Maoyan, China’s Leading Entertainment Company, Anticipates Profit Slump Amid Diversification Efforts – A Global Update
EARNINGS ALERT FOLLOWS BOX OFFICE SLIDE
Maoyan, the Chinese ticketing and film distribution company, has issued a warning that profits for 2022 are set to take a sharp dive. Revenue for the past year is expected to reach RMB 2.27 billion and RMB 2.37 billion, representing a decrease of up to 31% compared to 2021. Profits attributable to the company’s owners will range between approximately RMB 70 million and RMB 120 million RMB, representing a decrease of approximately 67% to 81% compared to the attributable profit in 2021, which was RMB 369 million. The company’s fortunes are closely tied to the trend of the mainland Chinese box office. Nationwide theatrical receipts saw a huge drop in the second half of the year as the government stepped up its fight against the COVID epidemic, causing the full-year box office to drop by 36%.
The company is now trying to diversify away from movie tickets with moves into distribution and production. He was a co-producer on “Full River Red“, the Zhang Yimou-directed film that was the top-grossing film during the Chinese New Year holiday and co-produced two otherThe wandering earth 2” and “Boonie Bears: Guardian Code.”
Beyond the strategy, Maoyan also reports that it has entered into partnership agreements TencentChina’s largest gaming and social media company and online shopping giant Meituan.
SYDNEY FESTIVAL AWARDS
The Sydney Film Festival revealed a record $US150,000 ($113,000) prize pool for its upcoming 70th anniversary edition. The festival will be held from June 7 to 18 at venues in the New South Wales capital. “SFF is thrilled to continue seven decades of momentum of showcasing the best in world filmmaking, introducing new and relevant voices to Australian audiences and welcoming audiences from near and far to the landmark celebration in June,” said the festival director. Nashen Moodley.
The Australian School of Film Television and Radio has set Mathieu Ravier as director partnerships and development. This is the AFTRS unit responsible for industry partnerships and training, alumni engagement, business development, marketing and communications, and the Faculty’s student recruitment and admissions. Ravier takes over after four and a half years as its head of engagement National Film and Sound Archive of Australia. After several jobs in the US, UK, Japan, Canada and Hong Kong, he settled in Australia in 2005 to take up a role at the audience development company The Festivals. The appointment was announced by the CEO of AFTRS, Dr. Nell Greenwood.
PARAMOUNT REVAMPS ANZ SALES
Paramount Australia and New Zealand has expanded its sales leadership team and created two new divisions under the head of sales Rod Prosser which will provide integrated and enhanced expertise to help integrate brands into cultural conversations and deliver better results for clients. The new sections include the Paramount ANZ Sales Group led by Nick Bauerand Paramount ANZ Brand Studio supervised by Michael Stanford. Prosser’s team includes Grant Madigan, Head of Trade and Sales; Ian Smith, sales manager of independent agencies and direct sales, Diane Ho, national director of digital sales. and Shani Kugenthiran, digital advertising strategy and product manager. Stanford will oversee a three-pillar national team led by Namita Sopal, head of advertising strategy, Tamar Hovagimian, head of integration and partnerships and Rachael Brand, executive producer.