XIAMEN, China, Nov. 24, 2021 /PRNewswire/ — Pop Culture Group Co., Ltd ("Pop Culture" or the "Company") (Nasdaq: CPOP), a hip-pop culture company in China, announced today that the Company had won the tender for Hanfu Cultural Festival (the "Festival") put out by Migu Comic Co., Ltd ("Migu Comic"), a digital content provider that operates the app Migu Quanquan. Migu Quanquan promotes Hanfu (traditional styles of clothing worn by the Han people in China) culture and provides Hanfu fans with a one-stop service of various Hanfu culture related activities. The Company expects to provide customized services for the Festival, including online and offline special event planning, event execution, and app promotion.
According to a report by iiMedia Research, the sales of Hanfu in China surged from RMB190 million (approximately US$29.7 million) in 2015 to RMB6.36 billion in 2020 (approximately US$1 billion). The Hanfu market is projected by iiMedia Research to grow significantly, as the sales are expected to exceed RMB10 billion (approximately US$1.6 billion) in 2021. As of the end of 2020, the number of Hanfu merchandizers had grown to over 1,500 in China, despite the impact of the COVID-19 pandameic. The "2020 Hanfu Consumer Trend Insight Report" released by CBNData and Tmall.com shows that the number of consumers who had purchased Hanfu on Tmall.com reached 18 million and the number of potential consumers of Hanfu reached 415 million. For more information about the reports by iiMedia, CBNDate and Tmall.com, please visit the website at https://www.iimedia.cn/c460/79715.html and https://www.cbndata.com/report/2218/detail?isReading=report&page=1.
Mr. Zhuoqin Huang, Chairman and Chief Executive Officer of Pop Culture, commented, "As a long-term partner of Migu Comic with extensive event planning experience and execution capabilities, we are a good match for undertaking the Festival. Both Migu Comic and Pop Culture focus on street dance and trendy culture content operations, so this undertaking is anticipated to establish a solid foundation for the strategical cooperation. Through our extensive experience in producing content, leveraging media resources, and planning events, we believe that Pop Culture has the capability to provide an in-depth analysis of market demand and strategical cross-industry cooperation, as well as expanding the user pool to improve the brand awareness of Migu Comic’s app, Migu Quanquan, a mobile social entertainment platform that integrates trendy and creative short videos, live broadcasts, animation works, and e-commerce."
About Pop Culture Group Co., Ltd
Headquartered in Xiamen, China, Pop Culture Group Co., Ltd is a hip-hop culture company. The Company aims to promote hip-hop culture and its values of love, peace, unity, respect, and having fun, and to promote cultural exchange with respect to hip-hop between the United States and China. With the values of hip-hop culture at its core and the younger generation as its primary target audience, the Company hosts entertainment events, operates hip-hop related online programs, and provides event planning and execution services and marketing services to corporate clients. The Company has in recent years focused on developing and hosting its own hip-hop events. For more information, visit the Company’s website at http://ir.popinter.cn/.
About Migu Comic Co., Ltd
Headquartered in Xiamen, China, as the operating entity of China Mobile in the field of comics, Migu Comic Co., Ltd ("Migu Comic") focuses on five major areas, including content production and distribution, derivatives production and sales, channel operation and promotion, e-commerce, and capital operation, with the core of mobile Internet ACGNM (animation, comics, games, novels and music) and short video content operation, and endeavors to outperform traditional animation in terms of distribution mode, editing method, dissemination speed and channel coverage. Migu Comic’s main business has expanded from business income sharing with content partners to diversified income from copyright, performing arts and derivatives sales, and it has been a prominent presence in the complete animation and comic industry chain, from creation, distribution, performing arts, festivals, digital derivatives to physical derivatives, and has been successful in exploring and realizing forward and backward profit models, and cooperation with upstream and downstream industries to build a new cultural entertainment industry ecology for mobile Internet. Migu Comic has nearly 2,000 partners, covering most of the first-line cartoonists and studios, with 470,000 sets of genuine cartoon works online and over 4,800 authorized cartoon images. For more information, visit the Company’s website at https://www.migu.cn/.
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties, including the further spread of the COVID-19 virus or new variants thereof, or the occurrence of another wave of cases and the impact it may have on the Company’s operations and the demand for the Company’s services, and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and its other filings with the SEC.
For more information, please contact:
Pop Culture Group Co., Ltd
Investor Relations Department
Ascent Investors Relations LLC
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