Pop Culture Group Co. Ltd Reports Fiscal Year 2022 Financial Results.

XIAMEN, China: Pop Culture Group Co., Ltd ("Pop Culture" or the "Company") (Nasdaq: CPOP), a hip-pop culture company in China, today reported its financial results for the fiscal year ended June 30, 2022.

Fiscal Year 2022 Financial Highlights

Total revenue was $32.28 million, an increase of 26% from $25.53 million in fiscal year 2021.

Revenue from event hosting was $14.71 million, a decrease of 2% from $14.98 million in fiscal year 2021.

Revenue from brand promotion was $8.73 million, an increase of 1,064% from $0.75 million in fiscal year 2021.

Revenue from event planning and execution was $8.42 million, a decrease of 8% from $9.20 million in fiscal year 2021.

Gross profit was $6.25 million, a decrease of 14% from $7.22 million in fiscal year 2021.

Net income was $0.69 million, compared with $4.27 million in fiscal year 2021.

Basic and diluted earnings per share were $0.04, compared with $0.25 in fiscal year 2021.

Fiscal Year 2022 Operational Highlights

The Company's concerts and hip-hop events generated an aggregate attendance of 203,233 during the fiscal year ended June 30, 2022.

The Company's online hip-hop programs generated over 210 million views during the fiscal year ended June 30, 2022.

The Company served 21 clients in 56 events with respect to event planning and execution during the fiscal year ended June 30, 2022.

Mr. Zhuoqin Huang, Chairman and Chief Executive Officer of Pop Culture, commented, "We continued to deliver recorded performance during fiscal year 2022, as our revenue reached $32.28 million, representing an increase of 26% from fiscal year 2021, despite the challenging and uncertainty macroeconomic headwinds. Our brand promotion business generated an increase of 1,064% in revenue from fiscal year 2021. Our strong financial performance during this year reflected the continued success of our high-quality services to help clients achieve their goals, our expertise and deep understanding of hip-hop culture, and our strong capabilities to meet the needs of our clients."

Mr. Huang continued, "We developed several strategic initiatives to gain competitive edges on the market. We aim to benefit more street dance organizations through our software-as-a-service (SaaS) platform. There were over 60,000 students using the SaaS platform provided by our subsidiary, Shenzhen Jam Box Technology Co., Ltd., as of June 30, 2022, and we expect to continue to upgrade the SaaS platform, implement horizontal growth strategy, and further provide services to companies from the education and training industry. Also, the development of metaverse-related business remains our priority, we will continue to make investment in metaverse-related business to provide a comprehensive of hip-hop experience to users. Looking forward, we aim to leverage the strengths of our intellectual property portfolio and services to strengthen our existing customer base, attract new customers, and enhance our market position. We...