As Thai films are gaining significant profits and momentum once again, this will revitalise the cinema sector, especially in provincial locations, according to the SET-listed Major Cineplex Group, the country’s largest operator of movie theatres.
Narute Jiensnong, chief marketing officer at Major Cineplex, said 2024 is a golden year for the Thai film industry.
For example, both the tearjerker How to Make Millions Before Grandma Dies and the horror-comedy My Boo have achieved remarkable success, recording strong revenues at the box office.
Produced by GDH 559 Co Ltd, How to Make Millions Before Grandma Dies has reportedly grossed over 1.2 billion baht worldwide, with 500 million baht of the total generated domestically.
My Boo has managed to gross over 100 million baht.
There will be at least two more Thai blockbusters released later this year, Mr Narute added.
He said that this year Thai movies have accounted for 60% of the company’s revenue, while Hollywood blockbusters accounted for the remaining 40%.
Mr Narute said the wide selection and big success of Thai movies would contribute significantly to the company’s revenue this year, especially in up-country locations.
“Currently, 60% of our revenue comes from provincial locations, and we forecast that this proportion will be increasing,” Mr Narute said.
However, it is expected that Hollywood movies will account for the majority of revenue next year as a result of a huge line-up from major studios, including Disney’s Snow White and Marvel Studios’ Captain America: Brave New World, Mr Narute said.
Referring to the declining level of consumer purchasing power, Mr Narute said that when it comes to the provincial market, enjoying a movie in the cinema is still an affordable form of entertainment as the average ticket price is less than 100 baht.
“The sufficient number of movies along with striking plots will draw provincial movie-goers regardless of the economic circumstances,” Mr Narute said.
Mr Narute said the company believes the cinema market in Bangkok has reached its saturation point, but Major Cineplex still sees promising opportunities in the provinces.
The company owns a total of 200 cinemas, with 800 screens, located in Thailand, Laos and Cambodia.
“The company plans to add 20 more screens this year, and 50 more next year,” he said.
Mr Narute did not reveal the company’s revenue target for this year, but said the company expects this year’s revenue to still be below the level recorded in 2019, prior to the pandemic.
However, the company expects revenue to exceed the pre-pandemic level next year, attributed to a strong line-up of both Thai and Hollywood films, he said.
