HONG KONG SAR – Media OutReach – 6 July 2023 – Mainland China’s film market has long been one of the most dynamic and promising in the world, and in the first half of this year, the Chinese film market experienced an exciting recovery. In particular, the recent release of “Lost in the Stars” (消失的她), in which Alibaba Pictures Group Limited (Stock code:1060, referred to as the “Company”) was heavily involved in the investment and distribution, has generated significant buzz at the box office and created a wave of movie-going frenzy. In just over 10 days since its release, the film’s box office receipts have exceeded RMB2.7 billion, equivalent to 9% of China’s total box office revenue last year, making it a dark horse at the box office and the opening of the summer season for the Company.
“Lost in the Stars” leads the way in the summer box office
As the primary producer, distributor, and promoter of the film, Alibaba Pictures has achieved a full-scale deployment in the production and marketing chain of “Lost in the Stars”, including investment, distribution, ticket sales and other aspects. “Lost in the Stars” is also the prelude to the Company’s rich lineup of 16 films for the summer season. The strong start to the season once again demonstrates the Company’s forward-looking planning in the content industry and the continuous improvement of its production and development capabilities.
After the Dragon Boat Festival, the summer box office season kicked off, and the number of scheduled films has exceeded 90 and continues to grow, making this year’s film market performance highly anticipated. According to data from Beacon Professional, as of 4pm, July 6, the total box office revenue (including pre-sales) of this year’s summer box office had exceeded RMB5.626 billion. The film “Lost in the Stars”, released by Alibaba Pictures and Taopiaopiao, continued its momentum as a dark horse at the box office during the Dragon Boat Festival, leading the summer box office. As of 4pm, July 6, the box office receipts of “Lost in the Stars” had exceeded RMB2.728 billion, making it one of the hottest films of the summer, and it is expected to become the top grossing film in the summer box office and post the largest attendance record in the past three years.
Alibaba Pictures continues to expand its presence in the entertainment industry
Alibaba Pictures has strong capabilities in film production, distribution, and promotion, and will further strengthen its presence in the pan-entertainment industry by enhancing its dual-engine strategy of “content and technology”, while building out its own unique entertainment ecosystem. The Company is making significant investments in a full range of entertainment content and enhancing its capabilities to produce a broader range of content, including film and drama series content, with a view to steadily delivering high-quality content to the market. It is also expanding the scope of its technology platform services and exploring business opportunities associated with digital humans and multiple business models for IP merchandising and commercialization, in order to provide consumers with a richer, better and more tangible product experience. Moreover, the Company is actively promoting its collaboration and cooperation within the Alibaba ecosystem, such as online live streaming, online ticketing, and film merchandising, to unlock the potential of “content + technology”.
In addition to investment and product layout, the Company also emphasizes cooperation and communication within the industry. Through cooperation with domestic and overseas film companies, directors, actors, and others, it brings more international elements to the development of China’s film industry and enhances the international visibility and influence of Chinese films.
In the future, with the recovery of China’s film market, Alibaba Pictures will continue to adhere to its dual-engine strategy and innovative spirit, strengthen cooperation with all parties, and continuously promote the development of China’s film industry to bring greater returns to investors.
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