Core Viewpoint - The closure of Madame Tussauds museums in China and other countries highlights the challenges faced by this iconic brand, which is struggling to adapt to changing consumer preferences and high operational costs [1][5][17]. Group 1: Closure of Madame Tussauds Museums - The Beijing Madame Tussauds museum closed on September 30, marking the second closure in China this year, following the Chongqing museum's closure four months earlier [1][5]. - The operational costs for the five museums in China exceed 630 million yuan, with the Beijing location alone costing over 140 million yuan [2][14]. - The closures are part of a broader trend, with Madame Tussauds locations in San Francisco and Turkey also shutting down due to insufficient visitor numbers [5][17]. Group 2: Financial Performance and Strategic Shift - Merlin Entertainment reported a pre-tax loss of 492 million pounds (approximately 4.92 billion yuan) for 2024, with a significant decline in brand value attributed to the Madame Tussauds brand [17][19]. - The company is shifting focus from the high-cost Madame Tussauds to Lego Land, indicating a strategic pivot in response to market pressures [17][19]. - The operational model of Madame Tussauds is criticized for its high fixed costs and low repeat visit rates, making it difficult to achieve economies of scale [6][12]. Group 3: Changing Consumer Preferences - The appeal of static wax figures has diminished among younger consumers, who prefer interactive and immersive experiences offered by new entertainment options [11][12][16]. - The rise of AI and virtual experiences has further eroded the uniqueness of wax museums, leading to a decline in visitor interest [11][12][16]. - The shift in consumer behavior reflects a broader trend in the entertainment industry, where experiential and interactive offerings are increasingly favored over traditional attractions [21][22]. Group 4: Future Directions and Industry Trends - The future of Madame Tussauds may involve transitioning to lighter asset models, such as digital exhibitions, to maintain brand relevance [19][21]. - The industry is moving towards creating strong interactive and social experiences, rather than relying solely on celebrity culture [21][22]. - Merlin Entertainment acknowledges the need to leverage existing assets and invest in technology and talent to enhance customer value and drive growth [21][22].

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]

Core Viewpoint - The closure of the Madame Tussauds wax museum in Beijing on October 1 marks the second closure of a Tussauds location in China within six months, following the closure of the Chongqing museum in May. Currently, only the museums in Hong Kong, Shanghai, and Wuhan remain open in China [2][3]. Background of Madame Tussaud - Madame Tussaud, originally named Marie Grosholtz, was born in 1761 in Strasbourg, France. She learned wax modeling skills from a doctor and wax sculptor named Curtius. At the age of 16, she created her first wax figure of the famous writer Voltaire, gaining recognition [3]. - After marrying engineer François Tussaud, she became known as Madame Tussaud. In 1802, she took her wax figures to London, where she eventually opened the first permanent Madame Tussauds museum in 1836 [4]. Current Challenges - The Madame Tussauds brand has seen a significant decline in profitability, particularly in the Chinese and UK markets, leading to a decrease in brand value [5]. - The museum's appeal has diminished as experiential consumption has become mainstream, with alternatives like concerts, theme parks, and immersive experiences drawing visitors away from static wax figure displays [5][6]. - The high operational costs, including expensive rent in prime locations and the costly maintenance of wax figures, have contributed to the financial struggles of the museums. For instance, the production cost of a high-quality wax figure is approximately 1.5 million RMB [7]. Strategic Response - Merlin Entertainments, the parent company of Madame Tussauds, has been restructuring its business in response to market changes. This includes the closure of the Beijing and Chongqing locations, as well as previous closures in San Francisco and Istanbul [8]. - The company is focusing on expanding its theme park operations, particularly Lego-themed parks, which attract millions of visitors annually. The first Lego park in China opened in Shanghai in July [10].

