Sources: China Statistic Yearbook, Motion Picture Producers Association of Japan, Number of Feature Films Released in Select Markets Historical epics such as Red Cliff 1 (2008) and Red Cliff 2 (2009), for instance, take for granted that movie-goers have some knowledge of late Han dynasty politics. Some Chinese films expect viewers to be familiar with Chinese culture and history, which can make certain stories inaccessible to global audiences. Several factors have contributed to this lackluster international performance. The top-grossing Indian pictures generally make 20 to 30 percent of their box office revenue overseas. Every number one North American feature since 2009 earned an average of 65 percent of its revenue abroad. The top grossing Chinese film each year since 2016 – Ne Zha (2019), Operation Red Sea (2018), Wolf Warrior 2 (2017), and The Mermaid (2016) – all earned over $500 million each, but more than 95 percent of their revenue came from domestic sales. Recent blockbusters exemplify the waning international appeal of Chinese cinema. Since the mid-2000s, however, martial arts pictures have drawn less interest from western audiences. Hero (2002) and Fearless (2006) – both of which starred Jet Li – each grossed tens of millions of dollars and in the US. Other martial arts movies from that period also experienced international success. In China, the feature received a lukewarm reception and grossed just over $1 million. Crouching Tiger, Hidden Dragon remains the highest earning foreign-language film in the US ($128 million). Chief among these was the 2000 film Crouching Tiger, Hidden Dragon, which was jointly financed by China, Hong Kong, Taiwan, and the US. While poor overseas performance generally plagues Chinese cinema, it did experience some success in the early 2000s with the breakout popularity of martial arts movies. This trend is especially significant when considering that many of the highest-grossing movies in the world are either produced or co-produced by American studios. US blockbusters, however, earn roughly two-thirds of their revenue from foreign markets. When considering the top-20 grossing Chinese features since 2005, less than 1 percent of their total revenue came from overseas. While recent megahits like Ne Zha (2019) and Wandering Earth (2019) have netted hundreds of millions of dollars, most of their revenue was generated domestically. Mainland Chinese films have historically struggled to attract foreign interest. In addition to theatrical releases, pictures designated for streaming via services like iQiyi and Tencent Videos may further boost the industry. By comparison, it forecasts that US box office revenue will grow slowly, reaching only $12.5 billion in 2023. PwC estimates that by 2023 Chinese box office revenue will climb to $15.5 billion. Only 47 Chinese pictures topped $15 million in 2019.īoth PricewaterhouseCoopers (PwC) and Deloitte predict that China’s film market will become the largest in the world in 2020. He also outlined revenue targets that would see China annually produce 100 movies that would each earn more than $15 million. At a national symposium held in February 2019, Wang Xiaohui, the director of China’s National Film Bureau, called on China to become a “ strong film power ” like the US by 2035. The Chinese government has outlined growth targets for the industry. Further reforms in the early 2000s facilitated the development of modern theater chains and opened the doors for foreign investment. A year later, Beijing allowed private Chinese firms to start investing in the industry. Sagging attendance spurred Beijing to introduce a quota system in 1994, which permitted 10 foreign movies to be shown on Chinese screens each year. Sources: National Association of Theatre Owners, Sohu, Ĭhange came in the early 1990s when the domestic industry experienced widescale financial trouble. While the industry underwent some initial reforms during the 1980s, those efforts primarily focused on distribution and exhibition management. At the time, most foreign pictures - especially those from the US and Western Europe - were banned. Often viewed as a tool for promoting its political agenda, the film industry was nationalized shortly after 1949. Historically, Beijing has tightly controlled the industry. That number jumped nearly tenfold to 902 by 2018 – more than the 758 features released in North America, but less than the 1,192 films released in Japan. Over the last two decades, the number of films in China has also skyrocketed.
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