Pop Culture Announces Improvement in Overall Operations During the Fiscal Year Ended June 30, 2024

Rhea-AI Summary

Pop Culture Group (NASDAQ: CPOP) reported strong financial results for FY2024 ended June 30, with total revenue reaching $47.38 million, up 56% year-over-year. The company's gross profit improved from -$3.66 million in FY2023 to $2.88 million in FY2024. Brand promotion services grew 310% YoY, contributing 83.6% of total revenue and 66% of gross margin. The company's MCN agency expanded to 122 KOLs with 45 million followers, securing partnerships with major brands like Coca-Cola. Their SaaS service partner signed agreements with 3,990 hip-hop dance campuses, serving nearly 250,000 students. The company also successfully organized concerts attracting over 60,000 attendees combined.

Positive

• Revenue increased 56% YoY to $47.38 million
• Gross profit improved from -$3.66M to $2.88M
• Brand promotion services grew 310% YoY
• Brand promotion contributed 83.6% of total revenue
• Expanded to 122 KOLs with 45 million followers
• Partnership secured with Coca-Cola
• SaaS service reached 3,990 dance campuses with 250,000 students

Negative

• None.

News Market Reaction

+5.74%

1 alert

+5.74% News Effect

On the day this news was published, CPOP gained 5.74%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

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.

View original content:https://www.prnewswire.com/news-releases/pop-culture-announces-improvement-in-overall-operations-during-the-fiscal-year-ended-june-30-2024-302309692.html

SOURCE Pop Culture Group Co., Ltd

FAQ

What was Pop Culture Group's (CPOP) revenue for fiscal year 2024?

Pop Culture Group reported revenue of $47.38 million for the fiscal year ended June 30, 2024, representing a 56% increase year-over-year.

How much did CPOP's brand promotion business grow in FY2024?

Pop Culture's brand promotion business grew by over 310% compared to the previous fiscal year, contributing 83.6% of total revenue.

What was CPOP's gross profit for fiscal year 2024?

Pop Culture Group's gross profit improved from negative $3.66 million in FY2023 to positive $2.88 million in FY2024.

How many KOLs and followers does CPOP's MCN agency have?

As of June 30, 2024, Pop Culture's MCN agency worked with 122 KOLs reaching approximately 45 million followers or viewers.