Wednesday, October 27, 2021

STUDY: CHINA TO BE A BIGGER MOVIE MARKET THAN U.S. IN SEVEN YEARS

November 29, 2012 by · Leave a Comment 

Within seven years, China will eclipse the United States in box office revenue, according to a study by the accounting firm Ernst & Young reported in today’s (Thursday) Los Angeles Times. Already the world’s No. 2 market for motion pictures, China’s domestic media and entertainment industry is expected to grow at an average 17 percent annual rate through 2015, exceeding the country’s overall economic growth, according to the study, released at a conference hosted by the accounting firm in Shanghai. The report warned that the Chinese entertainment industry faces numerous obstacles, including domestic piracy so pervasive that Chinese consumers expect to pay little or nothing for content and government restrictions that buttress state media while limiting participation by domestic or foreign private companies. In a statement accompanying the report, John Nendick, who has the title of Ernst & Young’s “Global Media & Entertainment Industry Leader,” said: “The challenges for media and entertainment companies to penetrate China are still considerable; however, the vast potential of the market makes it impossible to ignore.”