Tencent Music Profits Reach $735 Million, Despite Revenue Decline

Maren Morris was one of the country stars who did NOT attend the 2024 CMT Music Awards on Sunday night (April 7).

Patrick Frater Asia Bureau Chief Oscar-winning Japanese animation film “The Boy and the Heron” earned a chart-topping $34.9 million between Friday and Sunday at the mainland China box office. Over its full five-day opening run, it took an even more spectacular $73 million. China was the last major territory to play the Studio Ghibli-produced fantasy in cinemas – it released in its native Japan in July and is imminently headed to streaming in many other territories – but that did not stop Chinese audiences from lapping it up. While most films release in China on a Friday, “The Boy and the Heron” was given a Wednesday outing in order to capture momentum from the Thursday-to-Saturday Qingming public holiday. Consultancy firm Artisan reports that it earned RMB248 million ($34.9 million) over the conventional Friday-to-Sunday weekend.

Patrick Frater Asia Bureau Chief Worldwide box office is headed for a marginal decline of 3% in 2024, a setback that follows three years of recovery from a pandemic era low in 2020. Gower Street Analytics, a distribution and exhibition industry consultancy, forecasts that worldwide box office this year will aggregate at $32.3 billion, down by more than $1 billion from the $33.9 billion earned in 2023. “A $32.3 billion global box office in 2024 would represent an approximate 5% decrease year-on-year (a 3% decrease at current exchange rates) from 2023. The 2024 revised estimate is 18% lower than an average of the last three pre-pandemic years (2017-2019),” Gower Street said. The forecast comes on the eve of CinemaCon, the annual National Association of Theater Owners convention, being held in Las Vegas April 8-11. While Gower Street’s forecast is for a marginal decline, it actually represents a more than $1 billion improvement on its previous $31.5 million forecast for 2024.

Carlos Aguilar Key to the ongoing conversations about Latino representation in the U.S. entertainment industry is the need for the diversification of stories, which in turn would breed valuable specificity. Rather than expecting one production to speak strongly to every single subset of the vast Latino community, projects should reflect the unique microcosms and experiences that speak to groups such as Cuban Americans in Florida, Mexican Americans in Los Angeles, or Dominican Americans in New York City.

Patrick Frater Asia Bureau Chief Oscar-winning Japanese animation “The Boy and the Heron” opened its wings in mainland Chinese theaters in midweek and soared to the top of the box office. Data from multiple local tracking sources show the Miyazaki Hayao-directed fantasy-adventure accounting for more than half of all cinema revenues on both Wednesday and Thursday. On Wednesday it garnered $13.8 million, according to estimates from Ent Group. By 6.30pm on Thursday, ticket sales firm Maoyan was showing the title as having grown its two-day running total to RMB254 million or $35.2 million. While films mostly open on Fridays in China, “The Boy and the Heron” was given a Wednesday outing in order to play into the three-day Qingming public holiday.

Naman Ramachandran Bollywood A-list actor and musician Ayushmann Khurrana has signed a global recording deal with Warner Music India. Hit songs sung by Khurrana over the past decade include “Mitti Di Khushboo,” “Paani Da Rang” and “Mere Liye Tum Kaafi Ho.” Signing with Warner Music India will enable Khurrana to access the label’s global ecosystem, helping him connect with audiences and artists beyond India’s borders, Khurrana and the label said.

Diddy has not only a boatload of legal issues but a ton of debt, too!

Jem Aswad Executive Editor, Music The U.S. recorded music industry grew its revenue by 8% in 2023, reaching an all-time high of $17.1 billion and marking eight consecutive years of growth. However, there’s no question that the streaming boom of the past decade, which produced years of double-digit growth, is leveling off and the industry is reacting with layoffs and talk of a “transformational moment” in the months and years to come.

Prince‘s music will reportedly be used in a new jukebox musical movie.As per The Hollywood Reporter, the project has apparently been in development since 2018. Black Panther director Ryan Coogler is set to produce, whilst Bryan Edward Hill (Titans, Ash vs. Evil Dead) is attached to write the script.The film is also set to be distributed by Universal Pictures.

