) -"After two bruising years, almost every movie theatre in China is out of money," says Liu Jianxin, a general manager at a Beijing movie theatre management firm. Liu says many cinemas shuttered due to the most recent Covid-19 outbreaks could struggle to reopen.
Besides Covid-19 restrictions, movie theatres are also struggling with a dearth of new films, tightened rules on screening foreign imports and ineffective government subsidies."This will be a harder year for movie theatres than 2020," said one theatre business insider.As a part of a central government blueprint for China to become a cinematic powerhouse, the country is on its way to setting up more than 100,000 screens by the end of 2025.
Cinemas' rents usually increase by about 10 per cent every three years, so they're under even more financial pressure than at the start of the pandemic, said a source at a Shanghai cinema management company. The only exception would be chains backed by real estate firms, who normally just kick in a percentage of their profits as rent, they said.
The situation repeated during the five-day Labour Day holiday in May. Wanda Media-backed comedy fantasy"Give Me Five;" Cultural Investment Holdings'"The Procurator," a co-production with the Supreme People's Procuratorate; Alibaba Pictures Group-invested"Post-Truth," a comedy around a series of fraud cases; and another three movies were all pulled.
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