XIAMEN,
China, May 8, 2024 /PRNewswire/ -- In 2023, Pop Culture Group Co., Ltd. ("Pop
Culture," or the "Company," stock code: CPOP) unveiled its plan of
conducting digital collection sales through its own WeChat account.
According to the interim financial report for the six months ended
December 31, 2023 released by the
company, the second half of 2023 witnessed an increase in its
overall operational performance. For the six months ended
December 31, 2023, the Company
recorded consolidated revenues of approximately $24 million, representing an increase of
$12.75 million compared to the
corresponding period of the previous fiscal year, reflecting a 113%
year-on-year growth. Additionally, the Company's consolidated gross
profit for the six months ended December 31,
2023 increased from a deficit of $2.34 million in the six months ended
December 31, 2022 to gross profits of
$1.78 million in the six months ended
December 31, 2023.
Brand promotion services. During the six months ended
December 31, 2023, Pop Culture
experienced a growth in its online brand marketing and promotion
business, which increased by over 280% compared to the same period
of the previous fiscal year. In the six months ended December 31, 2023, based on the existing online
marketing and promotion matrix, Pop Culture achieved a continuous
increase in its core content production with the establishment and
strengthening of its CPOP MCN business. As of December 31, 2023, the Company's CPOP MCN agency
boasted 176 key opinion leaders (KOLs) with a combined fan base
exceeding 70 million. By leveraging its fan base and vertical KOL
channels, the Company has developed its multi-channel network
("MCN") business. Due to the growth in online marketing and
promotion, the Company's achieved a revenue increase. Revenue for
brand promotion increased by 280% from US$5.56 million for the six months ended
December 31, 2022 to US$21.14 million for the six months ended
December 31, 2023, primarily
attributable to their cooperation with KOLs and the trend of
increasing in advertisers' online promotion budgets.
Event hosting business. The Company operates in the niche field
of street dance. A digitized operational platform for street dance
was launched via WeChat, aiming to be a leading brand among SaaS
providers in the field of sports and arts education. Revenue for
event hosting decreased by 8% from US$2.18
million for the six months ended December 31, 2022 to US$2.01 million, primarily due to the trend of
online promotions and the economic downturn in general in
China.
Event planning and execution business and other services. Event
planning and execution remains a core business for Pop Culture,
with a track record of hosting concerts for renowned artists such
as Yu Quan and Li Yundi. Revenue for event planning and
execution decreased by 88% from US$3.14
million for the six months ended December 31, 2022 to US$0.38 million for the six months ended
December 31, 2023, primarily due to
the trend of online promotions and the economic downturn in general
in China.
With continuous investment and strategic positioning, the
Company has achieved certain milestones in the four business
segments listed above. The Company expects that its business
expansion and growth will also be driven by business operations in
certain film and television projects, including "The Legend of the
Condor Heroes: The Legend of Qiao
Feng" and "The Legend of the Swordsman", the staging of
"Superstar Concert" series as scheduled. The company anticipates
comprehensive development in both entertainment and street dance
sectors throughout the forthcoming fiscal year of 2024. CEO
Huang Zhuoqin remarked, "In 2024,
street dance joined the Olympic Games for the first time, which
stands as the pivotal year for our Company's growth."
View original
content:https://www.prnewswire.com/news-releases/pop-culture-announces-improvement-in-overall-operations-during-the-six-months-ended-december-31-2023-302139603.html
SOURCE Pop Culture Group Co., Ltd
