Hot Start for Movie Market as Box Office Breaks 400 Million on First Day of July
On July 1st, the movie market began with a bang as the single-day box office broke 400 million after a gap of 146 days since the Spring Festival. The leading film contributing to this success was “The Missing Her,” which has already crossed the 2 billion mark in total box office earnings, making it the third highest-grossing film of 2023 so far.
The Dragon Boat Festival, which took place at the end of June, seamlessly transitioned into the summer vacation period spanning three months. This created the second-highest box office record for the festival in movie history and kicked off a scorching summer for the movie industry in 2023.
According to the Beacon Professional Edition, the market is experiencing fierce competition with the release of 58 films in June alone. This trend is set to continue in July and August with a total of 44 films scheduled for release, including several highly anticipated blockbusters. The Dragon Boat Festival’s impressive box office performance, driven by these top films, has instilled confidence in the industry’s recovery for the rest of the year.
“Wanlian Securities commented on the sizzling film market this summer, stating that ‘content is king’ remains a hard logic, as audiences are willing to pay for high-quality content.”
Examining the box office performance of the Dragon Boat Festival, it becomes evident that “She Who Disappeared” stood out due to its suspenseful theme, plot twists, positive reviews, and notable cast. The continuous buzz surrounding the film, coupled with the successful track record of its production team with movies like “Manslaughter” and “Detective Chinatown,” aligns perfectly with the market’s taste. Similarly, “I Love You!” directed by the creator of popular films like “Get Out!” and “Send You A Little Red Flower,” received acclaim for its portrayal of inter-generational love.
In addition to domestic productions, foreign commercial films like “Transformers: Rise of Heroes,” “The Flash,” and “Crazy Elemental City” were also introduced during the Dragon Boat Festival. Despite their release dates being quite some time ago, these movies managed to sustain stable box office performance due to their stable fanbase and superior quality.
The Dragon Boat Festival schedule boasted a sufficient supply of diverse content that catered to a wide range of audiences. This resulted in box office performances exceeding expectations and delivering a strong positive signal for the film market’s recovery. As we look ahead to the subsequent summer vacation and National Day releases of high-quality films, the injection of top-notch foreign movies will further drive the revival of the film and television theater market. It is advisable to keep an eye on core producers and leading companies associated with film and television theaters.
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(Article source: Financial Associated Press)