Emerging Trends: US Film Industry Finds New and Growing Market in China
by Nicole Joyce, Arther Law’s Industry Insider
On October 19th there was a panel in Beverly Hills California called “China’s Entertainment Industry: The Next Chapter.” Panelists and attendees discussed how China represents a growing market for American films.
It is projected that the Chinese box office will double the US box office in 10 to 15 years. Currently, movies like Pacific Rim made USD $10 million more in China than it did in the United States. This was even after the movie was released 3 months apart with enough time for the bootleg market to start production of the movie.
Cloud Alas made 700,000 dollars more in its Chinese release than in the US one. This is also after almost half an hour of the movie was censored out.
Analysts such as Bank of America/Merrill Lynch Global Research estimate that the Chinese box office could yield $5 billion in value potential for Hollywood studios by 2017. This is compared to approximately $2.2 billion today, including imported and local productions.
The Panelists also discussed the growth of Chinese directors who have demonstrated strong skills in story telling.