But again, we should note this year’s holiday included an extra day compared with last year. The box office also posted a record performance during the recent long Lunar New Year holiday for 2024, rising 18% year-on-year to 8 billion yuan. We should note that even after last year’s solid gains, last year’s box office was still about 15% lower than the 64.3 billion yuan in movie ticket sales in 2019, the last year before the pandemic. China movie ticket sales were worth 54.9 billion yuan ($7.6 billion) last year, up 83% from 2022, making it the world’s second largest market behind only North America at about $9 billion. The strong performance isn’t too surprising, given the sharp rebound in the Chinese box office last year after a miserable 2022. The profit performance also improved during the year, rising to about 500 million yuan in the second half from 405 million in the first half. The company said its profit last year grew even more strongly, rising more than eightfold to a record of between 880 million yuan and 930 million yuan from 104 million yuan in 2022. That said, analysts see the company’s revenue growth slowing considerably to 16% this year, which reflects a return to more normal conditions and also probably factors in growing consumer caution. Our calculations show Maoyan’s revenue growth actually accelerated during 2023, rising to 126% in the second half of the year from 84% in the first half. The forecast was largely in line with analyst estimates for 4.78 billion yuan in revenue for the year. Maoyan forecast it would report between 4.7 billion yuan ($650 million) and 4.8 billion yuan in revenue for 2023, roughly double the 2.3 billion yuan in 2022 at the height of some of China’s most severe Covid restrictions. Investors welcomed Maoyan’s latest report by bidding up its shares 14% in the Friday morning session. But despite the latest positive profit alert from China’s leading online ticket seller, released on Thursday, a growing number of stress signs are pointing to tougher times ahead for the industry as a slowing economy causes consumers to rein in their spending.
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China has invested heavily in its film and cinema industry to cater to the needs of movie buffs and before the pandemic in 2019, there were about 50 theater chains in China.
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Watching films is a widely enjoyed form of recreation with several technological advancements having occurred over the years.