China Will be World's Largest Movie Box Office Market by 2018

In three years' time, according to an article in Hollywood Reporter online, China is expected to take over as the world's largest film market. Already this year, the Chinese box office has pulled in $4.71 billion dollars (30 billion yuan), surpassing last year's total of 29 billion yuan. The article goes on to say that "The current total represents 48.5 percent growth over the same period in 2014 and puts China on track to hit $6.28 billion (40 billion yuan) for 2015, state news agency Xinhua said, citing the State Administration of Press, Publication, Radio, Film and Television (SARFT)." It is expected the Chinese film market will overtake the North American market by 2018.

Interestingly, Hollywood ramped up its efforts this year to slice of some of the Chinese pie but the Chinese stake in its market has risen from 54.5% the previous year to 60%. Of course, anyone with familiarity with the Chinese communist government knows, they are quite notorious for twisting numbers for their own advantage.

Of course, Chinese films are aided by the government in more ways than their US counterparts. According to Bloomberg online, "Moratoriums on foreign productions regularly clear the release calendar of Western blockbusters so domestic films have unfettered access to audiences. And they ensure Chinese movies make up about 55 percent of the annual box office. There are three blackouts annually-during the Lunar New Year/spring festival period in February; in mid-to-late summer, after the first wave of Hollywood summer releases opens in China; and in December."

Certainly, the Chinese film community is growing and expanding out of its once niche market of martial arts and period spectacles and into a greater diversity of films that have quality scripts and production values that rival anything Hollywood has to offer. However, instead of the US and China competing, look for more cooperating. Warner Bros agreement with a Chinese financial group looks to be the first of certainly more to come.