China will see 13 movies vying for a larger cut of the movie market during the upcoming Chinese Lunar New Year holiday, said China Securities Journal on Wednesday.
This year, 13 movies will make their debut during the Chinese Lunar New Year holiday, the highest number ever since the previous record of nine movies in 2012.
During the holiday, these 13 movies are expected to generate over 7 billion yuan (1.03 billion U.S. dollars) at the box office.
Currently, ticket sales statistics ahead of the debut are better than the same period in 2018, and the number of cinema screens has grown by close to 20 percent year-on-year, according to Yang Xiaotong, a media analyst of China Galaxy Securities Co., Ltd.
Of the above 13 films, four to five are very popular, roughly the same number as last year, and the highest-grossing one will perform no worse than that in 2018, with a possibility to rake in over 2 billion yuan (294.9 million U.S. dollars), said Yang.
Wu Jian, a data product expert of Alibaba Pictures Group Limited, echoed this estimate, saying that box office revenues on Feb.5 alone might reach 1.55 billion yuan (228.54 million U.S. dollars).
China has been witnessing ever-growing box office revenues during the Chinese Lunar New Year holidays, which have expanded from 400 million yuan (58.98 million U.S. dollars) in 2012 to 5.43 billion yuan (8 billion U.S. dollars) in 2018, according to a study by Minsheng Securities Co., Ltd.
The third-tier and four-tier cities are playing an increasingly significant role in this regard, as shown by a study of GF Securities Co., Ltd. In 2013, they accounted for 41.15 percent of new movie ticket sales during the Chinese Lunar New Year holiday. This ratio had risen to 55.98 percent in 2018.
Latest comments