Rebecca Davis editorHuayi Brothers, China’s longest-standing privately-owned production film studio, has notched its third consecutive year of losses despite producing the world’s highest grossing film in 2020, its annual report showed.The company’s revenues for 2020 fell by 33% year-on-year to $232 million (RMB1.5 billion) while net losses hit $162 million (RMB1.05 billion).
The figures continue a losing streak: In 2018, Huayi Brothers as a parent company incurred net losses of $181 million (RMB1.17 billion), and in 2019, of $615 million (RMB3.98 billion).The firm’s 2020 troubles come despite its success with the war epic “The Eight Hundred,” which became the biggest film of the pandemic-stricken year thanks to a $450 million box office.
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