China's film industry celebrated a remarkable milestone this Spring Festival, as daily box office revenue soared to an unprecedented 1.805 billion yuan ($249 million) on Wednesday, the first day of the Chinese New Year.
An impressive 35.15 million moviegoers flocked to cinemas across the country, with both box office earnings and audience numbers surpassing previous records set during the 2021 Chinese New Year, according to the China Film Administration (CFA).
The Spring Festival holiday, one of China's most lucrative movie-going seasons, extends from January 28 to February 4 this year, offering an extra day compared to previous years. This extended holiday has provided an ideal opportunity for the release of new films, drawing large crowds eager to enjoy the cinematic experience.
Leading the box office were six domestic films that premiered on Wednesday, spanning a diverse array of genres including Chinese mythology, wuxia (martial arts and chivalry), comedy, fantasy, animation, and drama. This variety caters to a wide range of audience preferences, contributing to the robust ticket sales.
Financial analysts have taken note of this success. Huajin Securities highlighted that these new releases cover diverse genres, appealing to various audience groups. Many of the films are installments in well-established franchises with strong reputations and dedicated fan bases, further driving their popularity.
In an effort to bolster the film industry and stimulate consumer spending, the CFA has encouraged relevant institutions to allocate approximately 600 million yuan in moviegoing consumption subsidies since December last year. Analysts believe this initiative aims to unlock the full consumption potential of moviegoers during the festive season.
Looking ahead, Kaiyuan Securities predicts that total box office takings will see a 6.7 percent year-on-year increase, reaching 8.54 billion yuan during the 2025 Spring Festival holiday. This optimistic outlook reflects confidence in the sustained growth of China's film industry and its ability to captivate audiences.
Reference(s):
China sees new daily box office revenue record during Spring Festival
cgtn.com
