China’s global box office share is expected to overtake that of the US even earlier than predicted, to become the prime market for films in 2017, rather than 2018.
Mike Ellis, head of Asia Pacific operations of the Motion Picture Association of America, told the annual US-China Film Summit that China’s film audience was growing even more rapidly than had been assumed, and was projected to reach $6.5bn (£4.3bn) in total revenue for this year – a 35% increase on 2014, according to the LA Times. The total for the same period in the US is projected to be a record-breaking $11bn, up 6% on 2014. If China’s box office expands at its current rate, it will reach $11.9bn by the end of 2017.
Ellis said: “What we’ve seen in the domestic box office over the last decade is just unbelievable growth”. He added that China was building around 15 screens per day – a daily tally that will rise to 20 next year. The suggestion is that the rise in multiplex cinemas is helping to fuel growth, along with a newly emergent middle class with money to spend.
Hollywood has benefited from China’s growth, with four of this year’s top 10 films in China being US-originated product, including the year’s No 1, Furious 7, which took $390.9m. The rigid quota system for foreign films has, however, forced Hollywood studios to find creative ways to increase their penetration of the market, including co-productions, joint ventures and local production outlets.
