The Yinyang Master 侍神令: a game-IP film that lost ~¥600M

侍神令 (The Yinyang Master) was a fantasy film based on NetEase's blockbuster mobile game 阴阳师 (Onmyoji), released on Chinese New Year, February 12 2021, as part of the Spring Festival slate. It starred Chen Kun and William Chan.

The film reportedly cost about ¥6亿 (600 million RMB) to produce. It grossed only roughly ¥2.6–2.74亿 at the box office, making it the lowest performer of the seven films in the 2021 Spring Festival window.

With a break-even point estimated around ¥18亿, the film took a net loss of roughly ¥600 million. A licensed adaptation of one of the most successful Chinese mobile games of its era failed to convert a huge player base into a movie audience.

Priced as a top-tier blockbuster, the game's player base did not become a moviegoing audience, and with a break-even around ¥18亿, it lost roughly ¥600 million.

A ¥6亿 budget priced the film like a top-tier blockbuster, but the game-adaptation premise did not have the mass appeal the cost required.

Adaptations of hit games often struggle to translate gameplay into a story audiences embrace, and mixed word of mouth capped the run.

The Spring Festival 2021 window was crowded with seven films, and The Yinyang Master came out lowest, star power included.

Grossing ~¥2.6亿 against a break-even around ¥18亿 left a loss of roughly ¥600 million across the production.

Licensing a hit game does not guarantee a hit film: a ¥6亿 adaptation of 阴阳师 grossed only ~¥2.6亿 because the player base did not become a moviegoing audience, and the break-even was never approached.