As Clint Eastwood once asked, “You’ve gotta ask yourself a question. ‘Do I feel lucky?’ Well, do ya…punk?” 

Mark Sutherland The IFPI Global Music Report has long been viewed as the definitive snapshot of the international music industry’s health (or otherwise). After all, the global recorded music industry trade body’s report has chronicled both the industry’s long, painful period of physical decline and celebrated its streaming-led return to growth.But the publication of its 2024 report — launched Thursday at a press conference in London — felt like one of those years when the numbers are slightly lagging behind the real story of what’s happening in the industry.The statistics, certainly, paint an almost across-the-board picture of a business in good health.

Patrick Frater Asia Bureau Chief China’s social media, games and video giant Tencent saw 2023 revenues advance by 10% to $84.6 billion (RMB609 billion). But its net profits slid to $16.3 billion (RMB118 billion), down from $26.3 billion a year earlier. The group is directly affected by weakness in the mainland Chinese economy, which has recovered only slowly since the end of the COVID pandemic, and by ongoing regulatory concerns.

The upcoming Broadway musical The Great Gatsby will begin performances in just a couple weeks and fans are getting a sneak peek at Jeremy Jordan and Eva Noblezada‘s performances through a new music video.

Jem Aswad Executive Editor, Music The standoff between Universal Music Groupand TikTok over royalty payments and AI policies has resulted in a near-complete blackout of all music owned, distributed and published by the company on the platform — the videos are still there, but the music is muted. Yet new songs by UMG artists, including Ariana Grande, Camila Cabello and Niall Horan could be found on TikTok at the time of this article’s publication. How and why is that happening? While reps for UMG and TikTok declined comment, and an explanation of the platform’s logistics and process quickly devolves into a mind-melting blizzard of jargon and abbreviations, here’s a vast oversimplification of a couple of possibilities.

Patrick Frater Asia Bureau Chief Thailand is poised to get serious about its commitment to the film industry, and plans to launch a major new body, the Thailand Creative Culture Agency, with a budget of THB7 billion ($200 million). Long a destination for Hollywood, China and India productions, and currently playing host to the lensing of Season 3 of “The White Lotus,” Thailand has many of the elements that could contribute to building a major film industry. These include diverse locations, skilled crews, studio facilities and a location production, or incentive, scheme.

Patrick Frater Asia Bureau Chief “Dune 2” launched in mainland China cinemas this weekend with a solid $19.9 million three-day haul. That put it in second place, narrowly behind holdover crime-drama “The Pig, the Snake and the Pigeon.” Data from consultancy firm Artisan Gateway, showed that “The Pig, the Snake and the Pigeon” earned $21.3 million (RMB151 million) between Friday and Sunday, for a 10-day cumulative of $54.1 million (RMB384 million).

Patrick Frater Asia Bureau Chief “Dune 2” added $2.63 million in its second weekend in South Korea, but the sci-fi fantasy remained a long may short of the year’s runaway winner, “Exhuma,” which has dominated and dynamized box office for three weeks. “Exhuma,” about two shaman, a feng shui master and a mortician who attempt to undo the mysterious events happening to a U.S.-based Korean family, earned $6.52 million between Friday and Sunday, representing a 67% share of the overall box office market, according to data from tracking service Kobis, operated by the Korean Film Council (Kofic). It was the third weekend in a row that “Exhuma” took two-thirds of Korean box office weekend total. After nearly three weeks on release the film has earned a powerful $58.7 million from eight million admissions.

Prince Harry is going to have to do a lot to prove himself if he wants to reconcile with Prince William.

There’s some more information about Prince Harry, and whether he reached out to Prince William and Princess Catherine amid all the health news happening within the royal family.

Roxy Music‘s frontman Bryan Ferry has sold 50 per cent of his music catalogue in a deal with Iconic Artist Group.The deal includes a range of assets from Ferry’s music career including his solo work as well as the work from his time with Roxy Music. Iconic Artists Group also acquired half of the singer’s sound recording, publishing, and name, image and likeness rights.