A lively weekend during the Chinese New Year gives hope for a very turbulent industry.
The Hong Kong Stock Exchange resumed trading on Tuesday after the long New Year weekend. (See the graph). There was also a strong profit for the movie studio Alibaba Pictures Group.
Reason? It’s clear that cinema was pronounced dead very early during the pandemic. Maoyan Entertainment, the leader in selling tickets online, reported that 5.7 billion RMB (730 million euros) tickets were sold during the first five days of the Chinese New Year, up 33 percent from the previous year.
An indication that the Chinese are enthusiastically reinventing cinema, now that the Coronavirus has been contained.
According to preliminary data, China has displaced the United States as the world’s largest movie market: Maoyan estimates that movie ticket sales in China last year Convert $ 3.1 billion. That’s a two-thirds decrease compared to 2019, but more than the traditional US market leader.
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