China Box Office: ‘Fast X’ Revs up $18 Million Mid-Week Opening

Brent Lang Executive Editor Family audiences turned out in force, propelling Disney’s “The Little Mermaid” to the top of the box office over the Memorial Day weekend. The film, a live-action remake of the 1988 animated favorite, earned a splashy $117.5 million over the four-day holiday. It ranks as the fifth largest Memorial Day debut — last year’s “Top Gun: Maverick” set a new record for the holiday with its $160.5 million launch. At one point over the weekend, it looked as if “The Little Mermaid” might even open north of $120 million, but ticket sales flagged slightly. For Disney, the film’s popularity is a testament to its strategy of digging deep into its vaults and rebooting animated titles as live action movies, something it has done successfully with the likes of “Aladdin,” “Beauty and the Beast” and “The Lion King.” Waiting out on the horizon: Ahmir “Questlove” Thompson, the Oscar-winning director of “Summer of Soul,” is helming a remake of “The Aristocats” for Disney.

Patrick Frater Asia Bureau Chief The 25th Shanghai International Film Festival, June 9 to 18, has unveiled the titles in contention for awards in its four main feature-length sections: main competition, Asian New Talent, Animation film and documentary. These are eligible for the festival’s prestigious Golden Goblet Awards, winners of which will be announced at the Shanghai Grand Theater on the evening of June 17. While SIFF remains the only mainland China festival to be accredited as a so-called A-list event by the International Federation of Film Producers (FIAPF), its selections are largely separate and distinct from those at other major international festivals.

Patrick Frater Asia Bureau Chief China’s NetEase Games has established PinCool, a Tokyo-based game studio focused on developing titles for game consoles. That is a significant diversification, considering that PC and mobile are the major formats for games play in China. And the company says the company it will also be involved in planning and producing a range of additional forms of entertainment. The new company is headed by representative director and president Ichimura Ryutaro, a 20-year veteran of the games industry and long-time producer of the “Dragon Quest” games franchise. Beyond serving as lead producer for games such as “Dragon Quest VIII: Journey of the Cursed King” and “Dragon Quest IX: Sentinels of the Starry Skies,” Ichimura also led other areas of the Dragon Quest IP franchise including live events and exhibitions.

Patrick Frater Asia Bureau Chief “Fast X” predictably won a second weekend on top of the mainland China box office, driving its total past the $100 million mark. But the disappointing start for Disney’s live-action “The Little Mermaid” was the bigger talking point. “Fast X” earned $17.6 million in China according to data from consultancy Artisan Gateway. That was a 66% drop compared with its opening weekend, but still gave the film a $110 million cumulative after 12 days and has caused estimates to be further revised upwards. Ticketing agency Maoyan is now forecasting that the film will finish with RMB880 million ($126 million), having previously predicted RMB728 million ($104 million), and then RMB840 million.

Refresh for latest…: Apart from big new opener The Little Mermaid, which we detailed here, this weekend was notable for propelling Universal’s Fast X past the $500M mark globally, and Disney/Marvel’s Guardians of the Galaxy Vol. 3 to over $730M worldwide.

Patrick Frater Asia Bureau Chief Magic Fair, a Miami-Paris based indie sales company and Hong Kong- and Paris-based All Rights Entertainment have launched rights sales on upcoming feature animation “Pigsy,” directed by Chiu Li-Wei (“Barkley”) during the Cannes Film Festival’s Marche du Film. The film is a reimagining of the classic Chinese tale “Journey to the West.” The story follows a self-absorbed and lazy pig on a journey to lasting happiness. Set in a distant future, the film sees Pigsy embark on a deceitful quest for a better life, only to find that true happiness may be closer than he thinks. The production has recently added Taiwanese stars Greg Han, Liu Kuan-Ting, Harlem Yu, Tuo Tsung-Hua, Chung Hsin-Ling, Ivy Shao, Waa Wei and K.R. Bros. The film is to be completed in time for release at Chinese New Year in early 2024. Production is by the Netherland’s studio Submarine (“Where is Anne Frank,” TV series “Undone” Season 2, “Apollo 10 ½ : A Space Age Childhood”) with Taiwan’s Greener Grass (“GrX”) and Studio2 (“Barkley,” “Get the Hell Out,” “The Tag-Along”).

