蜡像馆还是门好生意吗？

Core Viewpoint - The recent closures of the Madame Tussauds wax museums in Beijing and Chongqing highlight the declining business viability of the brand in China, attributed to low revenue and high maintenance costs [1][6][18]. Group 1: Closure Details - The Beijing Madame Tussauds wax museum announced its permanent closure effective October 1, 2025, citing lease expiration and brand strategy adjustments as reasons [1][2]. - Following the closure, some wax figures will be preserved, while most will be relocated to other Madame Tussauds locations in China [3]. - The Chongqing location also announced its closure earlier in May 2023, marking a trend of declining operations for the brand in China [6][9]. Group 2: Financial Performance - Merlin Entertainments, the parent company of Madame Tussauds, reported a pre-tax loss of £492 million for 2024, a significant increase from a £214 million loss in 2023 [11]. - The brand value of Madame Tussauds plummeted by £163 million in 2024, making it the largest contributor to the decline in Merlin's asset value [13]. - The decline in asset value is attributed to challenging market conditions in both the UK and China [14]. Group 3: Revenue Challenges - The primary revenue source for Madame Tussauds is ticket sales, with additional income from merchandise, exhibitions, and sponsorships, which contribute less significantly to overall revenue [19][20]. - A sharp decline in visitor numbers has severely impacted core revenue, leading to a drastic drop in income [21]. - Maintenance costs are rising due to high rental prices in prime locations and the expensive upkeep of wax figures, which are costly to produce and require daily maintenance [22][23]. Group 4: Market Trends - Visitor feedback indicates a lack of engagement and entertainment value, making it difficult to attract younger audiences [24]. - The reliance on celebrity figures to draw in young fans has proven insufficient for sustaining long-term interest and repeat visits [25][26]. - The future of wax museums in China appears increasingly challenging, raising concerns about the sustainability of remaining locations in Hong Kong, Shanghai, and Wuhan [27][28].