According to the latest data, China’s box office revenue in 2024 decreased by nearly one-fourth compared to the previous year, dealing another heavy blow to the domestic film industry, which has not fully recovered from the impact of the pandemic. Various factors, including economic downturn, contributed to the sharp decline in box office earnings.
On December 31, the State Administration of Radio, Film and Television of the People’s Republic of China released data showing that the total box office revenue for 2024 amounted to 42.502 billion yuan (5.82 billion US dollars), a decrease of 22.6% from 54.915 billion yuan in 2023. Domestic film box office revenue plummeted by 27.3% compared to 2023. Throughout 2024, the total number of moviegoers in urban cinemas was 1.01 billion, down from 1.299 billion a year earlier.
In 2024, China co-produced 612 feature films, which is fewer than the 792 produced in 2023. The quantity of film production also decreased from the previous year. The decline in the number of films reflects a reduction in investment and output capacity within the Chinese film industry.
According to Maoyan Professional Edition, the total number of moviegoers in China in 2024 was 1.007 billion, a 22% year-on-year decline; with a total of 143 million screenings, a 10% increase year-on-year. Despite the average ticket price of 42 yuan remaining relatively stable, over 13 million more screenings were held during the year, yet the number of moviegoers decreased by 291 million.
Data released by Maoyan on Christmas Day indicated that on Christmas Eve, box office revenues in China hit a new low not seen in at least 13 years, less than a quarter of the figures in 2023.
Reports from mainland media indicate that in 2024, only 67 films broke the 100 million yuan mark at the box office, with most being financial failures. One film at the bottom of the list only sold tickets amounting to 85 yuan and was taken down by theaters after just one day, jokingly referred to as staging a “Movie Theater Day Trip”.
Reuters reported that the decline in box office revenues can be attributed to multiple factors, including a decrease in the number of feature films, competition from online platforms like web series, and the overall economic slowdown in China.
As the Chinese authorities tighten regulations on film and television works, the sharp decrease in the number of registered series poses a challenge to the survival of small and medium-sized companies in the film and television industry. With significantly reduced budgets and projects being axed, short dramas have become one of the ways for some production companies to “break out”.
Industry estimates project that the Chinese market for short dramas in 2024 will reach 50.44 billion yuan, a 34.90% increase year-on-year.
The popularity of short dramas can be attributed to the fact that they, to a certain extent, reflect the social psychology of contemporary Chinese youth. In modern society, young people face immense pressures from work and life. The plots and dialogues in short dramas often inadvertently resonate with young viewers, offering a release for their emotions and providing a sense of self-identification.
The economic downturn and people tightening their wallets are among the reasons contributing to the sluggish recovery of the film industry. According to a report by “First Financial,” producer Chen Caiyun previously mentioned in an interview that in the current economic environment, films do not represent a necessity but rather fall into the category of cultural consumption, which naturally ranks lower in priorities for people.