Sunday, September 19, 2021

CHINA’S MOVIE MARKET APPROACHES AMERICA’S IN SIZE

June 10, 2014 by · Leave a Comment 

The size of China’s film market will equal that of America’s within three to five years and will rise above it by 2020, according to a study by Entgroup Consulting, a research center of China’s entertainment industry. Amy Liu, senior vice-president of Entgroup, told China Daily, that the market is growing on average about 30 percent annually. “It’s projected to be a 35 billion yuan ($5.6 billion) market by next year,” Liu said. By the end of May of this year it had already reach $1.71 billion with revenue for the first five months up 17.6 percent over the same period a year ago. All that does not necessarily translate to good news for Hollywood, which collects only about 25 percent of revenue from the Chinese market and which often sees its own films trounced by locally produced features. Indeed, Chinese filmmakers have an eye on the international film market, Magic Storm Entertainment CEO Eric Mika told China Daily, “To me what is important is that China develops a global platform and distribution network that gets into cinemas and film festivals around the world. … Getting an international audience interested in Chinese films is important.”