Film & TV Biz Worth $15.5B To China In 2011; Local Pics Currently Dominate Boom Market

The Motion Picture Association and the China Film Distributors and Exhibitors Association have released a study that says the film and TV business contributed $15.5B to China’s economy in 2011. Commenting on the report, Mike Ellis, president and managing director of the MPA for Asia Pacific, said, “Chinese audiences are seeking out and enjoying a variety of films, whether they are made locally, internationally or co-produced through collaborative international partnerships.” While box office is predicted to keep building regardless of where films come from, figures released recently by China’s film watchdog confirm what could be a disturbing trend for Hollywood: Local movies are taking a big bite out of ticket sales. The State General Administration of Press, Publication, Radio, Film and Television said last week that homegrown films accounted for 69% of mainland box office revenues in the first quarter of 2013. The shift began with the late 2012 release of comedy Lost In Thailand, which broke about every record possible, went on to become the highest-grossing Chinese title of all time and gave a kickstart to 2013. But despite that movie’s eleventh-hour arrival, local pics still finished 2012 at a four-year low with a market share of only 48%. In the first three months of this year, however, Chinese films made 3.6B yuan ($582M) and six films broke the coveted 100M yuan ($16.2M) barrier. The top film was Stephen Chow’s Journey To The West: Conquering The Demons, which earned 1.25B yuan ($202.2M).

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Last year, four foreign films were responsible for 56% of total sales in the first quarter. But this year, the only Hollywood pictures to punch above 300M yuan ($48.5M) were Skyfall and The Hobbit: An Unexpected Journey, the Xinhua news agency reported. They were followed by A Good Day To Die Hard, Cloud Atlas and Resident Evil: Retribution.

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This article was printed from https://deadline.com/2013/04/film-15-5-billion-china-economylocal-movies-dominate-box-office-480490/