The global film industry is grappling with a significant downturn, as box office revenues fell by 10% to US$30.5 billion in 2024. This decline is notably steeper than the 3.3% drop experienced by the US and Canada. In China, the box office shrank by 25%, while Japan saw a 10% decrease, Germany's ticket sales dropped by 8.4%, and South Korea's revenues fell by 6.9% [ade5da92].
In Hong Kong, the cinema landscape is particularly affected, highlighted by the closure of Cine-Art House in Kowloon City Plaza on August 26, 2024. This cinema, which opened in December 2019, was a favorite among locals for its affordable ticket prices. Patrons like student Chiu Shing-Hei and resident Huang Ye expressed their sadness over its closure, particularly as the cinema distributed 140 free tickets for its final screenings, with the popular film 'Twilight of the Warriors: Walled In' selling out for its last showings [ecd502ac].
The closure of Cine-Art House is part of a broader trend affecting Hong Kong's film industry, as box office earnings have dropped over 17% year-on-year in the first half of 2024, totaling HK$640 million. This decline follows a peak in total annual box office receipts of HK$1.99 billion in 2015 [ecd502ac]. Other cinemas, such as the President Theatre and GH Kai Tak, have also closed recently, contributing to a sense of loss within the community [ecd502ac].
Despite the overall decline, the film 'The Last Dance,' directed by Dayo Wong Tze-wah, has achieved remarkable success, grossing HK$122 million since its release on November 9, 2024. This makes it the highest-grossing Chinese-language film ever, surpassing the previous record of HK$115 million set by 'A Guilty Conscience.' On November 16, 2024, the film achieved a record HK$9.18 million in a single day, attracting over 120,000 viewers [6041f79f]. It also earned over 11 million ringgit (HK$19.36 million) in Malaysia and is set to premiere in mainland China on December 14, 2024 [6041f79f].
The film has received critical acclaim, with Anselm Chan Mou-yin winning best director at the 61st Asia Pacific Film Festival, and Michelle Wai winning best leading actress. It currently holds an impressive 8.7 rating on Douban, and ranks seventh overall in box office receipts, trailing behind major Hollywood films [6041f79f].
In mainland China, local films dominate the box office, accounting for over 80% of revenues, a trend that reflects the shifting preferences of audiences [ade5da92]. The top-grossing film in 2024 was the comedy-drama 'YOLO,' which earned Rmb3.4 billion, down from Rmb4.5 billion for 2023's top film 'Full River Red.' This decline has been attributed to a lack of blockbusters, pandemic aftereffects, and economic challenges [bead5bdf]. Only one Hollywood film, 'Godzilla x Kong: The New Empire,' made the top 10 in 2023, indicating a diminishing appeal of Hollywood films among Chinese audiences, especially Gen Z [bead5bdf].
Amid these challenges, new films and shows are being released that could invigorate the local film scene. This weekend, audiences can look forward to the coming-of-age film 'Didi' by Sean Wang, which opens in cinemas on October 18, 2024. Additionally, the Hong Kong Asian Film Festival runs from October 17 to November 10, showcasing new Kazakh cinema and Palestinian filmmakers [1cfea12b]. Streaming options include the 1990s-set K-drama 'A Virtuous Business' on Netflix, the music-themed drama 'Jeongnyeon: The Star Is Born' on Disney+, and the psychological murder mystery 'Doubt' starring Han Suk-kyu on Viu [1cfea12b].
In a parallel development, Arte M Hong Kong, part of South Korea’s Arte Museum, will close its doors on December 31, 2024, after a two-year run, due to tough economic conditions. The museum specializes in immersive digital art experiences and is relocating to Shenzhen, China, currently offering a 50% discount on tickets until its closing date [24b730e3]. Hong Kong's economy is facing challenges, with GDP growth expected to slow from 3.3% to 2% in the third quarter of 2024, affecting various businesses, including CR Care, which are also closing amid this trend [24b730e3].
As both the cinema and art sectors face significant challenges, the cultural landscape of Hong Kong is evolving, reflecting broader economic trends and shifting consumer preferences. Optimistic projections for 2025 suggest a potential rebound to US$33 billion in global box office revenues, although this would still be 22% below the pre-pandemic peak of US$42.3 billion in 2019 [ade5da92][2feb339c][b4874f2c].