Hong Kong’s Lunar New Year box office recorded a 24 per cent decline compared with the same festive period last year, with a veteran filmmaker blaming the lacklustre result on residents leaving the city for the break and predicting more gloom for the industry in the year ahead.
Revenue for all films from Lunar New Year’s Eve on Friday to the fourth day of the Lunar New Year on Tuesday amounted to HK$48.6 million (US$6.2 million), according to figures from Hong Kong Box Office Limited on Wednesday.
The earnings reflected a 23.98 per cent drop compared with the holiday period last year, which recorded a total revenue of HK$63.9 million.
This year’s top-grossing film over the holiday period was the ensemble comedy movie, Table for Six 2, a sequel to the 2022 hit film, which earned over HK$21 million from Friday to Tuesday.
Taking the second spot was the crime thriller The Moon Thieves, which raked in HK$11 million over the same period.
Action comedy Rob N Roll came in third, earning more than HK$5.1 million in the same time frame.
The city’s major Covid-19 restrictions were lifted before last year’s Lunar New Year, which allowed cinemas to operate at full capacity. But the border with mainland China was not completely reopened until February 6th.
Last year’s holiday champion A Guilty Conscience achieved remarkable success at the box office, repeatedly breaking the record for the fastest-grossing Hong Kong-produced film in history.
Christmas box office takings slump as Hongkongers shun silver screen
Christmas box office takings slump as Hongkongers shun silver screen
Within just 17 days of its release from January 21 last year, it surpassed HK$80 million in ticket sales, making it the box office leader for Hong Kong-produced New Year films and the highest-grossing single-day showing over the Lunar New Year period.
All cinemas were closed during the holidays in both 2022 and 2021 because of the pandemic.
During the 2020 Lunar New Year festive period, when the government began to implement strict anti-coronavirus measures, the total box office revenue during the four days from Lunar New Year’s Eve was about HK$43 million.
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Over the four days from Lunar New Year Eve 2019, box office revenue reached around HK$61 million.
Veteran filmmaker Tenky Tin Kai-man said the film industry served as a gauge for the wider economy and expressed pessimism about the industry’s outlook for 2024.
The chairman of the Federation of Hong Kong Filmmakers said this year’s figures were “unsatisfactory,” even though the top three films catered to city audiences.
He attributed the shift in consumer patterns to the trend towards residents heading to the mainland and other destinations for the holiday.
Tin also suggested that the industry needed more self-reflection and determination so it could produce better films.
“Everyone in the industry needs to reflect and seriously consider how to make good local films,” he said. “We cannot rely on luck any more because the figures have clearly indicated the situation.”
Tin added he was worried by the lack of highly anticipated productions scheduled for release this year, which further dampened his optimism about the industry’s situation.
He said government help, such as last year’s initiative “Cinema Day,” which allowed residents to watch films for a fixed price of HK$30, would be welcome.
But he added such measures to stimulate consumption should be considered a bonus and not relied on as a solution to the industry’s problems.
