Chinese cinemas closed on January 24 and resumed operations on July 20, 2020 due to the outbreak of Communist pneumonia (Wuhan pneumonia), but box office has yet to take off. 2020 Chinese movie box office is only 20.417 billion yuan (RMB, same below), 30% of 2019. Analysts believe that the Chinese Communist Party has repeatedly reinforced red brainwashing films, which will hardly hold up the market.
Comprehensive media reports indicate that the Chinese movie market will only gross 20.417 billion yuan in 2020, thirty percent of the 2019 figure. Of the 294 films released, three films, “Ya Bai”, “Me and My Hometown” and “Jiang Zi Ya”, accounted for 25.65% of the box office.
China Film Corporation announced on the 27th that it expects a loss of 465 million to 675 million yuan for the year 2020; 592 million to 802 million yuan after non-recurring gains and losses, a sharp decrease of more than 140% year-on-year from 2019 and 28.35 year-on-year after non-recurring gains and losses, more than 160%, the first loss since China Film Corporation went public in 2016.
China Film Corporation fell 11% cumulatively for the year 2020. As of the latest close, it closed at $12.05, having fallen 70% compared to its peak price of $40, leaving a total market capitalization of only $22.5 billion. Its films “Wolf Totem”, “China Partner”, “Building the Nation” and “Building the Party” are all red-brainwashing films that the Chinese Communist Party calls melodramatic.
Among the 28 listed companies, shares of Jixiang and Zhongguang Tianze, the biggest losers, have been cut, while only five have increased.
Chinese movie companies are hoping for a comeback in the New Year slot, with eight films already scheduled for release in 2021. These include “Chinatown Detective 3,” “Hello, Li Huanying,” “Assassination of a Novelist,” “Order of the Gods,” “The Tide of People,” “Bears in the Wild Land,” “New Gods: Nezha Reborn” and “My First Love at 18.
According to the mainland media Securities Times, whether the Chinese film industry can rise from the dead in 2021 depends on whether the New Year’s block can advance smoothly. According to analysts, the Chinese Communist Party has repeatedly reinforced the “main theme” of red brainwashing films, which cannot attract the public and can hardly hold up the market.
Li Shanjian, an independent commentator on China, said the public would prefer to watch films from Western liberal societies, films made for purely commercial purposes, or films made by thoughtful filmmakers that are not favored by the Communist Party.
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