NEW YORK, March 04, 2024 (GLOBE NEWSWIRE) -- AB International Group Corp. (OTC: ABQQ) (“AB” or the “Company”), an intellectual property (IP) and movie investment and licensing firm, is pleased to announce update information that based on the information currently available to the Management, it is expected that the Company may record impressive revenues from Chinese market through participated films distributions.
AB reports excellent sales exceeding revenue forecasts for 2024 to date and release subsequent impressive annual future revenue projections.
THE CHINESE MOVIE INDUSTRY
AB is hopeful enjoying success within this vibrant and growing industry. According to CHINA DAILY reports: China's domestic film industry ends 2023 on a stable recovery note (China's domestic film industry ends 2023 on a stable recovery note - Chinadaily.com.cn) Having the year-on-year increase surpassing a stunning 83 percent, China has witnessed the domestic film industry ending on a robust and stable recovery note in 2023.According to the China Film Administration, the overall box office of 2023 has reached 54.915 billion yuan ($7.73 billion), far exceeding the 29.949 billion yuan raked in for 2022. Movie market scores new high during Spring Festival (Movie market scores new high during Spring Festival - Chinadaily.com.cn) Spring Festival ended on an uplifting note for the movie market this year as it shattered multiple previous records to become the highest-grossing Chinese New Year holiday in the history of domestic cinema. Statistics from the China Film Administration, the nation's top industry regulator, showed that during the holiday period from Feb 10 to Saturday, the country grossed a whopping 8.02 billion yuan ($1.12 billion) from 163 million tickets, surging 18.47 percent and 26.36 percent, respectively, compared with the same period last year.
AB estimates potential target revenue of second quarter of this FY $10.8m. Revenue target of $33 million by the close of the year, marking a pivotal milestone in the company's growth trajectory. This forecast reflects AB's confidence in its strategic direction and its unwavering commitment to delivering sustainable growth and shareholder value.
The projected revenue goal underscores AB's proactive approach in capitalizing on emerging market opportunities and leveraging its innovative product portfolio to expand its footprint in the industry. With a concerted effort to broaden its business partners base and enhance operational efficiency, AB is positioned to accelerate revenue growth.
The optimistic outlook for growth is underpinned by AB's robust financial performance and strategic initiatives geared towards driving top-line expansion. By prioritizing investments in research and development, expanding market penetration, and nurturing strategic alliances, AB is primed to attain its revenue objective and deliver enduring value to its stakeholders. Market analysts and investors are closely monitoring the Company’s progress as it advances towards its revenue forecasts. With a proven track record of innovation and an unwavering commitment to excellence, AB is well-equipped to seize market opportunities and sustain growth momentum in the foreseeable future.
2024 is destined to be full of substantial updates as AB continues to execute its growth and expansion strategy. Of note, the company has recently placed a $3 million investment in the distribution of two movies in China. One is slated for release in July, while the other is scheduled for the New Year Holiday, further demonstrating AB's commitment to expanding its presence in the Chinese Film Marketplace. More info to follow.
Additionally, the company will soon be announcing strategic alliances to better enhance their various online presences as well as improving upon and creating new, more efficient corporate proficiencies to better aid and support the company’s significant global ambitions.
About AB International Group Corp.
AB International Group Corp. is an intellectual property (IP) and movie investment and licensing firm, focused on acquisitions and development of various intellectual property. We are engaged to acquisition and distribution of movies. The Company engages operation movie theaters in NY into nationwide (www.abcinemasny.com). The online service will be marketed and distributed in the world under the brand name ABQQ.tv.
For additional information visit www.abqqs.com; www.abcinemasny.com and www.ABQQ.tv.
Forward-Looking Statements
This press release contains "forward-looking statements" that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements relating to changes to the Company's management team and statements relating to the Company's transformation, financial and operational performance including the acceleration of revenue and margins, and the Company's overall strategy. Because forward-looking statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the possibility of business disruption, competitive uncertainties, and general economic and business conditions in AB International Group markets as well as the other risks detailed in company filings with the Securities and Exchange Commission. AB International Group undertakes no obligation to update any statements in this press release for changes that happen after the date of this release.
Investor Relations Contact:
Charles Tang
(852) 2622 2891
corp@abqqs.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e60e5e99-5a01-465c-929c-545612535348
