The Chinese film market has kick-started 2024 on a high note, with box office revenue reaching 6.4 billion yuan ($890 million) as of Monday, surpassing North America's earnings, according to film tracking site Maoyan.
Spring Festival Boosts Box Office
The ongoing Spring Festival holiday has been a major contributor to this impressive result. Since the start of the eight-day holiday on Saturday, the country's box office (presales included) has soared past 3.4 billion yuan ($473 million).
Domestic Hits Dominate the Charts
The top 10 spots on the box office chart are dominated by domestic titles, with the highly anticipated comedy drama "YOLO" ranking first, followed by "Johnny Keep Walking!" and "Pegasus 2".
Looking Ahead: A $13.2 Billion Market
China's total cinema revenue is estimated to reach $13.2 billion by 2027, accounting for 27% of the global total, surpassing the U.S. movie market's 23%, making it the world's largest, 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 stated.
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