Breakingviews - Chinese movie industry screens business tragedy

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From Breakingviews - Chinese movie industry screens business tragedy

U.S. actor Tom Cruise arrives at the premiere of 'Top Gun: Maverick' in London, Britain May 19, 2022. REUTERS/Henry Nicholls/File Photo - RC2JAU99W2A7HONG KONG, June 8 - Theatregoers are demanding a rewrite of China’s cinema script. Lockdowns pushed movie ticket sales to aduring the recent Dragon Boat Festival holiday weekend. While the country overtook the United States in 2020 to become the world’s largest theatre market, that outperformance was only relative.

The country is still energetically adding new theatres – a statistic that used to excite Hollywood bigwigs seeking more venues for big-screen blockbusters. The question is whether China’s citizens will return to fill the seats. The current deep slump will be temporary. But future growth could be limited; Beijing’s gospel of hysterical Covid-19 hygiene might inadvertently prompt viewers to stay out of cinemas for a generation.

It’s worth remembering that life in Chinese cities was mostly normal in 2021, yet theatregoers remained conservative. Last year’s sales were 26% lower than 2019, and 2022 is sure to be much worse. Similarly, domestic cinema and movie companies like Huayi Tencent Entertainment

 

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Chinese everything tragedy, looks his unemployment rates, the data of small business shutdown

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