Since Hollywood’s ticket sales declined in the U.S.—owing to piracy and streaming services such as Netflix and Hulu—China’s increasing appetite for movies is aiding to make up the difference. Analysts forecast that by the end of 2020, China will be the leading cinema market globally, with box office revenue projected to climb to $15.5 Billion by 2023 from $9.9 Billion in 2018, as per a report by PwC. During the first quarter of 2018, China exceeded the U.S. in box office earnings for the first time. In that year, China’s box office fetched $9 Billion—just behind the U.S. and Canada that brought in a total of $11.9 Billion in the same year, as per data collected by the MPA (Motion Picture Association of America).
Stanley Rosen—Professor of Political Science at the USC (University of Southern California)—said to CNBC, “You have to be extremely cautious before you do a shooting of a script, knowing how huge the Chinese marketplace and to ensure that you get in China right. Almost 70% or more of the hit film box office comes from foreign and China is a significant part of that.” Apparently, Hollywood is ever more keeping the Chinese market into consideration during its productions. More than a third of highest-gaining films in China’s over the last 2 Years were produced in the U.S. But, China seeks its own films to dominate the box office, for financial motives and as a part of national pride.
Recently, Netflix was in news as the media service provider plans to stop working on older Samsung smart TVs in the next month. A representative of Netflix stated that some Samsung smart TVs will no more include Netflix support from December 2. The change is owing to technical constraints. “We have informed all affected members with more details about substitute devices we support so that they can keep watching Netflix uninterrupted,” a Netflix representative said.
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