Until the outbreak of COVID-19, the China Cinema Market had reached an unparalleled ‘golden age. But the market declined in 2020 due to COVID-19 since all multiplex were closed. However, 2021 is proving to be a blockbuster year for the Chinese movie industry as economy has opened. The ticket sale from Chinese movie theatres, which has largely contained the coronavirus, has shown a huge jump. The China multiplex revenue for 2021 is expected to surpass the figures of 2019. According to Renub Research, China Cinema Market is projected to grow with a staggering CAGR of 30.12% from 2020 to 2026.
In China, factors that drive the cinema industries development are increasing the quota of foreign film in China, growth in the number of 3d screens in China, rising disposable incomes, growing number of working populations, rapid technology development in the filmmaking, film-screening equipment manufacturing industries, and the implementation of the cinema circuit system. In future the online movie industry is also expected to emerge as the ‘new giant’. As per our research report, the China Film Industry was US$ 3.4 Billion in 2020.
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China’s film industry is on record for accelerated growth over the upcoming years. In the Chinese film industry, various films are created, such as feature film, cartoons, popular science films, documentary films, and special films. Currently, there are two business models for foreign films releasing in China: revenue-sharing and flat-rate (i.e., a buy-out). On the other hand, Joint productions are deemed as domestic films. They can be directly released in the PRC after completing and passing the censorship review. According to our latest report, the China Movie Market is expected to reach US$ 16.5 Billion by 2026.
Effect of COVID-19 on the Chinese Cinema Industry:
Revenue for Cinemas in China declined in 2020, as the COVID-19 pandemic has severely restricted film screening activity. But, the demand for film watching is surging in Chinese theatres as they were able to reopen by midyear and have seen continuous audience growth. Lunar Year for 2021 came as a blessing for the Chinese box office, as most people were encouraged to stay in the city. So watching movies in the theatres became the top choice of entertainment. Besides, the lack of other entertainment options helped pump up ticket sales during the pandemic.
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