(Variety) Chinese authorities have once again begun forecasting that China will be the world’s largest box office territory by 2020.
Such grandiose forecasts of world dominance ceased in mid-2016 when China’s box office abruptly slowed down. But the renewed confidence appears to be another side effect of the recent “Wolf Warrior II” smash hit.
China’s box office sales will reach $8.36 million (RMB55 billion) in 2017 and the Chinese film market is expected to be the world’s largest by 2020, said the State Administration of Press, Publication, Radio, Film and Television (SAPPRFT), as reported by state media.
The forecast for the current year implies a return to 20% growth. Two further years of 20% growth would suggest a total of $12 billion by 2020. The Motion Picture Association reported North American theatrical takings as $11.4 billion in 2016.
he record breaking RMB5.5 billion score for “Wolf Warriors II” fell almost entirely within August (it was released on July 27), giving a huge boost to that month and reinvigorating figures for the first eight months of this year.
July delivered box office of $2.48 billion (RMB16.3 billion) according to data from Ent Group, propelled by the stratospheric performance of “Wolf Warriors II.” That put the total for the first eight months of the year at $6 billion (RMB39.6 billion), an increase of 16% for the year to date.
Source: Variety by Patrick Frater