Mega Matrix Corp. Announced that FlexTV Formed the Strategic Cooperation with TopReels, the leading short drama platform in South Korea

PALO ALTO, Calif., May 24, 2024 /PRNewswire/ -- Mega Matrix Corp. ("MPU" or the "Company") (NYSE:MPU), today announced that Yuder PTE, LTD, the Company's indirect majority-controlled subsidiary and operator of FlexTV, has formed a strategic cooperation with Foxmedia Co., Ltd., 100% controlled subsidiary of Neorigin Co.(KOSDAQ: 094860) and the operator of TopReels, the leading short drama platform in South Korea.

The Company and Neorigin Co. will jointly establish a $10 million content fund aimed at promoting joint investments, production, and distribution of original short drama projects. MPU COO Steven Gao, FlexTV CEO Zhenjun Cao, NEORIGIN CFO Jimmy Liu, and TopReels head Ryan Jeong attended the signing ceremony. This collaboration signifies that FlexTV and TopReels will engage in an in-depth partnership in the Korean market to create and deliver high-quality original short drama content, thereby enhancing the quality of the short drama platform.

FlexTV, as a short drama platform, has attracted the users from over 100 countries worldwide due to its deep insights into user needs and continuous innovation in content production. Its hit drama "Mr. Williams! Madame Is Dying" has drawn a large number of paying viewers from the U.S. and Europe markets. Future short drama productions will continue to feature exciting plot designs and outstanding visual effects. Currently, FlexTV's target is to become the global leader in short drama platforms. The strategic cooperation with TopReels will help FlexTV expand its content variety, create premium productions, replicate those with million-dollar potential, and enhance its global influence.

Mr. Yucheng Hu, CEO of Mega Matrix Corp. said, "In this era, changes in users' vertical screen consumption habits bring about new product opportunities, and the global short drama market holds high growth and high expectation potential. The European and American markets offer a broader range of topics and a strong user base accustomed to paying for content. For short dramas to go global, a robust content supply chain must be established to continuously provide users with high-quality content. TopReels has a stable content supply capability, and this strategic partnership is a critical step for FlexTV in building an overseas content ecosystem. It will help further increase content reserves, broaden content categories, and enhance global influence."

TopReels head Ryan Jeong remarked: "Currently, Chinese short dramas, as a new type of film and television content, are sparking a wave of 'CEO romance dramas' worldwide, driven by the shared emotional expressions in Eastern and Western cultures. The strong alliance between TopReels and FlexTV is timely. This collaboration will fully leverage TopReels' high-quality production resources and capabilities in Korea, adding more original categories and producing more premium global content."

About Mega Matrix: Mega Matrix Corp. (AMEX:MPU) is a holding company and operates FlexTV, a short-video streaming platform and producer of short dramas, through Yuder Pte, Ltd., an indirect majority-controlled subsidiary of Mega Matrix. Mega Matrix is a Delaware corporation headquartered in Palo Alto, CA. For more information, please contact [email protected] or visit: http://www.megamatrix.io.

About NEORIGIN：Neorigin Co. (KOSDAQ: 094860) is a diversified global enterprise, with its main business areas encompassing IP operations, game distribution, short dramas, and cross-border e-commerce. With strong global distribution capabilities covering over 150 countries, NEORIGIN identifies and acquires IPs with market value for operation. The company has global distribution experience for games such as Fantasy Babies, Desperate Housewives, and My Own Angel. By acquiring the original IPs of Luna and Fantasy Babies, NEORIGIN has expanded its game portfolio. Additionally, the short drama and e-commerce platform businesses will significantly enhance the company's value. https://www.neorigin.com/

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements that are purely historical are forward looking statements. 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 for 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 future acquisitions; ability to grow and expand our FlexTV business; ability to execute the strategic cooperation with TopReels, 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 the Company's profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic; ; 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; and the possibility that the Company's new lines of business may be adversely affected by other economic, business, and/or competitive factors. The forward-looking statements in this press release and the Company's future results of operations are subject to additional risks and uncertainties set forth under the heading "Risk Factors" in documents filed by the Company with the Securities and Exchange Commission, including the Company's latest annual report on Form 10-K, and are based on information available to the Company on the date hereof. In addition, such risks and uncertainties include the Company's inability to predict or control bankruptcy proceedings and the uncertainties surrounding the ability to generate cash proceeds through the sale or other monetization of the Company's assets. 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. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release.

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