China's film industry has reached a new pinnacle as daily box office revenues hit a record high on Wednesday, the Spring Festival, also known as Chinese New Year. The day's earnings soared to an impressive 1.805 billion yuan ($249 million), according to the China Film Administration (CFA).
An astounding 35.15 million moviegoers flocked to cinemas across the country, surpassing previous records set during the 2021 Chinese New Year. This surge highlights the growing enthusiasm for domestic films and the importance of the Spring Festival as one of China's most lucrative movie-going seasons.
This year's Spring Festival holiday extends from January 28 to February 4, one day longer than in previous years, providing an extended opportunity for audiences to enjoy the latest cinematic offerings.
Leading the box office are six newly released domestic films that debuted on Wednesday. These films span a diverse array of genres, including Chinese mythology, wuxia (martial arts and chivalry), comedy, fantasy, animation, and drama. This variety caters to the varied tastes of China's vast audience.
Huajin Securities observed that these releases not only offer genre diversity but also include installments of highly acclaimed franchises with substantial fan bases. The strong reputations of these series contribute significantly to their box office success.
To further stimulate the film market, the CFA has encouraged institutions since December to allocate approximately 600 million yuan in movie-going consumption subsidies. Analysts believe this initiative aims to unlock the full consumption potential of Chinese audiences.
Looking ahead, Kaiyuan Securities predicts that total box office revenues will see a 6.7 percent year-on-year increase, reaching 8.54 billion yuan during the 2025 Spring Festival holiday.
Reference(s):
China sees new daily box office revenue record during Spring Festival
cgtn.com