Imax chief executive Rich Gelfond said he’s never seen China let as many U.S. titles into country as early as they have this year. After a slowdown in the pace that caused some angst in Hollywood, there’s been a steady stream of releases — although not necessarily a surge in ticket sales — with The Flash, The Little Mermaid and Indiana Jones and the Dial of Destiny all cleared and upcoming and Mission: Impossible Dead Reckoning likely to be, he told the J.P. Morgan media conference today.

Patrick Frater Asia Bureau Chief Mainland Chinese star Wang Luodan (“The Dead End,” “Struggle,” “The Continent”) and Hong Kong-born Bosco Wong (“Lives of Omission,” “Triumph In The Skies”) head the cast of “My Dearest Stranger.” The high-end suspense drama series is a production fronted by mainland Chinese distributor-producer Hishow Entertainment, which announced the production at the Cannes Market, adjacent to the Cannes Film Festival in France. Based on the best-selling novel “Secret Love,” by Fan Shu and adapted by renowned screenwriter Cao Xueping (“Game Changer”), “My Dearest Stranger” tells a compelling story of Yu Xiao, a housewife who realizes her seemingly perfect husband may have a dark side. Yu decides to cooperate with policeman Song Cheng to find out the truth, while trying to keep her own secrets from the world.

Patrick Frater Asia Bureau Chief “Fast & Furious 10” (aka “Fast X”) dominated the mainland China box office with a strong opening weekend and a revved up opening five days. Data from consultancy firm Artisan Gateway shows Fast X scored $51.1 million between Friday and Sunday, to comfortably top the Chinese box office, with a 58% market share. Unusually, the film opened on a Wednesday. Over five days, it accumulated $77.4 million.Imax reported that the film pulled in $8.4 million from China, accounting for 11 of the China market opening, from fewer than 1% of the screens in the market. The figures reflect the five-day score, not the conventional weekend.

Patrick Frater Asia Bureau Chief “Fast & Furious 10” (aka “Fast X”) drove off with the top prize at the South Korean box office on its opening weekend. It earned $4.99 million between Friday and Saturday, according to data from Kobis, the tracking service operated by the Korean Film Council (Kofic). And over its full five-day run, from a Wednesday opening, it earned $6.76 million. Kobis showed the film claiming a 48% market share. The speedy start for “Fast X” was enough to depose “Guardians of the Galaxy 3,” which had ridden atop the Korean chart for the two previous weekends. In its third weekend on release “GOTG 3” earned $3.04 million, a 48% week-on-week decline, giving it a cumulative of $26.9 million after 19 days on release in Korea. That is the fourth highest total for any film that has played in Korean cinemas this year.

Patrick Frater Asia Bureau Chief “In Our Day,” the film by South Korean auteur Hong Sang-soo which closes the Directors’ Fortnight section of the Cannes film festival, has seen distributors in multiple territories move early to strike rights deals. French rights were picked up by Capricci), Spanish rights by L’Atalante Cinema and Greek rights by Ama Films. The film has its official premiere on May 25. Seoul-based Finecut has long been the sales agent for Hong’s plentiful output. In addition to the deals on “In Our Day,” Finecut signed agreements with L’Atalante, with France’s Ariona Films and Taiwan’s Cola Films for “In Water,” Hong’s first film of 2023 which premiered in the Encounters section in Berlin in February. The film was previously sold to Cinema Guild for North America.

Patrick Frater Asia Bureau Chief Alibaba, China’s e-commerce and entertainment giant, announced net profits of $10.6 billion for its financial year to the end of March, a year-on-year increase of 39%. The rebound was achieved on revenues of $126 billion that were up by just 2%. Using the group’s preferred non-GAAP measure to exclude extraordinary items, net income rose by a smaller 4%, but weighed in at over $20 billion. The importance of the overall figures has been rendered moot by Alibaba’s end of March announcement that it plans to transform itself from an operating company into a holding company, by allowing each of its six divisions to go their own way.

Patrick Frater Asia Bureau Chief Returning as an in-person event after cancelation last year, the Shanghai International Film Festival has set out an agenda with a clear focus on China. The festival (June 9-16) will celebrate the 10th anniversary of the Belt and Road Initiative, China’s economic outreach and development program. With a series of press conferences and film culture roundtables, the SIFF’s Belt and Road Film Week will “bring together old friends of the alliance from previous years and new friends made this year [..] and announce an action plan for the future.”

