The Driving Force for the Chinese Film Industry
As of October, Box office in China reached $1,988 billion, exceeding $1,937 million in North America. This is not the first time that China has exceeded the US in terms of market size, but it is meaningful that this ranking took place in the global pandemic.
Currently, China is the only country in the world to release blockbuster films in theaters, and after four months of the theater re-opening, it has generated revenues of about $2 billion. And while the spread of COVID-19 in Europe and North America continues to stop, China, which has relatively recovered, is expected to maintain the No. 1 position in the global movie market for a while.
As COVID-19 continues, experts predicted that audiences will not be visiting theaters anymore and the shift toward OTT platforms will keep on. However, Chinese theaters are showing a different result, which is a noteworthy situation.
Official poster of <The Wandering Earth>
Experts are seeing this situation was contributed by China’s quick recovery from COVID-19 under the strong control of the Chinese government, the successive release of masterpieces that would attract audiences to theaters, and China's special circumstances in which the government could directly intervene in the movie market.
China’s major studios are supporting young rookie directors to lay a foundation for the continuous development of its movie industry. Both <The Wandering Earth> and <Dying to Survive> are successful works that were achieved by directors of 'Baringhau' (born in the 80s) with the support of major Chinese studios.
Especially, not only major studios but also streaming platforms such as ‘iQIYI’ is also playing a new role as a supporter and are trying to make an environment where young directors can more freely concentrate on their creation.
As such, the appearance of the Chinese film industry laying the foundation for coping with, developing, and sustaining growth amid the COVID-19 crisis, can also be a good example that can be referred to in the global film industry as well.
article source: http://www.cine21.com/news/view/?mag_id=96459