Core Points - Merlin Entertainment Group announced the permanent closure of the Beijing Madame Tussauds wax museum due to high rent and the expiration of the lease, with plans to focus on LEGO parks in the future [1][2][7] - The closure of the Beijing location follows the recent shutdown of the Chongqing Madame Tussauds, indicating a strategic shift in the company's operations in China [1][5] Lease and Closure Details - The Beijing Madame Tussauds will close permanently on October 1, 2025, as the company decided not to renew the lease after careful consideration [2] - The high rental costs were cited as a significant factor in the decision to close the museum, with plans to relocate most wax figures to other locations in China [2][4] Market Analysis - The operational costs of wax museums are high, including rent, maintenance, and staffing, which makes it challenging to sustain profitability solely through ticket sales [3] - Changing consumer preferences have led to a decline in repeat visits, necessitating a shift towards more immersive and value-driven experiences [3][4] Strategic Adjustments - Merlin Entertainment is planning to upgrade other attractions in China to meet evolving consumer demands, particularly targeting younger audiences and families [4] - The company is also focusing on expanding its LEGO parks in China, viewing this as a key area for future growth [7][8] Financial Performance - Merlin Entertainment reported a revenue of £2.057 billion for 2024, a decrease of 3.2% year-on-year, with a pre-tax loss of £492 million, indicating financial challenges [7] - The company highlighted the decline in brand value for Madame Tussauds in its financial reports, reinforcing the need for strategic realignment [7] Future Prospects - The opening of the Shanghai LEGO park has been successful, attracting a significant number of visitors, although it has faced some operational challenges [8] - The company is optimistic about the potential of LEGO parks to replace the revenue previously generated by Madame Tussauds, although market performance will need to be closely monitored [8]

继重庆杜莎夫人蜡像馆闭馆后，北京杜莎夫人蜡像馆也宣布将于10月闭馆，一时引发市场关注。9月7日， 北京商报记者从杜莎夫人蜡像馆运营方默林娱乐集团获悉，北京馆闭馆主要因为租金过高且租约到期，不 再续约。从曾经的网红打卡点到如今蜡像馆相继闭馆，默林娱乐集团产品也面临市场调整。针对上海、香 港及武汉杜莎夫人蜡像馆，集团也将做相应的升级，并对其他景点进行调整。面对经营压力及消费者偏好 的变化，默林娱乐集团也在不断调整在华的布局与发展战略，未来或许会将侧重点放在乐高乐园。 据悉，北京杜莎夫人蜡像馆于2014年5月31日在前门大街正式开放，建筑面积3000平方米，是大中华区第 四家杜莎夫人蜡像馆。根据默林门票小程序，北京杜莎夫人蜡像馆成人票售价139元，学生票99元，儿童 票89元。开业初期，北京杜莎夫人蜡像馆曾一度成为游客争相拍照打卡的场所。 租约到期不再续约 近日，北京杜莎夫人蜡像馆发布公告称，经审慎考虑，由于租约到期以及品牌战略的规划调整，蜡像馆将 从2025年10月1日起永久关闭。对此，北京商报记者向默林娱乐集团发去采访提纲，默林娱乐集团回应 称，关闭该场馆的决定并非草率作出，而是在仔细全面评估了其他选择后作出的 ...