Patrick Frater Asia Bureau Chief China’s entertainment, social media and technology giant Tencent, renewed its profits growth in the first quarter of 2023, after reporting its first decline in 2022. And group revenue beat financial market estimates as China’s post-COVID reopening boosted economic activity. Overall revenues in the three months from January to March 2023 reached RMB150 billion ($21.4 billion), an increase of 11% year-on-year and 3% quarter-on-quarter. Net profits in the period came in at RMB25.8 billion ($3.69 billion), a 10% year-on-year improvement.

Patrick Frater Asia Bureau Chief Net profits at Tencent Music Entertainment, China’s largest digital music operation, grew by 89% in the first quarter of the new year, hitting RMB1.15 billion ($167 million), even as revenue progressed by only 5% to RMB7.0 billion ($1.02 billion). The group, which is backed by Chinese tech and entertainment giant Tencent and has stock market listings on the New York Stock Exchange and in Hong Kong, controls large equity stakes in Spotify and (in a consortium with Tencent) Universal Music Group. Its own music operations divide loosely into two clusters: mass market music streaming, with paid-for and free tiers; and “social entertainment,” including karaoke and other derivative products.

Naman Ramachandran Disney’s “Guardians Of The Galaxy Vol. 3” stayed atop the U.K. and Ireland box office for a second consecutive weekend with £5.4 million ($6.6 million) for a total of £23.9 million, per figures from Comscore. In second place, in its sixth weekend, Universal’s “The Super Mario Bros. Movie” collected £858,444 for a total of £51 million. There were two debuts in the top five. Sony’s “Love Again” bowed in third place with £340,785 and Universal’s “Book Club: The Next Chapter” in fourth with £299,370. Rounding off the top five was Studiocanal’s “Evil Dead Rise,” which earned £258,417 in its fourth weekend for a total of £5 million.

Patrick Frater Asia Bureau Chief iQiyi, the Chinese video streamer that began a turnaround last year, reported further growth in profits in the first quarter of 2023. It said that daily subscription numbers had grown by 17 million in the past three months. Total revenues were RMB8.3 billion ($1.2 billion), increasing 15% year over year, the company said in a regulatory filing on Tuesday that covered the January to March period. Net income attributable to iQIYI was RMB618 million ($90.0 million), compared to net income attributable to iQIYI of RMB169 million in the same period in 2022. The average daily number of subscribing members, excluding trial memberships, for the quarter was 128.1 million, compared to 100.8 million for the same period in 2022 and 110.9 million for the fourth quarter in 2022. Subscription revenue per user was little changed at RMB14.35 ($2.07).

Patrick Frater Asia Bureau Chief Funding from Singaporean state sources is involved in two features that make their debut at the Cannes Film Festival this month. A third film, “The Breaking Ice,” is directed by Singapore-born filmmaker Anthony Chen. “We are absolutely thrilled that we have the most number of Made with Singapore films debuting in Cannes this year,” said Justin Ang, assistant chief executive of media, innovation, communications and marketing at Singapore’s InfoComm Media Development Authority.Malaysian-produced “Tiger Stripes,” which will play in the Critics’ Week section, and Vietnamese-made “Inside the Yellow Cocoon Shell,” which will play in the Directors’ Fortnight section, both received cash injections from the Southeast Asia Co-Production Grant under the ‘Media Talent Progression Programme,’ which is backed by the Singapore Film Commission and the IMDA.

Patrick Frater Asia Bureau Chief Distribution Workshop has picked up international sales duties on “A Legend,” the Jackie Chan -starring film.As previously reported, the film is now in production. “A Legend” is now pitched as a $50 million sequel to the 2005 action romance “The Myth” that involved both Chan and director Stanley Tong. In previous communication, producer Bona Film Group said that the film was inspired by the earlier film. The new picture will be the tenth time that Chan and Tong have worked together, following other titles that include “Police Story 3,” “Supercop” and “Vanguard.”

Patrick Frater Asia Bureau Chief The Hong Kong Disneyland theme park managed a 22% increase in visitor numbers in its most recent financial year allowing it to modestly reduce its annual losses. The park, which is jointly owned by the Hong Kong government and Walt Disney, with the government holding a narrow majority, reports a financial year to the end of September – and does so more than seven months in arrears. It has been loss-making for the past eight financial years and has made profits in only three years since its opening in 2005. The 2021-2022 financial year was again complicated by the city’s strict anti-COVID restrictions. It was fully closed for three and a half months (longer than the previous financial year) and operated under other social distancing and pandemic measures. Additionally, inbound tourism was heavily curtailed, especially from mainland China. That meant that during the reporting period, the park and hotels were largely visited by locals only.