The Chinese film market has kick-started the new year on a high note, with box office revenue for 2024 totaling 6.4 billion yuan ($890 million) as of Monday. This impressive figure surpasses North America's earnings, positioning China as the world's largest movie market for 2024, according to film tracking site Maoyan.
The robust performance is largely attributed to the ongoing Spring Festival holiday, a peak period for moviegoers. Since the start of the eight-day holiday on Saturday, China’s box office (including presales) has surged past 3.4 billion yuan ($473 million). Dominating the top 10 spots on the box office chart are domestic titles, with the highly anticipated comedy drama YOLO taking the lead, followed by Johnny Keep Walking! and Pegasus 2.
Looking ahead, China’s total cinema revenue is projected to reach $13.2 billion by 2027, accounting for 27 percent of the global total. This surpasses the U.S. movie market's projected share of 23 percent, reinforcing China's position as the world's largest film market, according to the Global Entertainment and Media Industry Outlook 2023 to 2027 by PwC.
\"China's film production capacity will also continue to improve, while the supply of films grows steadily, with gradually expanding international influence,\" the report states.
Reference(s):
cgtn.com
