Wanda Film, China’s largest cinema chain, recently unveiled grand plans to build a further 162 new multiplexes over the next three years. That is in addition to the 73 it built in 2019 and the more…
’s largest cinema chain, recently unveiled grand plans to build a further 162 new multiplexes over the next three years. That is in addition to the 73 it built in 2019 and the more than 600 it has in current operation.
That follows colossal losses of $664 million in calendar 2019, and the prospect of $92 million further losses in the first quarter of 2020. The Shenzhen regulator also picked up contradictions in what Wanda Film reported. In one statement, the company claimed a 3% increase in gross box office – to $1.39 billion on 230 million ticket sales – but in its explanation of the impairment losses it pointed to a sharp decrease in audience visits and box office revenue at theaters it acquired.
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