Sound Group Inc. Issues Letter to Shareholders

SINGAPORE, Jan. 31, 2024 (GLOBE NEWSWIRE) -- Sound Group Inc. ("Sound Group" or the "Company") (NASDAQ: SOGP), a global audio-centric social and entertainment company, today issued a letter to shareholders from its founder and Chief Executive Officer, Mr. Marco Lai.

Dear Shareholders,

In the blink of an eye, the Company is already celebrating the fourth anniversary of its listing. Despite persistent external challenges in 2023, we remain firmly committed to the Company's long-term trajectory. Over the past year, we have orchestrated a number of positive transformational initiatives across the Company, and have fully devoted ourselves to elevating operating efficiency and agility, driving product and business innovation, and actively fostering diversification within our portfolio.

Throughout 2023, global expansion remains our pivotal strategic objective. Toward this goal, we've delved deep into core markets across diverse regions, committed to building a distinctive moat of audio communication capabilities and bolstering product capabilities through the effective implementation of differentiated product strategies and in-house research and development of advanced technologies. In the meantime, we have persistently refined and optimized our growth strategies, fortifying user acquisition capabilities in multiple dimensions. In essence, we have pinpointed abundant opportunities in emerging markets, and we are fully confident in the Company's long-term development.

As we step into 2024, we are poised to propel the Company's globalization strategy with a fresh perspective. I am delighted to announce that last week, as approved at our shareholders' meeting, the name of the Company has officially changed from LIZHI INC. to Sound Group Inc., marking a momentous milestone in our global expansion. At the heart of this transformation is our profound passion for the audio sector and our absolute confidence in its development prospects. We will continue to sharpen our focus and efforts in this field and actively spearhead the globalization of the Company.

As echoed through the annals of human history, sound has played a crucial role in social and cultural interactions. With technological progress surging ahead, sound is set to emerge as a pivotal gateway for applications in the era of artificial intelligence. The future holds a plethora of audio-centric online interactions. To embrace this trend, we reaffirm the Company's audio-centric strategy for future business ventures.

Sound is a pivotal gateway for applications in the AI era

We believe that sound represents one of the most organic and natural channels of human communication. In the AI era, we strive to craft technology with a human touch, faithfully capturing the essence of humankind's natural communication. Turbocharged by the evolution of audio technologies, human-machine interactions will become ever more spontaneous and intuitive.

The future will thrive on the ubiquitous embrace of smart voice assistants. As audio tools proliferate, sound is integral to our daily lives. From smart speakers to smartphones, people are gradually becoming accustomed to human-device audio interactions. This upward trend will continue and position sound as the primary conduit for future interactions between AI-powered tools and humans. Audio technology serves as a powerful enabler of inclusive communication that transcends people's language, cultural, and technological barriers, facilitating their greater accessibility and integration into the digital society. Through sound, information flows more easily, boosting communication efficiency among organizations and fostering social cohesion worldwide.

Audio dialogue sparks wisdom

Throughout history, eminent philosophers and visionaries such as Socrates, Shakyamuni Buddha, and Confucius, among others, have disseminated and preserved their wisdom through dialogue. Audio dialogue cultivates a dynamic exchange of ideas, inspiring creativity and promoting innovative thinking beyond the confines of writing and text. For instance, through dialogue, ChatGPT elevates the wisdom of large language models and generative AI to new heights, greatly benefiting the wider society. With Sound Group Inc.'s in-depth engagement in the audio sector, we seek to cement the legacy of human wisdom cultivation.

In this dynamic new era, we are privileged to share in and embrace this transformation alongside you. Sound Group Inc. remains committed to augmenting shareholder value and propelling the application and advancement of audio technologies globally. We look forward to shaping a brighter future together with you.

We are grateful for your longstanding support. Sound Group Inc. is embarking on a new journey, ushering in a brighter tomorrow!

Sincerely,
Marco Lai
Founder and Chief Executive Officer of Sound Group Inc.
(Partly drafted by ChatGPT)

About Sound Group Inc.

Sound Group Inc. is a global audio-centric social and entertainment company driven by a clear mission and vision: building the world's largest audio platform to better connect and communicate. The Company is dedicated to shaping a future where audio not only bridges gaps but also amplifies human connection through the power of sound. Sound Group Inc. has been listed on Nasdaq since January 2020.

For more information, please visit: https://ir.soundgroupinc.com/

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, results of operations and financial condition; the expected growth of the online audio market; the expectation regarding the rate at which to gain active users, especially paying users; the Company's ability to monetize the user base; fluctuations in general economic and business conditions in China and overseas markets; the impact of the COVID-19 to the Company's business operations and the economy in China and elsewhere generally; any adverse changes in laws, regulations, rules, policies or guidelines applicable to the Company; and assumptions underlying or related to any of the foregoing. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the Securities Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

For investor and media inquiries, please contact:

Sound Group Inc.
IR Department
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E-mail: [e-mail]

Piacente Financial Communications
Jenny Cai
Tel: [phone]
Brandi Piacente
Tel: [phone]
E-mail: [e-mail]