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China’s movie market booms ahead of Spring Festival

China

China

China

China’s movie market booms ahead of Spring Festival

2025-01-22 05:52 Last Updated At:07:27

China's movie market is heating up as the Spring Festival approaches, with the 2025 ticket pre-sales breaking records and fueling expectations for a remarkable box office performance.

The Spring Festival, which marks the start of a new year on the Chinese lunar calendar, is the biggest annual holiday in China, when people across the country return to their hometowns for celebrations and family reunions. This year, the Chinese New Year's Day falls on Jan 29, ushering in a Year of the Snake.

The pre-sale box office for the Spring Festival film season had surpassed 200 million yuan (about 27 million U.S. dollars) by 09:16 on Monday since the pre-sale began on Sunday. It set a record for the pre-sale box office for the Spring Festival film season to reach 200 million yuan at a fastest-ever speed in the history of China's film industry.

By 16:50 on Tuesday, the pre-sale revenue had exceeded 300 million yuan (about 41 million U.S. dollars). This year's film lineup is notably more diverse than last year's, with genres spanning martial arts, mythology, animation, suspense and action.

Many blockbusters have maintained their base ticket prices from last year. With subsidies from local governments, filmmakers and ticket platforms under the guidance of the China Film Administration, ticket prices have become more affordable. Some theaters are offering multiple films for as low as 19.9 yuan (about 2.72 U.S. dollars) per view.

"From the ticket buyer structure, we observed that more than a quarter of the viewers on the first day of pre-sales were in groups of three or more. This represents a five percent increase from that of the corresponding day of last year, suggesting that this year's films are more appealing for family viewings," said Wang Shu, a film data analyst.

This year's Spring Festival films are entirely domestic productions, including several based on popular Chinese IPs, which come with an established fan base and strong reputations.

For example, "Nezha 2", the sequel with the highest pre-sale box office, is based on the Ming Dynasty (1368-1644) novel "Fengshen Yanyi," or "The Investiture of the Gods," the same book that inspired "Creation of the Gods II: Demon Force."

The sequel "Nezha 2", six years after the first film, highlights the filmmakers' dedication to storytelling, which is key to the ongoing growth of China's film industry.

"I'm looking forward to 'Creation of the Gods II: Demon Force', 'Nezha 2', and 'Detective Chinatown 1900'. It feels like a continuation. After watching the first movie, we are curious to see how the second one will unfold. With improved content and special effects, it's going to be a completely different experience," Pan Chao, a viewer.

Films with traditional Chinese elements are becoming increasingly popular, reflecting the audience's growing recognition of and confidence in traditional Chinese culture.

China-chic, also known as "Guochao", is a fashion trend featuring modern designs mixed with traditional cultural elements.

"The influence of China-chic on the movie market is significant, no matter whether they come to traditional Chinese culture or patriotism. When films carry China-chic significance, I believe more people will go to the cinema not just for the movies, but also for an experience and recognition of Chinese culture," said Wei Pengju, director of the Institute of cultural economics at the Central University of Finance and Economics.

Relying solely on traditional cultural elements to attract moviegoers is not enough. High-quality production is also crucial, supported by the rapid development of China's cultural industry.

At the China Movie Metropolis in Qingdao City of east China's Shandong Province, the filming location for "Creation of the Gods II: Demon Force," advanced production techniques have enhanced the film's visual effects and action sequences, creating a spectacular viewing experience.

"The extensive application of such technologies as AI-generated content, or AIGC, have helped restructure a modern communication system, from pre-production and filming to post-production and viewing," said Hu Ruiyan, deputy director of the Film and Television Industry Development Center in the Qingdao West Coast New District.

In addition to production upgrades, cinema equipment and configurations have also been improved.

Last year, box offices in third- and fourth-tier cities accounted for 40 percent of the total revenue, with 4,658 new screens added to urban cinemas, bringing the total to over 90,000. Special-effect theaters grossed over 3 billion yuan (about 410 million U.S. dollars), contributing 7.2 percent of the total box office with only 2.7 percent of the screenings. The increase in screens and improved effects have further fueled consumer enthusiasm.

The box office during this year's Spring Festival is expected to exceed 8.5 billion yuan (about 1.2 billion U.S. dollars), potentially setting a new record.

In 2024, China's film industry entered a period of adjustment, with a slight decrease in the box office revenue. However, with the arrival of the holiday season and consumer-boosting activities, the market has shown signs of recovery.

In November last year, China's total box office reached 1.177 billion yuan (about 161 million U.S. dollars), marking an 11.4 percent year-on-year increase and signaling a return to growth after a slump lasting over six months. The ongoing pre-sale surge not only boosts revenue but also revitalizes various sectors of the film industry, from production companies and cinemas to equipment suppliers and merchandising.

"Although the ticket pre-sales set a new record by surpassing the threshold of 100 million yuan (about 14 million U.S. dollars), I think the true significance lies in the synergy between cultural development and economic growth. This synergistic effect will contribute to the stronger, more sustainable and competitive development of Chinese film industry," said Wei Pengju.

China’s movie market booms ahead of Spring Festival

China’s movie market booms ahead of Spring Festival

China’s movie market booms ahead of Spring Festival

China’s movie market booms ahead of Spring Festival

U.S. stocks finished slightly higher on Monday, staging a late-session recovery as investors navigated a volatile landscape marked by a criminal probe into the Federal Reserve leadership.

The Dow Jones Industrial Average rose 86.13 points, or 0.17 percent, to 49,590.2. The S&P 500 added 10.99 points, or 0.16 percent, to 6,977.27. The Nasdaq Composite Index increased by 62.56 points, or 0.26 percent, to 23,733.9. Despite the positive close, the market experienced significant intraday turbulence, with the Dow dropping nearly 500 points at its session lows.

Nine of the 11 primary S&P 500 sectors ended in positive territory. Consumer staples and industrials led the gainers, rising 1.42 percent and 0.75 percent, respectively. Financials and energy were the primary laggards, declining 0.8 percent and 0.66 percent.

Market sentiment was initially shaken by an announcement on Sunday from Fed Chair Jerome Powell, who confirmed that federal prosecutors are investigating him over the Fed's multi-billion-dollar project to renovate its headquarters. Powell characterized the probe as an attempt by the Trump administration to compromise the Fed's independence.

Further weighing on the financial sector was a proposal by U.S. President Donald Trump to cap credit card interest rates at 10 percent for one year, which triggered a sell-off in banking stocks amid concerns over restricted lending and reduced profitability. Capital One shares plummeted 6.42 percent, while Citigroup, JPMorgan and Bank of America also recorded losses.

In contrast, retail giant Walmart led the Dow's advance, climbing 3 percent following news of its upcoming inclusion in the Nasdaq 100 index. The company also announced a strategic partnership with Google's Gemini AI to enhance the digital shopping experience.

Investors are awaiting Tuesday's release of the U.S. consumer price index for December 2025. Following last week's cooling labor market data, market participants increasingly expect the Fed to maintain interest rates at their current levels during the upcoming January meeting.

U.S. stocks close higher amid criminal probe into Fed chair Powell

U.S. stocks close higher amid criminal probe into Fed chair Powell

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