The Chinese New Year, a time traditionally associated with family gatherings, celebrations, and festive activities, is also a significant period for the film industry in China. This year, the box office performance on the first day of the holiday period has set new benchmarks, highlighting the resurgence of cinema attendance and the enthusiastic response from audiences toward domestic films.
A Record-Breaking Start
On the first day of the Lunar New Year, the Chinese box office reached an astonishing 1.8 billion yuan (approximately $248.3 million), surpassing the previous record set in 2021 by a notable margin. The prior record stood at 1.69 billion yuan, which reflected growing concerns about audience turnout in the wake of economic uncertainties and fluctuations in movie-going trends. However, what this year’s impressive day-one gross illustrates is a significant rebound in confidence from moviegoers, signaling a collective eagerness to embrace the cinema after a challenging period for the industry.
The IMAX experience further emphasized the renewal observed in cinema attendance, reporting day-one earnings of $12 million, marking a new high for the premium format in China. This is an impressive feat that not only strengthens IMAX’s foothold in the market but also showcases its growing appeal amidst the broader cinematic landscape. With just 5% of the total box office and occupying less than 1% of overall screens, IMAX successfully captured its highest percentage of the first-day earnings ever. The record attendance of 1.2 million at IMAX theaters indicates that audiences are increasingly valuing the immersive experience offered by this format.
As the Year of the Snake commenced, the film that led the charge was “Ne Zha 2,” a much-anticipated sequel to the animated blockbuster from 2019. With a remarkable opening gross of 486.6 million yuan (around $67.1 million), this film not only stood out as the top performer of the day but also captivated audiences with its stunning animation and engaging storytelling. In the IMAX format alone, “Ne Zha 2” contributed approximately $2.5 million, reinforcing the film’s popularity and appeal among viewers.
Following closely was “Detective Chinatown 1900,” which raked in an estimated 464.4 million yuan ($64 million), tapping into the established franchise’s popularity and drawing in fans of the series. The film boasts an impressive star cast, including renowned actors Chow Yun-Fat and John Cusack, which likely played a significant role in its strong performance.
Further down the list was “Creation of the Gods II: Demon Force,” enjoying robust earnings of 382.8 million yuan ($52.8 million). This sequel continues the narrative of its predecessor, enhancing its established cinematic universe.
Several factors contributed to the strong opening day, particularly a promotional campaign initiated by the China Film Administration in late 2024. This initiative, which includes a subsidy of 600 million yuan ($83 million) for moviegoers, aims to revitalize interest in cinema during a time when audiences have hesitated to return to theaters. As cinemas compete for attention, such financial incentives can catalyze ticket sales, making the cinematic experience more accessible and appealing to the masses.
As the Spring Festival unfolds, the momentum appears to be holding steady. Early reports indicate that total presales outpaced 1 billion yuan (approximately $137.9 million), setting a record for pre-festival sales. It’s essential, however, to recognize that box office patterns in China can be unpredictable. While a strong opening day suggests a lively holiday ahead, the sustainability of these figures relies heavily on audience preferences and how the films resonate beyond the initial frenzy.
Projections for the films range widely, with “Ne Zha 2” expected to finalize grossing around 4.9 billion yuan ($675.8 million). In contrast, “Detective Chinatown 1900” anticipates ending its run around 3.6 billion yuan ($496.5 million). As the festival period extends through February 5, anticipation continues to mount regarding which films will stand the test of time and capture the hearts of viewers in the days to come.
The Lunar New Year box office has begun with unprecedented success in 2024, reflecting both a revival of audience enthusiasm and the strategic measures taken by industry stakeholders. How this dynamic plays out throughout the holiday season will be fascinating to observe, not only for the stakeholders involved but also for fans of cinema eager to witness captivating stories on the big screen.