China’s film industry faces a decline in young moviegoers, while Vietnam’s film market is thriving, as noted by industry experts at the JAFF Market. The differences in market dynamics in these two countries highlight shifting preferences and opportunities within the region’s entertainment landscape.
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Decline in Young Chinese Moviegoers
Eric Lin, general manager of international content at Alibaba’s Damai Entertainment, highlighted a significant demographic shift in China’s film audience. The percentage of Chinese moviegoers under the age of 24 has dropped from 38% before the pandemic to just 15%. Lin stated, “We’re losing half of them in five or six years,” indicating a shift towards older audiences, now predominated by the 30-49 age bracket. Although hits like “Ne Zha 2” have seen substantial box office success, attracting over $2 billion, younger audiences are increasingly drawn to short-form content such as microdramas.
Vietnam’s Growing Market Influence
Vietnam is establishing itself as a key market for Asian films, evidenced by the success of “Red Rain.” Phong Duong, business director at Mockingbird Pictures, reported that the film grossed over $27 million, making it the highest-grossing movie ever in Vietnam. This growth demonstrates the burgeoning influence of Vietnam in the pan-Asian film market.
Insights from the JAFF Market Panel
The panel discussion, led by JAFF Market advisor Lorna Tee and the Indonesian producers’ association APROFI, included industry figures such as Nelson Mok, CEO of Mokster Films, and Shiori Takata, director of international production at Toei. Indonesia was highlighted as a strong player, with local films accounting for over 65% of box office returns. Mok recounted the initial rejections faced by “How To Make a Million Before Grandma Dies” and “More Than Blue,” emphasizing the unpredictable nature of box office success.
Trends and Future Directions
Shiori Takata pointed out challenges in Japan’s domestic market, where animation takes up 80-90% of the content space, leaving little room for live-action films. In response, Toei launched its international production arm in 2023, focusing on collaborations in Southeast Asia with budgets ranging from $1 million to $2.5 million. Panelists agreed on the importance of production quality to attract international interest.
The discussions at the JAFF Market highlight both the challenges and opportunities within the Asian film industry, as markets like Vietnam continue to rise, offering fresh perspectives and potential for growth.