China's box office earnings recover after reopening
By Global Business and Chen Tong
02:16

Chinese cinemas have been reopened to the public for more than three months, and while theater occupancy rates remain capped at 75 percent, the audiences are back.

Box office earnings are now up to 56 percent of last year's level, and moviegoers and producers are looking forward to more.

In October alone, China's box office earnings reached about 6.35 billion yuan ($961 million), the highest monthly number for any country in the world.

Still, virus prevention controls are still strict at the cinemas with temperature checks, health QR codes, and masks. But despite the improved performance China is showing, the box office earnings have not fully recovered.

However, the past three months have shown a good trend. So far this year, total box office earnings in China have reached some 15 billion yuan. And eight movies, including "Detective Chinatown 3" and "The Rescue", which were scheduled to be aired during the Spring Festival this year, have announced plans to premiere during the Spring Festival next year.

Movie actor Wang Baoqiang stands in front of "Detective Chinatown 3" poster. /CFP

Movie actor Wang Baoqiang stands in front of "Detective Chinatown 3" poster. /CFP

"If the pandemic remains under control, I think the box office earnings will continue to rise during the Spring Festival next year or during other hot showing seasons. Many movies scheduled to premiere this Spring Festival will need a year or two of advance publicity yet. And during this period, there will be more new productions. All these will stabilize the supply side and the box office earnings," said Wang Ce, CEO of Shanghai Firestake Consulting.

Fiscal reports of the movie makers are also showing signs of recovery. Enlight Media, Huace Media, and Talent Television and Film have all reported either profit growth or narrowing deficits for the third quarter of this year.