(Yicai Global) Oct. 31 -- Earnings at box offices across China slumped 30 percent this month, the steepest decline in five years, seriously jeopardizing the chances of the sector achieving a CNY60 billion (USD8.6 billion) target for the year.
Theaters took in CNY3.6 billion (USD516.8 million) in October despite a weeklong national holiday, compared with CNY5 billion a year earlier, according to data on the professional version of Alibaba's Taopiaopiao ticketing app.
The chances of hitting the annual target look slim, Wu Jian, an analyst with Alibaba Group Holding's film promotion platform the Beacon, told Chinese media Securities Daily today. It gave no details about the holiday take.
Cinema managers attribute the weaker performance to a period of poorer quality movies even though income surpassed USD7.5 billion as of Oct. 4, 47 days earlier than last year, and has already exceeded the annual showing for all of 2016.
Last week, ticket receipts last fell to CNY480 million (USD68.9 million), down from the previous week's CNY493 million, per public data. The headline figure has stayed below CNY500 million for a fortnight, similar to October 2014.
Editor: Ben Armour