Despite a barnstorming address celebrating the re-opening of Hong Kong and China by Bona Film Group COO Jiang De Fu, it is clear that the film industry in China is still suffering its own version of long-COVID, with box office tracking at around half of 2018 levels.
“The Chinese box office was RMB60.7 billion ($8.89 billion at current rates of exchange) in 2018. And 83 films made over RMB100 million. 16 films that made over RMB1 billion. Post-pandemic, in 2022, China’s box office was RMB29.9 billion. [Just] 41 films made over RMB100 million. [And] 8 films made over RMB1 billion. We are now only at 50% of the level in 2018,” said Jiang aty a presentation on the first day of Hong Kong’s FilMart.
According to Jiang, the RMB100 million ($14.5 million) figure is a significant one, because it represents a breakeven level for moderately budgeted Chinese films in the RMB30 million range.
“China produces around 1,000 films a year. Those that have a chance for a general theatrical release number between 300 to 400. What that means is other than these 41 movies, all other films are losing money.”
Jiang said that Bona is undergoing internal adjustments to deal with the post-pandemic film industry, including seeking out and working with a younger generation of Hong Kong and Macanese writers and directors in their 30s and 40s.
“We’ve done many major film investments with directors like Andrew Lau, Dante Lam and Derek Yee. We need more middle generation filmmakers. I’m not seeing that many. Our markets are connected. We cannot just focus on our own industry.”
Jiang also made much emphasis on developing better creative methodologies and leveraging technology to drive business, but did not elaborate on the details.
Jiang ended by quoting from newly-appointed Chinese Premier Li Qiang, who cautioned that government departments “should not just slam on the brake, but also hit on the accelerator” with regards to getting through crises. That is something Jiang believes is also applicable to the film industry.