Patrick Frater Asia Bureau Chief Maoyan, the Chinese film ticketing agency and film distribution company, has issued a warning that profits for 2022 are set to take a steep dive. Revenue for last year is expected to come in at RMB2.27 billion and RMB2.37 billion, representing a decrease of up to 31% compared with 2021. Profit attributable to the owners of the company will range between approximately RMB70 million and RMB120 million, representing a decrease of approximately 67% to 81% compared with attributable profit in 2021, which had been RMB369 million. The company’s fortunes are closely allied to the trend of the mainland Chinese box office. Nationwide theatrical grosses took a huge tumble in the second half of the year as the government stepped up its battle against the COVID outbreak, causing the full year box office to fall by 36%.
