<img src='https://news.cgtn.com/news/2024-02-12/China-s-2024-box-office-earnings-tops-6-bln-yuan-1r8oQ8zXQk0/img/8dda71cc93f547aeb4636903d70c1a7d/8dda71cc93f547aeb4636903d70c1a7d.jpeg' alt='Moviegoers are buying tickets at a movie theatre in Shandong Province, China, February 10, 2024. /CFP'
The Chinese film market has kick-started the new year on a high note, with box office revenue for 2024 totaling 6.4 billion yuan ($890 million) as of Monday, surpassing that of North America, according to film tracking site Maoyan.
The figure places China as the world’s largest movie market in 2024 for the time being.
The sector’s robust performance during the ongoing Spring Festival holiday has been a major contributor to this 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). The top 10 spots on the box office chart were dominated by domestic titles, with the highly anticipated comedy drama “YOLO” ranking first, followed by “Johnny Keep Walking!” and “Pegasus 2”.
China’s total cinema revenue is estimated to reach $13.2 billion by 2027, accounting for 27 percent of the global total, above the 23 percent by the U.S. movie market, making it the world’s largest, according to Global Entertainment and Media Industry Outlook 2023 to 2027, recently released by PwC.
“China’s film production capacity will also continue to improve, while the supply of films grows steadily, with gradually expanding international influence,” said the report.
