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Core Insights - The closure of the Madame Tussauds wax museum in Beijing marks the second closure in China this year, following the Chongqing location, indicating a broader trend of declining interest in traditional attractions [1][2][4] - Merlin Entertainment, the parent company, is shifting focus from high-cost wax museums to more profitable ventures like Legoland, as it faces significant financial losses [2][20][22] Financial Performance - Merlin Entertainment reported a pre-tax loss of £492 million (approximately ¥4.72 billion) for 2024, a 130% increase in losses compared to 2023 [20] - The company’s revenue decreased by 3.2% to £2.057 billion, with a noted decline in brand value for Madame Tussauds amounting to £163 million [20] Operational Challenges - The operational costs for the five Madame Tussauds locations in China exceed ¥630 million, with the Beijing location alone costing over ¥140 million [2][14] - High production costs for wax figures, approximately £150,000 (around ¥1.5 million) each, contribute to the financial strain, making it difficult to achieve economies of scale [5][14] Market Trends - The decline in visitor numbers is attributed to changing consumer preferences, particularly among younger audiences who find static wax figures less appealing compared to interactive experiences offered by emerging entertainment options like VR and AI [12][13][17] - The shift in consumer behavior reflects a broader trend where traditional attractions struggle to compete with more engaging and immersive entertainment experiences [22][24] Strategic Shifts - Merlin Entertainment is prioritizing investments in Legoland and other attractions that promise higher returns, indicating a strategic pivot away from the wax museum model [18][22] - The company is exploring new formats such as digital exhibitions and lighter asset models to sustain the Madame Tussauds brand, acknowledging the need for innovation in the face of declining interest [22][24]