Culture
2020.04.29 22:52 GMT+8

China Film Administration says China's 2020 box office loss may exceed 30 bln yuan

Updated 2020.04.29 22:52 GMT+8
CGTN

China Film Administration held an online conference on the film industry's response to the COVID-19 epidemic on Wednesday. The conference analyzed the difficulties and situations facing the current film industry. It made arrangements for the next step to promote the better and faster development of Chinese films after the epidemic.

The conference pointed out that since the outbreak of the COVID-19 epidemic, a vast number of film workers has helped the relevant departments fight the epidemic through films and cultural activities. Film authorities at all levels actively coordinated with the development, reform, and finance departments to introduce supportive policies to ease the difficulties of enterprises and boost confidence in the industry.

The conference analyzed the huge and profound impact of the outbreak on the film industry. In the short term, direct economic losses are huge. Cinemas across the country have been closed, and production and publicity have stopped. It is estimated that the 2020 box office loss will exceed 30 billion yuan.

While according to Maoyan, Chinese box office data provider, the total box office of Chinese films surpassed 60 billion yuan in early December 2019.

Besides, in the medium to long term, the combination of downward economic pressure and other factors will bring profound adjustments to the mode of production and business philosophy of the film industry, and have a profound impact on the film industry in an all-round and sustainable way.

Internationally, the global film industry has been hit hard, and the world's film industry is trying to save itself. The outbreak has caused an unprecedented crisis for the film industry, which is also forcing the film industry to reform and upgrade.

At the same time, the meeting stated that the long-term development of China's film industry and the environment has not changed; There are many unique advantages of the Chinese film industry through the difficulties.

Wang Xiaohui, executive deputy head of the Publicity Department of the Communist Party of China and director of China Film Administration, stressed that as the situation of the epidemic continues to improve, preparations should be made for the full resumption of work and production.

First, relevant departments need to increase assistance further and encourage local governments to adopt supportive policies in light of local conditions. Second, strengthen cooperation with relevant-policy banks and commercial banks, and actively attract investment from the public. In addition, the cinema should be given special support, such as reduced rent.

Wang also indicated to stimulate creative vitality further. Efforts should be made to ensure the creation and production of key films and encourage the joint efforts of excellent production teams and creative talents to constantly promote excellent films.

Also, he said, Chinese filmmakers should use their films to tell good stories about China and the world, encourage and increase the distribution of Chinese films in overseas cinemas, and steadily lead Chinese films to go global.

(Cover image from VCG)

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