U.S. media: Hollywood movies’ box office share in the world’s largest movie market drops in 2020
International online special article: According to a Bloomberg report on January 6, the box office share of foreign films in China, the world’s largest film market, will be halved in 2020, and the box office of Hollywood blockbusters will lose to local Chinese films.
The report pointed out that China has adopted effective epidemic prevention measures to contain the spread of the epidemic to the greatest extent, so that theaters in low-risk areas of mainland China will resume work as early as mid-July 2020, and a large number of films have been released, including the highest-grossing film in the world in 2020. Eight hundred. In contrast, the epidemic situation in the United States and many European countries at that time was still severe. Since then, as the number of infections and deaths has soared, many countries have implemented blockades again, closed movie theaters, and delayed the production and release of Hollywood films.
Wilson Chow, head of global technology, media and telecommunications at PricewaterhouseCoopers in China, said: “China is the country that has escaped the impact of the epidemic the fastest. There were fewer Hollywood blockbusters released last year, so its appeal to Chinese audiences has also decreased. “
In an interview with Bloomberg Television, Rich Gelfond, CEO of giant screen theater operator IMAX, said that in December 2020, the company’s box office for large screen theaters in China increased by 28% year-on-year.
According to reports, local Chinese movies accounted for 84% of China’s box office revenue in 2020, up from 64% in 2019. However, several highly anticipated high-cost movies in Hollywood have performed weakly at the Chinese box office.
The report also said that the recovery of the Chinese film industry has also stimulated a rebound in some local film stocks. Since July 2020, the stock price of Wanda Film Co., Ltd. has increased by 28%, and the stock prices of Beijing Guangguang Media Co., Ltd. and Huayi Brothers Media Co., Ltd. have increased by 6% and 11%, respectively. (Pan Xiaolin)
–
