Posts: 8503 From:Santa Monica Registered: May 2000
posted November 17, 2014 02:41 PM
China Box Office Projected At $4.9 Billion In 2014, Official Says
Some estimates earlier this year put 2014ís projected box office in China at about 28B yuan, or around $4.49B. New takings cited by Wang Fenglin, VP of the Chinese Film Producerís Association, are eyed at 30B yuan or $4.9B. Thatís hardly anything to sneeze at, but would fall short of some other government projections which have previously pinpointed 30.7B yuan or $5B, a figure thought to be coveted by the powers that be in China where the film business is highly regulated. Still, according to official state news agency Xinhua, Wang told a gathering on Sunday that China is on track to overtake the U.S. to become the largest film market in the world within three years. Screens and revenue are growing at a rate of 30% annually. In the first nine months of the year, local movies had 51.4% of the market, even though Transformers: Age Of Extinction is the No. 1 movie of the year with an official $301M. The Top 10 at the 2014 box office is still split between China and Hollywood with five titles each. They include homegrown fare Breakup Buddies and The Monkey King, and imports X-Men: Days Of Future Past and Captain America: The Winter Soldier. After an October that was packed with Hollywood films, Chinese titles will begin to flood the box office over the remainder of the year. However, big ticket U.S. movies like Interstellar, Penguins Of Madagascar and The Hunger Games: Mockingjay Ė Part I are still to release. Interstellar goes out on November 12.