Chinese film studios expected to report losses, face further decline as audiences cut spending amid economic slowdown
- Box-office revenues across the country were down 2.7 per cent to 31 billion yuan in the first half
- Attendance contracted by 93 million, a fall of 10 per cent year on year
Chinese home-grown film studios are expected to report losses for the first half of 2019, as box office numbers and attendance decline for the first time in a decade amid a wider slowdown in the economy.
Box-office revenues across the country were down 2.7 per cent to 31 billion yuan (US$4.5 billion) in the first half, with home-grown movies contributing with only half, down from 60 per cent in 2018, according to Entgroup, China’ box office portal.
And the rot may afflict the second half too.
“I will not be surprised if the current deficit continues throughout the year,” said TJ Green, chief executive of Apex International Cinemas, which operates theatres with state-backed China Film Group, the country’s top film production house.
“The slowdown in China’s economy has definitely had some impact on consumers, who are tightening their belts when it comes to disposable income, which directly affects box-office revenues.”
