CBN Special丨Lights, Camera, Action! A dynamic 2024 in the Chinese cinema sphere

2025年01月10日 19:53 21世纪经济报道 21财经APP 李莹亮

China's film industry closed 2024 with a total box office revenue of 42.5 billion yuan, according to data from the National Film Administration.

Compared with 2023's 54.9 billion yuan, box office revenue has slumped by almost a quarter. Of that, box office revenue of domestic films totaled 33.44 billion yuan, plunging 27.3% from 46 billion yuan in 2023.

The year was a roller-coaster ride, starting with an upbeat Spring Festival peak that reaped 8 billion yuan in takings, topping previous periods and accounting for nearly one-fifth of ticket revenue for 2024.

However, the May Day, summer vacation and National Day holiday periods, only slightly surpassed, or even fell below, earnings for 2023.

But it wasn't just about the money: 1.01 billion moviegoers flocked to the theaters, creating a wave of enthusiasm that swept across the nation.

Despite the revenue decline, the Chinese film market staged a vibrant show in 2024, bustling with activity and brimming with surprises.

Domestic films were the clear champions, gobbling up 78.68% of the total box office pie, which translated to a staggering 33.44 billion yuan. Among the over 70 films that breached the 100-million-yuan revenue mark, a whopping 55 were homegrown productions.

Comedy emerged as the darling of the 2024 film scene. The top three highest-grossing films, Yolo, Pegasus 2 and Successor, were all laced with comedic charm. Each of these films pocketed over 2.4 billion yuan, and together, they led the charge in a comedy-dominated year. The total box office of comedy films in 2024 was over 20 billion yuan, almost half of the entire market share.

Unlike 2023, where all 10 of the highest-earning films were Chinese titles, two imported blockbusters secured spots in the top 10 list. Godzilla X Kong: The New Empire took ninth position, while Japanese animation legend Hayao Miyazaki's The Boy and the Heron, which won an Oscar winner for Best Animated Feature Film, claimed the 10th spot.

Overall, imported films experienced a resurgence in China. Their box office revenue accounted for 21.3% of total earnings, and was the highest share by foreign films in five years. Hollywood scored commercial success with space thriller Alien: Romulus, superhero film Venom: The Last Dance, the Marvel action-comedy Deadpool & Wolverine, and the sci-fi epic Dune: Part Two.

New Tricks in the Cinema Bag

The integration of other forms of entertainment into cinemas emerged as a key trend in 2024. Events such as "cinema + sports" and "cinema + concerts" gained traction, transforming theaters into multi-function venues.

During the Paris Olympic Games in the summer of 2024, over 800 theaters hosted 2,300 viewing events, drawing 56,000 attendees and generating 2.4 million yuan in ticket sales, with the single day box office for the table tennis mixed doubles final hitting 1.12 million yuan.

Similarly, concert films like Taylor Swift: The Eras Tour brought fans together for immersive experiences. For many, the cinema's high-definition screens and powerful audio systems offered a compelling alternative to live concerts, combining convenience with emotional resonance.

Wanda Cinema, not to be left behind, ventured into uncharted territory by collaborating with game IPs like "League of Legends" and "Genshin Impact" to livestream game competitions, concerts, and even New Year's Eve countdowns. These innovative moves were like a breath of fresh air, redefining what a trip to the cinema could be.

Yet another highlight of 2024 was the growing "film + tourism" trend, which bridged the gap between cinematic storytelling and real-world exploration. Iconic filming locations such as Shanghai, Chongqing, Hunan and Sichuan became popular tourist destinations, blending the charm of cinema with local culture.

For instance, White Snake: Afloat brought fresh perspectives to summer tourism in Hangzhou, Zhejiang Province while That Untold Story attracted honeymooners to the picturesque Yulong Snow Mountain in Yunnan Province. Meanwhile, Shanghai's "city walks" saw increased popularity following the release of Her Story.

This synergy between film and tourism not only enriched visitor experience but also boosted local economies and cultural heritage preservation.

A Challenging but Promising 2025

The decline in box office in 2024 was driven by multiple factors. These include insufficient supply of high-quality films, the absence of blockbusters, and the diversification of entertainment options such as short videos and the summer Olympic Games.

A total of 612 feature films were produced last year, down from 792 in 2023. The fall in offerings reflects ebbing investment and output capacity in the industry.

China’s drop in box office revenue is not a global anomaly, as in the United States, the world’s largest movie market, receipts were down 5.6% year-over-year. According to ProdPro, which tracks production data, the number of projects actively filming fell by 17% globally in July to September 2024, compared to the same period in 2022, as the industry continues to reel from the impact of 2023’s disruptive Hollywood strikes.

Theaters are struggling around the world as people opt to watch more movies at home and new phenomena, like so-called microdramas — minute-length vertical shows released episodically— gain popularity.

In a year filled with challenges for the film industry, China once again underscored its crucial role by contributing over 20% of global box office in 2024, enhancing its status as the second-largest international movie market.

Construction of cinema facilities also surged ahead. A total of 4,658 new screens were installed in 2024, catapulting the country's total to 90,968, the highest amount in the world.

The box office would probably still continue to grow over the next few years “due to the enormous size of China’s population”, according to USC’s Fenton.

As the curtains closed on 2024, all eyes were on the 2025 Spring Festival film schedule. Six exciting films were already lined up for release, creating a palpable sense of anticipation. The fantasy epic Creation of the Gods II: Demonic Confrontation and martial arts fare The Legend of the Condor Heroes: The Great Hero, both set to be released during the peak Lunar New Year season at the end of January, could revive box office sales.

Box office growth in 2025 will depend on boosting high-quality content and attracting more audiences back to theaters. The market is confronted with a generation of young audiences who are more accustomed to consuming video content on the internet. Chinese filmmakers should refine their storytelling skills and elevate their artistic creations to produce higher-quality work, film critics noted.

As the world film industry celebrated its 130th anniversary and the Chinese film industry its 120th anniversary in 2025, the stage was set for more cinematic magic, innovation, and record-breaking moments in the Chinese film landscape.