Pop Culture Group Co., Ltd (“Pop Culture” or the “Company”) (Nasdaq: CPOP), a hip-pop culture company in China, announced today that, for the purpose of developing its Software-as-a-Service (“SaaS”) system to accelerate digital transformation, the Company entered into a letter of intent for strategic cooperation (the “LoT”) on August 17, 2021 with Shenzhen HipHopJust Information Technology Co., Ltd. (“HIT”), an innovative company engaging in third-party services for dance events and Internet information services for the dance industry.
Pursuant to the LoT, both parties agreed to jointly develop a SaaS system to serve street dance organizations and enterprises, promote the development of the street dance industry, and build bridges between governments and enterprises in the street dance industry, so as to cultivate more street dance talents for the upcoming Paris 2024 Olympics.
This cooperation aims to integrate channels, technologies, talents, and other resources accumulated by the Company and HIT in the street dance industry during the years, and leverage the advantages of such an integration. Moreover, both companies expect to further optimize and promote open management systems and event live broadcast and event information platforms for street dance chains, with the goal of building a SaaS system specifically designed for street dance chains. The companies expect the SaaS system to help dance organizations quickly and conveniently handle routine work, reduce labor costs, and monitor operation results anytime and anywhere.
Mr. Zhuoqin Huang, Chairman and Chief Executive Officer of Pop Culture, commented, “We believe our cooperation will assist HIT in its street dance content operation and help us build our SaaS system for street dance chains. We expect our SaaS system to effectively help dance studios simplify operations, reduce operating costs, and speed up development. With the countdown to the Paris Olympics, the commercial value of the street dance industry is becoming more promising in the Chinese market. We look forward to tapping the huge economic potential of street dance market together with HIT and helping each grow in the future.”
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