Core Insights - The permanent closure of the Beijing Madame Tussauds wax museum, effective October 1, 2025, has caused significant shockwaves in the domestic cultural tourism industry, attributed to lease expiration and brand strategy adjustments [4] - This marks the second Madame Tussauds location to close in China within six months, following the quiet closure of the Chongqing location in May 2023, highlighting a global trend of retreat in the wax museum sector [6][7] - The decline of Madame Tussauds is indicative of a broader structural shift in the global offline photo-centric experience industry, as consumer preferences evolve [7][10] Industry Trends - The closure of Madame Tussauds locations is not an isolated incident but part of a global trend, with other locations like San Francisco and Istanbul also shutting down due to insufficient visitor numbers and lease expirations [7] - The wax museum's decline reflects a shift in consumer behavior, particularly among younger audiences who now prefer immersive experiences over traditional photo opportunities [10][13] - The once-popular wax museums have become less relevant as they fail to meet the evolving demands for engagement and memorable experiences, leading to a decrease in visitor interest [11][14] Consumer Behavior - Younger consumers are increasingly seeking experiences that allow them to participate and engage, rather than simply taking photos with wax figures, which they find less appealing [10][11] - The content and experience offered by wax museums have not kept pace with changing consumer expectations, resulting in a lack of emotional value and engagement [13][14] - The decline in interest for photo-centric experiences is mirrored in the broader travel photography industry, which has also seen a significant downturn [14][17] Strategic Shifts - Merlin Entertainment, the parent company of Madame Tussauds, is pivoting towards more immersive and interactive projects, such as LEGO parks, to better align with current consumer preferences [17] - The future of cultural tourism attractions will likely depend on their ability to provide participatory experiences that resonate with visitors, moving beyond mere photo opportunities [17][18]

Core Viewpoint - The permanent closure of the Madame Tussauds wax museum in Beijing highlights the challenges faced by traditional wax museum formats in the current market environment, driven by declining visitor interest and changing consumer behavior [1][2][6]. Group 1: Closure Announcement and Visitor Trends - The Beijing Madame Tussauds wax museum will permanently close on October 1, 2025, due to lease expiration and brand strategy adjustments, despite claims from nearby merchants that the lease may actually extend to 2028 [1][4]. - Following the closure announcement, the museum experienced a surge in visitors, with 91 guests observed in just half an hour, equating to a typical day's traffic [1][3]. - The current adult ticket price is 99 yuan, significantly reduced from 200 yuan at the end of 2022, and lower than other locations in Shanghai and Wuhan [1][3]. Group 2: Industry Challenges and Consumer Behavior - The appeal of wax museums, particularly those centered around celebrity photo opportunities, is declining, with limited customer bases and low repeat visitation rates [2][7]. - The economic environment has led to more cautious spending on non-essential cultural experiences, further impacting visitor numbers [2][7]. - The traditional static display model of wax museums is losing competitiveness in an era where interactive and immersive experiences are preferred by younger audiences [6][7]. Group 3: Financial Implications and Brand Value - Merlin Entertainment Group, which operates the Madame Tussauds brand, reported a pre-tax loss of 4.92 billion pounds for 2024, with the brand's value dropping by 1.63 billion pounds, indicating significant financial strain [6][8]. - The closure of the Beijing and Chongqing locations reflects a broader trend of strategic contraction within the wax museum segment in China, as the company reassesses its market presence [5][6]. Group 4: Future Outlook for Remaining Locations - The remaining Madame Tussauds locations in China face similar challenges, as merely updating with local celebrity figures is unlikely to sustain visitor interest due to high production costs and low update frequency [8]. - In contrast to theme parks like Disney, which maintain visitor engagement through continuous expansion and new content, wax museums lack the same capacity for growth and adaptation [8].

Core Insights - The Beijing Madame Tussauds wax museum will permanently close on October 1, 2025, due to lease expiration and brand strategy adjustments [1] - After the closure, most wax figures will be relocated to other Madame Tussauds locations in China, while a few will be preserved [2] - The closure of the Beijing location is part of a global trend affecting Madame Tussauds and similar attractions [5] Industry Trends - The closure of the Chongqing Madame Tussauds in May 2023 marked the end of nearly nine years of operation, indicating a broader decline in such attractions [4] - Merlin Entertainments, the parent company, is restructuring its business and implementing dynamic pricing to address visitor and cost pressures [6] - The San Francisco Madame Tussauds also announced its permanent closure in 2024 due to insufficient visitor numbers and lease expiration [7] Changing Consumer Preferences - The decline of wax museums reflects a shift in consumer preferences towards more immersive and interactive experiences [20][24] - Younger audiences are increasingly drawn to experiences that allow them to participate actively rather than simply taking photos with wax figures [23][45] - The rapid turnover of celebrity culture means that wax figures often lack relevance and emotional value for today's youth [28][29] Market Challenges - The wax museum experience is perceived as outdated, with many visitors finding it less engaging compared to other entertainment options [32][34] - The pricing of tickets, around 200 yuan, does not align with the perceived value of the experience, leading to low repeat visits [29] - The industry is facing a "death zone" for mid-tier experiential projects, where costs cannot be recouped and social engagement is weak [33] Strategic Shifts - Merlin Entertainments is pivoting towards more engaging projects like LEGO parks, which offer stronger immersion and interaction [43] - The future of attractions will depend on their ability to provide memorable experiences that allow visitors to feel like protagonists in their own stories [45][48]

