Micro drama market outperforms the box office for first time

Jia Zhangke won the Best Filmmaker of the Year award presented during the Tencent Entertainment Annual Gala. With 2024 coming to a close, the flourishing micro drama industry has surged to a market size of 50.44 billion yuan, showcasing an impressive 34.9 percent year-on-year growth and outpacing the film industry's annual box office revenue for the first time, according to a report by Tencent News unveiled at the Beijing Music Industrial Park on Wednesday. The report also reveals that 16,100 new companies associated with micro drama enterprises were registered in 2024, marking an 80 percent increase compared to the previous year. In contrast to the booming micro drama industry, the TV sector has undergone a period of transition in 2024, airing 236 dramas, marking a consecutive decline over four years and 33 fewer than the previous year. On a positive note, the variety show segment continues to exhibit positive momentum, with 111 online variety show projects produced reflecting an 11 percent year-on-year increase along with 73 variety shows produced for satellite channels, a figure almost identical to the previous year.