Maoyan Entertainment (1896.HK), China’s leading movie-ticketing platform, said it would boost investment in the domestic film industry and deepen its partnership with Tencent Holdings Ltd (0700.HK), as it works to halt a downturn at cinemas.
The comments come as box office revenue this year lags that of last year. To reverse the trend, cinemas are pinning hopes on domestic movies, Chief Executive Zheng Zhihao said.
Box office revenue slumped 2.7% in the first half of 2019, showed data from Maoyan, while the number of movie-goers fell 10%.
Unlike in countries such as the United States, most Chinese movie-goers secure seats by buying tickets online from dealers such as Maoyan and Taopiaopiao, backed by Alibaba Group Holding Ltd (BABA.N).