XIAMEN,
China, Nov. 19, 2024 /PRNewswire/ -- In the
fiscal year ended June 30, 2024, POP
CULTURE GROUP CO., LTD. ("Pop Culture," or the "Company," Nasdaq:
CPOP) continued to focus on its three business lines ——brand
promotion, event hosting, event planning and execution, actively
made efforts in the goal of comprehensive digitalization, and
achieved strong operating results. According to the Company's
annual report for the fiscal year ended June
30, 2024, the Company achieved consolidated total revenue of
over US$47.38 million, an increase of
56% year on year. Consolidated gross profits also increased from
negative US$3.66 million in fiscal
year ended June 30, 2023 to
US$2.88 million in fiscal year ended
June 30, 2024.
Brand promotion services. During the reporting period,
the Company's brand promotion business increased by more than 310%
over the same period of the previous fiscal year, providing 83.6%
of the total revenue, which helped the Company achieve an important
transformation from offline to online business. The Company's brand
promotion business includes online marketing and promotion,
trademark and logo design, visual identity system design, brand
positioning, brand personality design, and digital solutions for
service fees. It provided 66% of the total gross margin in the
current financial year. The expansion of the brand promotion
business will significantly improve the Company's profitability. In
this fiscal year, on the basis of the Company's original online
marketing promotion matrix, with the establishment and continuous
expansion of the CPOP multi-channel network ("MCN") agency under
Pop Culture, the output of core content has been increased. The
Company started to cooperate with key opinion leaders ("KOLs") to
conduct online promotion businesses in early 2023, with a combined
audience of approximately 45 million followers or viewers through
122 KOLs as of June 30, 2024.
Leveraging its large number of followers on social media and KOLs
in the hip-hop dance sector, the Company has developed a profitable
business model, and secured partnership with various household
brands including "Coca-Cola". The online marketing and promotion
business has developed rapidly and revenue has shown
growth.
Event hosting business. As the first company listed in
the U.S. specializing in hip hop culture, the Company has been
deeply engaged in the subdivision of hip-hop dance. In addition to
re-organizing the POPSPORTS division and building a
multi-dimensional and three-dimensional whole industry chain
ecosystem, the Company is committed to becoming the first brand of
SaaS service providers for sports and art education through the
development of digital operation platform for hip-hop sports chain.
By January 2024, the Company's SaaS
service partner Shenzhen JamBox has signed cooperation agreements
with more than 3,990 hip-hop dance campuses, with nearly 250,000
students.
Event planning and execution business and other services.
The Company has not only held concerts of famous artists such as
YuQuan in the past, but also
successfully released a number of digital collections under the
Company's "Digital Meta". As of June 30,
2024, this business has generated US$153,888 for the Company. In the current fiscal
year, with the Company's continuous investment and strategy, the
Company has also achieved milestone results in the fields of films,
concerts and short plays. The Company has continued its investments
in film and television projects such as "The Legend of the Condor
Heroes: The Legend of Qiao Feng "
and "The East is Invincible", which are expected to be successful
projects. In March 2024, the Company
planned, designed and held the "Super Music Hero" superstar concert
in Fuzhou, attracting more than
25,000 attendees. In June 2024, this
series of "Super Music Hero" concerts was held in Chongqing, attracting an audience of more than
35,000.
In 2025, the Company intends to increase investment in the
content creation and performing arts and entertainment. It is
expected that the overall revenue will increase substantially, and
the net profit and return on equity indicators will return to the
pre-pandemic level. The fiscal year ended June 30, 2025 will also be the end of the first
five years after the Company's listing on the Nasdaq Stock
Exchange. The Company will continue to uphold its core strategy,
focus on its main business and continue to make efforts in emerging
high-profit growth points such as brand promotion to promote the
Company's overall business performance to a new level.
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SOURCE Pop Culture Group Co., Ltd
