Maoyan Entertainment's 2024 Interim Results Revenue, Profits and Business Updates

TapTechNews August 26th news, Maoyan Entertainment today released the interim results announcement for the six months ended June 30, 2024.

TapTechNews learned from the announcement that in the first half of 2024, the total revenue of Maoyan Entertainment was 2.171 billion yuan ($307.65 million), a decrease of 1.2% year-on-year; the net profit was 285 million yuan ($40.46 million), a decrease of 29.7%; and the adjusted net profit during the period was 352 million yuan ($50.14 million), a decrease of 22.8% year-on-year.

In the entertainment content service sector, Maoyan Entertainment participated in the distribution/production of a total of 32 domestic films during the reporting period, and the number has further increased compared to the same period in the past. Among them, in the top 5 domestic films in the first half of the year, Maoyan Entertainment participated in the distribution/production of 4 films. Since the summer season, films such as Silent Kill, Grab the Doll, Decryption, Rebirth, and White Snake: Floating Life distributed/produced by Maoyan Entertainment have been released one after another.

In the online entertainment ticketing business sector, in the first half of 2024, Maoyan Entertainment provided services for more than 3,000 large-scale concert projects, and the GMV of concerts and music festivals increased by about 3 times year-on-year, and the local performance coverage rate exceeded 95%.

According to the data of Maoyan Professional Edition, as of August 25, 2024, the summer season film box office exceeded 11.1 billion yuan ($1.57 billion), and the cumulative box office for the whole year has reached 32.8 billion yuan ($4.65 billion).