Core Viewpoint - The Beijing Madame Tussauds wax museum will permanently close on October 1, 2025, due to the expiration of its lease and brand strategy adjustments, with most wax figures relocating to other locations in China [1][5]. Group 1: Closure Announcement - The Beijing Madame Tussauds wax museum has announced its permanent closure, effective October 1, 2025, primarily due to lease expiration and strategic brand planning [1]. - Following the closure, most wax figures will be moved to other Madame Tussauds locations in China, while a few will be preserved [1]. Group 2: Financial Performance - Merlin Entertainments, the parent company of Madame Tussauds, reported a pre-tax loss of £492 million for 2024, largely attributed to asset value impairment, with the brand value of Madame Tussauds declining by £16.3 million [5]. - The high operational costs of the wax museum, including significant rent and production costs, contribute to its financial struggles [7][8]. Group 3: Operational Challenges - The cost of producing a single wax figure is approximately 1.5 million yuan, and the annual rent for a 3,000 square meter venue in a prime location can exceed 10 million yuan [7]. - The museum's revenue model relies heavily on ticket sales, which have been adjusted from nearly 200 yuan to a promotional price of 99 yuan, indicating challenges in attracting repeat visitors [7][8]. Group 4: Market Trends - The decline in visitor frequency and the perception of low value for money are significant factors in the museum's struggles, as many visitors feel that the experience does not justify the cost [8]. - The traditional model of static celebrity displays is seen as outdated in the context of the current short-video era, leading to decreased engagement and repeat visits [8].

9月4日，北京杜莎夫人蜡像馆发布公告称，将从2025年10月1日起永久关闭。 根据公告，北京杜莎夫人蜡像馆闭馆后，大部分名人蜡像将移至中国其他地区的杜莎夫人蜡像馆，少数 蜡像也会"荣休"并妥善保存，游客们可以前往上海杜莎夫人蜡像馆、香港杜莎夫人蜡像馆及武汉杜莎夫 人蜡像馆继续游览参观。 公开信息显示，北京杜莎夫人蜡像馆于2014年5月开业，当时是北京前门商业街首个国际化娱乐体验场 馆。此前，重庆杜莎夫人蜡像馆已经关闭。待北京项目关闭后，中国市场还有上海杜莎夫人蜡像馆、香 港杜莎夫人蜡像馆及武汉杜莎夫人蜡像馆。 缺乏互动感的蜡像馆类景点正在流失客源。 杜莎夫人蜡像馆属于默林娱乐集团麾下，第一财经记者梳理默林娱乐集团财报和公开信息发现，默林娱 乐集团2024年全年税前亏损额达4.92亿英镑，该集团在2023年亏损2.14亿英镑，可见2024年该集团的亏 损进一步扩大。 有分析人士认为，蜡像馆是成本较高的项目，且需要日常运维，默林娱乐集团的亏损在一定程度上与蜡 像馆业态有关。财报信息显示，默林娱乐集团2024年的税前亏损，主要归因于其旗下资产的价值减值。 具体而言，杜莎夫人蜡像馆的品牌价值在当年下跌了1.63亿英镑 ...