The onset of the Lunar New Year, particularly the Year of the Snake, has historically marked a vibrant period for the Chinese film industry. This year, the festivities kicked off spectacularly, as local audiences displayed a remarkable enthusiasm for new cinematic releases, leading to unprecedented box office earnings. The film industry in China saw an impressive performance, amassing a staggering RMB 7 billion (approximately $965.4 million) from a mix of new releases and movies still in theaters from Wednesday through Sunday, as reported by the popular film analytics service, Maoyan.
The Chinese New Year holiday has been extended this year until February 4, creating expectations for even greater box office revenues as audiences flock to theaters. This extension provides a unique opportunity for the Chinese film market, potentially setting the stage for one of the highest-grossing Lunar New Year periods recorded. With the film sector currently experiencing a resurgent interest, it is possible that we will witness a record-breaking collective gross, significantly outpacing last year’s figures.
IMAX screenings also saw a remarkable boost, contributing to this historical weekend in earnings. Over five new Chinese films released in IMAX format achieved a combined total of $38.1 million, exceeding the previous best performances recorded during earlier Lunar New Year periods. This trend not only underscores the rising popularity of IMAX in China but also highlights the industry’s ability to attract audiences to larger-than-life cinematic experiences during festive seasons.
Leading the box office this year is Enlight’s animated sequel “Ne Zha 2,” directed by Yu Yang. The film has performed exceptionally well, grossing approximately RMB 3.12 billion (around $430.3 million) within just a few days of its release. The success of “Ne Zha 2” raises significant speculation about its potential to become the first film to surpass $1 billion in a single market—a landmark that could reshape how financial milestones are perceived in the industry. Not only is “Ne Zha 2” breaking records within the national context, but it has also garnered an impressive $22.1 million from IMAX screenings alone, marking it as the fastest release in the format to exceed RMB 100 million ($13.8 million).
In second place, “Detective Chinatown 1900,” the fourth installment in the popular franchise directed by Chen Sicheng, carved out a strong position with a total of RMB 1.82 billion ($251 million) by Sunday. This showcases the continued strength of franchise films in China, which have consistently drawn massive attendance and revenues.
Other notable films also contributed to the weekend’s success. “Creation of the Gods II: Demon Force,” produced by Alibaba, captured the third spot at RMB 895.3 million ($123.5 million), while “Legend of the Condor Heroes: The Gallants,” directed by Tsui Hark, brought in RMB 543.8 million ($75 million). Additionally, the long-running Boonie Bears franchise added RMB 418 million ($57.6 million) with its latest entry, “Boonie Bears: Future Reborn,” and the naval drama “Operation Hadal” premiered at RMB 240 million ($33.1 million).
These performances are notable, especially considering the backdrop of a challenging year in 2024, which saw a drop in revenue by about 25% compared to the previous year. The recent robust performances indicate the potential recovery of the industry, sparked by promotional efforts initiated by the China Film Administration. A substantial subsidy provision of RMB 600 million ($83 million) was introduced to stimulate movie attendance during the festive season.
While the current surge in box office revenues is undoubtedly encouraging, it does not automatically signify a complete return to the heights experienced in prior years. However, the success of these releases during the Spring Festival is an uplifting sign of consumer interest and engagement with domestic cinema. As the festivities continue and the figures are further updated, the upcoming weeks will be crucial in determining if this temporary rebound can evolve into a sustained revitalization of the Chinese film industry.
The dynamics of the Chinese box office during this period reflect broader trends in viewer behavior, underscoring an insatiable thirst for entertainment that can bring families and communities together during one of the most culturally significant times of the year.