Published Date : Jun 16, 2014
According to projections of global consultancy firm PricewaterhouseCoopers, box office spends in China are likely to double from their 2013 figures of USD 3.13 billion to USD 5.9 billion by the end of 2018. The consultancy firm said that revenue from the box office will be a key propeller for the entertainment sector. It will bring about substantial growth in the film entertainment sector, comprising a robust 80% of the total revenue from the filmed entertainment sector over the period of forecast. The report by PwC was released on Thursday, June 12, 2014. At the end of May 2014, total box office revenue in China stood at USD 1.72 billion. It surpassed revenue earned during the 12 months of 2010, which was 10.2 billion yuan. This data was provided by Beijing-based EntGroup Consulting that specializes in the entertainment industry.
Huaxia Film Distribution Co Ltd’s executive vice president Huang Qunfei said that among the two Chinese companies that are authorized to distribute foreign films, one estimated that ticket sales during 2014 would touch approximately 28 billion yuan in the country. This figure was calculated on the basis of an estimated yearly average growth of 30%.
Much of the growth in this sector will be propelled by an affluent middle class across 400 major Chinese cities that have a population of 100,000 or higher. In China, cinema theaters are springing up at an unprecedented rate. As of mid-2013, there were approximately 3,700 theatres in China, with the total number of screens amounting to 15,000. However, considering that the total population of China is 1.3 billion and growing, this infrastructure is still not enough. The United States, which has a much smaller population in comparison, boasts 40,000 screens.