Data shows that in 2024, both the box office revenue and number of moviegoers in mainland China experienced a significant decline compared to the previous year. Recently, nearly 8,000 cinemas in the mainland have lowered ticket prices. Some producers have indicated that in the current economic environment, movies are no longer a rigid demand.
According to a report from January 6th by Quketech, data reveals that since January 2nd, over 70% of cinemas in China – nearly 8,000 establishments – have reduced ticket prices for films. The price reduction measures by cinemas aim to attract more audiences to visit theaters and watch movies.
China Aviation Securities stated that due to factors such as limited film supply and market sentiment, the film market in 2024 faced some pressure.
Based on data from the professional version of “Dengta,” the box office revenue in 2024 reached 41.9 billion Chinese Yuan, a decrease of 13 billion from 2023, with a drop of 300 million in the number of moviegoers. For example, during the Dragon Boat Festival period, the number of moviegoers was less than half of that in 2019.
According to statistics from the movie data platform “Maoyan,” a total of 493 domestic movies were released in mainland China in 2024, with only 67 movies breaking the billion mark at the box office. The vast majority of domestic films suffered major losses.
Renowned director Huang Jianxin from China has mentioned the phenomenon of the “lipstick effect” malfunctioning in today’s society. The lipstick effect refers to the situation where, during a financial crisis, consumers abandon high-priced luxury goods and are more willing to buy low-priced luxury items. Watching movies is considered a relatively low-cost form of entertainment for the general public.
In a report by “Yicai,” producer Chen Caiyun previously expressed in an interview that in the current economic environment, movies are not considered a fundamental necessity, and cultural consumption naturally takes a back seat.
Furthermore, analysis points out that the pandemic has caused a rupture in the film industry’s financial chain. However, external capital began to withdraw from the film industry as early as 2018. The film industry’s significant debt problems have severely impacted production capacity.