The Chinese New Year holiday period is known for its lucrative box office revenue, and this year was no exception. Despite a generally muted international box office, China saw a significant surge in ticket sales during the Lunar New Year celebrations. According to early figures from Maoyan, the first two days of Spring Festival 2024 accumulated RMB 2.44 billion ($339 million), slightly below the comparable days in 2023. The success of the Chinese box office during this period can be attributed to the release of several highly anticipated films.
While Maoyan’s Pegasus 2 claimed the top spot on the first day of the holiday, the inspirational film YOLO ultimately emerged as the weekend winner. Directed by Jia Ling and produced by CFG/Alibaba, YOLO (aka You Only Live Once) captured the hearts of Chinese moviegoers and generated an estimated RMB 804 million ($112 million) over the two-day period. The film tells the story of Le Ying, an unemployed woman in her 30s who encounters a boxing coach that may change her life. Jia Ling, who also stars in the film, dedicated herself to the role by losing 50 kilos and creating suspense around her appearance through limited promotion. Sony has acquired international distribution rights for YOLO, indicating its potential to resonate with audiences beyond China.
Pegasus 2 and Boonie Bears: Time Twist Secure Strong Positions
Following closely behind YOLO, Pegasus 2 secured the second spot at the Chinese box office with an estimated RMB 760.2 million ($105.6 million), including $4.6 million from IMAX screens. The film, a sequel from Han Han, revolves around a former racing champion turned driving instructor who receives an offer to lead a new team. With a high rating of 9.7 on Maoyan, Pegasus 2 is expected to reach a final box office total of RMB 3.3 billion ($460 million).
Boonie Bears: Time Twist, which celebrates the 10th anniversary of the animated franchise, also performed well during the Lunar New Year period. The film secured the third position, generating RMB 443.4 million ($62 million) and is projected to reach a total of RMB 2.3 billion ($320 million) in ticket sales.
Zhang Yimou’s Article 20 gained attention at the Chinese box office, accumulating RMB 337.1 million ($47 million). However, films like Viva La Vida and The Movie Emperor failed to resonate with audiences, earning only RMB 56.1 million ($8 million) and RMB 46.2 million ($6.4 million), respectively.
Although the international box office was relatively quiet, some films achieved notable success outside of China. Sony’s romantic comedy Anyone But You experienced a minimal drop of 30% in its overseas revenue. It added $9.7 million in 50 markets, reaching a global total of $170 million and surpassing Ticket to Paradise. The film saw strong holds in countries such as Belgium, Australia, France, Spain, Brazil, UK, Netherlands, and Germany, solidifying its position at the box office.
Another international release, Argylle, distributed by Apple Original Films, earned $9.4 million in overseas revenue, bringing its international total to $31.3 million and its global cume to $60.1 million. Despite a relatively soft start in Korea, the film exceeded the grosses of The Man from U.N.C.L.E. and aligned with The Gentlemen. The Top 5 performing markets for Argylle include the UK, Australia, France, Mexico, and Germany.
The Lunar New Year holiday period in China continues to be a significant period for the box office, generating substantial revenue for local and international films. This year, YOLO emerged as the top-grossing film, capturing the hearts of Chinese audiences with its inspirational story. Pegasus 2 and Boonie Bears: Time Twist also secured strong positions, contributing to the overall success of the Chinese box office. Internationally, films like Anyone But You and Argylle witnessed remarkable holds in various markets, demonstrating their appeal to global audiences. As the Lunar New Year celebrations come to a close, the Chinese box office sets a promising tone for the year ahead in the film industry.