and destroying various objects. The team that earns the most points at the end of the match will be declared the winners and will be rewarded. 

The registration for this special tournament is now open with more details to come shortly. Adventurers who wish to participate are highly encouraged to start recruiting team members and preparing themselves to become the most powerful players in the world of Black Desert Mobile.

Visit Black Desert Mobile‘s official website for more information.

About Black Desert

Black Desert is Pearl Abyss’ open-world action MMORPG with cutting-edge visuals and skill-based combat that redefines the genre. With the most developed character customization system of any game currently on the market, users can break out of the norm and make unique characters that truly represent themselves. Its intuitive controls, beautifully designed world, and extensive lore will excite both newcomers and veterans of MMO games and action RPGs.  

About Pearl Abyss

Best known for the MMORPG franchise Black Desert, Pearl Abyss is a leading developer in the game industry. Established in 2010, Pearl Abyss has since developed Black Desert for PC, mobile, and console, and is developing Shadow Arena for PC and console. All of Pearl Abyss’ games are built on the company’s own proprietary engine and are renowned for their cutting-edge graphics. The company is also developing Crimson Desert, DokeV, and PLAN 8 and is poised to continue its growth through 2020 and maintain its position as one of Asia’s leaders in game development. More information about Pearl Abyss is available at: www.pearlabyss.com

Photo – https://photos.prnasia.com/prnh/20200428/2788377-1?lang=0

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Tencent Music Completed Investment in Radio Music, a Leading Music-for-business Provider in China

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SHENZHEN, China, April 28, 2020 /PRNewswire/ — Tencent Music Entertainment (TME) (NYSE: TME) announced it has completed an equity investment in Radio Music Warehouse, a leading music company that provides music streaming solutions to business use in China, on April 27. TME has also obtained a right to further increase its shareholdings to controlling stake in the company. Upon completion of the transaction, TME will provide Radio Music with access to a rich and diversified music library to meet the personalized demands of its customers. At the same time, TME will promote and distribute its high quality music content, via the hundreds of thousand offline spots in China that is using Radio Music’s in-store music solutions.

Through business investments and other methods, TME is contributing to the recovery of normal business operations in China from the COVID-19 pandemic.

“Radio Music has a professional music-for-business service system and comprehensive offline coverage resources. Through this investment, we will jointly explore music-for-business market to add value to our music ecosystem,” said Tony Yip, Chief Strategy Officer of TME. “TME will offer more diversified music content to resolve the challenge of a shortage of content for music solutions to business, and develop brand-new content promotion and distribution models in to provide a stage for artists and high-quality work everywhere. We also look forward to a strong synergy between music-for-business service and our existing online music and social entertainment services, to bring users a more professional, immersive music experience that drives the healthy development of the music-for-business industry and the music industry as a whole. “

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Tencent’s VooV Meeting now available in Malaysia, offering HD cloud conferencing services for enterprises

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  • Asiasoft Malaysia, China Construction Bank Malaysia and Green Packet Berhad are among the first in Malaysia to integrate VooV Meeting into their business routine to maintain seamless communications and collaboration with partners during the coronavirus pandemic
  • VooV Meeting provides extensive network across the globe with exceptional system stability especially in China like nobody else does
  • Integrated with WeChat’s ecosystem, VooV Meeting allows users to join meetings through WeChat’s mini program or direct dialing without the need to install the app

KUALA LUMPUR, Malaysia, April 27, 2020 /PRNewswire/ — To meet the growing demand for remote office and multi-country conferencing, Tencent Cloud, the cloud computing arm of Tencent, today introduces its cloud conferencing tool, VooV Meeting, in Malaysia, offering a high-definition, ultra-smooth and secure multi-person cloud conferencing solution. Enterprises can now seamlessly connect with their colleagues and business partners all over the world with VooV Meeting’s extensive network and stability. Furthermore, during the novel coronavirus outbreak, Tencent Cloud will provide global users with special complimentary access to VooV Meeting’s feature that connects up to 300 participants simultaneously.

Asiasoft Malaysia, China Construction Bank Malaysia (CCB Malaysia), and Green Packet Berhad (Green Packet), were among the first in the country to experience the use of VooV Meeting in order to maintain seamless communications and collaboration within their businesses as well as with external partners amid the recent coronavirus pandemic. Tencent also recently partnered with the United Nations for its 75th anniversary campaign, where VooV Meeting will be used in facilitating the largest global dialogue to date.

All these demonstrate the tool’s capability to offer smooth, stable and reliable cloud-based HD conferencing services for different business occasions.

“We are glad to gain the trust of these Malaysia partners in using our services for their business communications. Built on Tencent Cloud’s cutting-edge technology and Tencent’s experience in the internet, audio and video communications fields in the past 21 years, VooV Meeting can provide exceptional stable coverage globally, outperforming other industry players.” said Poshu Yeung, Vice President of Tencent International Business Group. “Meanwhile, ‘Value for Users, Tech for Good’ is Tencent’s guiding principle, and we strive to incorporate social responsibility into our products and services. By providing complimentary access to VooV Meeting and donating medical resources including masks to Malaysia, we hope to maximize our support to Malaysian enterprises and citizens amid the country’s movement control order.”

VooV Meeting is equipped with a number of practical and convenient features to help users improve efficiency for online conferences, including the integration with WeChat’s ecosystem which allows users to share meeting links through WeChat and to join meetings via WeChat’s mini program without the need to download any applications. It also has facial beautification and blurred background functions, screen-sharing with automated watermark and the use of HD image and high-fidelity processing algorithms to enhance video quality and minimize ambient noise and keyboard sounds, among other features.

Mr. Felix Feng, CEO of CCB Malaysia said, “We proposed the use of VooV meeting in CCB Malaysia as soon as the outbreak of COVID-19 began, as it underpins the good connection among cross-functionality teams, ensuring a smooth and collaborative work. More importantly, CCB Malaysia leverages VooV Meeting as a powerful tool to coordinate large sums of charity efforts, bringing up medical supplies and other trade in need to Malaysia over this challenging period.”

Mr. Joel Wong, VP of Customer Experience and Enterprise Agility from Green Packet commented “Since our government has issued the Movement Control Order as a COVID-19 pandemic countermeasure, the entire company has begun to work from home. To maintain business continuity and productivity, we have selected Tencent’s VooV Meeting app as our primary communications platform that enables us to maintain close communications and collaboration across our global offices and business partners. We find Tencent’s VooV Meeting app to be an extremely effective platform for communications and collaboration because of its ease of use, its extraordinary audio and video performance, and most importantly, its fundamental platform stability and security.”

Mr. Wong Jiann Hui,  technical director of Asiasoft Malaysia, said, “We adopt VooV meeting as our main tele-conferencing tool amid the pandemic as it could maintain quite a good connection even with a bad network. On top of that, features such as background blurring and AI makeup, among others, really fit well in a work-from-home setting, emphasizing a strong internet mindset in its product design.”

The underlying technology architecture of VooV Meeting is backed by the secure and reliable Tencent Cloud, which has multiple layers of protection in terms of business data, management protocols, network equipment and access policy. Tencent Cloud also recently acquired the Multi-Tier Cloud Security Standard (MTCS SS), proving its capability to provide the highest level of security to enterprise cloud users in Malaysia, Asia and around the world.  

Learn more about the features of VooV Meeting and download the desktop version at https://voovmeeting.com/.

Download the iOS or Android versions of VooV Meeting here
Download the iOS or Android versions of VooV Meeting here

Photo – https://photos.prnasia.com/prnh/20200427/2786927-1?lang=0