As an ambitious leader in the production and marketing of Chinese films, Maoyan Entertainment called a press conference on Wednesday in Beijing to share insights into the performance of the domestic film market over the past year and forecast how the industry is likely to develop in 2024.

Zhang Bo, vice president of Maoyan Entertainment and president of Maoyan Pictures, speaks on stage at a press event held in Beijing, Jan. 10, 2024. [Photo courtesy of Maoyan Entertainment]

China's film market demonstrated a strong recovery in 2023, with total box office earnings exceeding 54.91 billion yuan and total admissions of nearly 1.3 billion, according to the China Film Administration. 

"Behind the numbers, what made us even happier was witnessing the success of a more diverse range of films," said Zhang Bo, vice president of Maoyan Entertainment and president of Maoyan Pictures. "Furthermore, we observed an increase in the number of high-quality films that garnered both positive word-of-mouth and box office success, enhancing the credibility of the Chinese film market in the hearts of the audience. People are now willing to spend money and two hours to watch a film in cinemas, which will ultimately boost the industry's ecosystem and future development."

Maoyan is China's leading platform for ticketing, box office tracking, and big data analysis, as well as an entertainment company involved in the production and marketing of film projects. During the past year's record-breaking film seasons, Maoyan actively had a hand in the success of a number of hit films. These include the annual box office champion "Full River Red," which was released during last year's Spring Festival, as well as "Creation of The Gods I: Kingdom of Storms" and "Never Say Never" in summer. Additionally, Maoyan was also involved in "Johnny Keep Walking!" and "Shining for One Thing," released at the year-end. Among the top 10 highest-grossing films in 2023, Maoyan produced seven of them, including five where Maoyan acted as the main producer and four where they oversaw marketing.

Zhang shared examples of how the company achieved phenomenal success through innovative solutions to market and promote films. For instance, they used suspense and interactive marketing strategies for Zhang Yimou's "Full River Red" and undertook intense road shows for "Creation of The Gods I: Kingdom of Storms," leveraging the power of apps, online and offline integration, live-streaming, trending topics, variety shows, short videos, and various other technologies, approaches, and solutions. Recently, they have not only enhanced the sense of celebration and festivities for young audiences leading up to the New Year holiday by organizing cinema events for "Shining for One Thing" but also recreated an iconic snow scene from the film and its related online series by spraying artificial snow inside theaters. For "Johnny Keep Walking!," they organized special screenings and creating online discussions designed to resonate with as many white-collar workers as possible.

The future is bright. At the press conference, Maoyan provided a list of 40 future film projects in 2024, including the much-anticipated "Pegasus 2" by Han Han, which is set for release during the upcoming Spring Festival holiday. 

Liu Peng, director of the Maoyan Research Institute, highlighted that box office takings in 2023 reached a four-year peak, showcasing commendable overall market performance. The substantial year-on-year growth in box office revenue and attendance has significantly bolstered industry confidence. 

Liu believes that behind the continuous improvement of the market is the joint effort of all parties in the industry, working together to promote the sustainable development of the film market. The implementation of policies such as public welfare screenings, and continuous subsidies from special funds for the development of the film industry have effectively cultivated moviegoing habits among audiences. On the supply side, content creators have accurately grasped audience demands, resulting in a plethora of outstanding domestic films across various genres, which have significantly increased the average number of cinema visits per person compared to the previous year. In terms of promotion and distribution, several films have explored diverse marketing strategies and selective release methods, further driving ticket demand.

Liu Peng, director of the Maoyan Research Institute, reviews the past year's Chinese film market highlights at a press event held in Beijing, Jan. 10, 2024. [Photo courtesy of Maoyan Entertainment]

In terms of content, Maoyan's research has seen a surge in female empowerment in society, indicating a growing audience interest in nuanced and diverse portrayals of female characters. Globally, "women" and "gender" issues have emerged as significant trends in film and television content, with "Barbie" claiming the title of the global box office champion in 2023. Domestically, films centered on female characters have gained traction, with, for example, "Lost in the Stars" and "Last Suspect" garnering widespread attention. Another notable trend last year was the popularity of realistic dramas inspired by social topics that resonate with ordinary people, such as those seen in "No More Bets."

"Whether it's the success of female-centric films or the popularity of topic-driven movies, these reflect the audience's increasing concern about the connection between film content and their own lives," said Liu, adding that in the face of rapidly changing market conditions, the film industry should be audience-oriented, innovate continuously, and iterate in a timely manner. 

Li Rui, who heads the Maoyan Pro app, discussed how the company has invested significantly in artificial intelligence to help predict box office performances and generate film marketing content and approaches. They have also introduced innovative features such as exclusive cloud screenings, allowing filmmakers, partners, or movie fans to collectively purchase virtual screenings online and distribute tickets to invite friends. Attendees can then redeem these virtual tickets for actual screenings at their convenience. Maoyan also acts as a facilitator of the selective release model, connecting interested distributors with cinema chains.

Other new services have been introduced based on Maoyan's big data platform, including a search function for a film project's registration with China's film authorities, a box office map illustrating market competition, profiling of ticket purchasers, and a real-time urban box office report showcasing highlights and achievements for medium and small-budget films. In addition, Maoyan is also venturing into the TV series domain and will offer more metrics for TV and online series marketing.

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