The Hong Kong cinema industry is facing significant challenges as the annual box office plummeted to its lowest point in 13 years, collecting $172.7 million (HK$1.34 billion) in 2024. The dramatic decline comes as nine venues permanently closed their doors, reducing the number of operational theatres to 55. Industry experts attribute the downturn to several factors, including a decrease in the popularity of blockbuster franchise titles, such as Marvel’s superhero features, and the impact of the Hollywood strikes in 2023.
In January, mixed signals emerged when the annual figures revealed that local productions had made notable strides. Anselm Chan’s "The Last Dance" and Soi Cheang’s "Twilight Of The Warriors: Walled In" significantly boosted the local market share of Hong Kong films, surpassing Hollywood blockbusters and other overseas titles by 5.5% for the first time since 2004. Despite these successes, the industry has been producing fewer films, with only 46 local films released last year.
Tin Kai Man, spokesperson and former chairman of the Federation of Hong Kong Filmmakers (FHKF), noted that the diminished popularity of blockbuster franchises is partly responsible for the industry's struggles.
“Amid the ongoing economic downturn, investors are cautious in picking the right projects, just like the audiences are picky in choosing what they watch in cinemas,” – Tin Kai Man
The Hong Kong Film Development Council (FDC) continues to play a vital role in supporting the industry through funding initiatives. During the pandemic, the FDC launched the Keep Rolling programme, backed by Joseph Lau Luen Hung Charitable Trust and World Universal Culture, to aid production efforts. The Federation of Hong Kong Filmmakers, comprising 17 industry guilds, played a central role in this initiative.
Timothy Yuen expressed concerns over the state of the industry’s finances.
“If box-office revenues remain at this low level, operators will struggle to make money, leading to further closures of cinemas,” – Timothy Yuen
He also emphasized the need for a shift in focus within film production strategies.
“Enhancing creativity and making high-quality productions is now the way to build confidence and draw the audiences back.” – Timothy Yuen
In an effort to bolster the struggling industry, the government is set to implement liberalization measures starting March 1. An amendment to CEPA will allow Hong Kong companies to distribute their films on the mainland, potentially opening new avenues for revenue and growth.