Seven Trends Shaping The Chinese Film Industry
Revenue generated by China’s film industry will reach RMB 200 billion (US$30 billion) by 2020, with both box office revenue and number of movie-goers surpassing that of North America, making it the largest film market in the world, says a new report by professional services firm Deloitte.
For those who are banking on the continued rise of the Chinese film industry, optimistic forecasts like that are particularly welcome at the moment, especially as box office sales have been declining for the first time in five years, and theater visits in July alone plummeted 15 percent.
While Deloitte’s researchers expect the industry to grow at home, it will be uneven growth, and importantly, it won’t necessarily translate into global domination for China as “cultural differences” and “legal considerations” interfere with the country’s ability to export their own films to other countries.
Those are among the key findings of a chapter on the film industry in Deloitte’s new report, “The New Journey of ‘Internet +’,” which takes a broad look at how the Internet is affecting the growth of the Chinese economy.
Despite recent road bumps, the report’s researchers believe the Chinese film industry has already reached a “golden age” with new carriers, an influx of capital, and innovative business models all propelling the country’s film industry to the “top of the film pyramid.”
The report identifies seven trends that are shaping the Chinese film industry landscape. The following is a summary of those findings.