China’s film market is going to rally in 2023, and predicted will be the leader of the world’s class film market, according to a global auditing and consultancy firm PwC on Thursday, July 13th.
Lost Its Top Position As The Biggest Film Market Due To Covid-19
Flashbacks to when pandemic hit the whole countries in the world, the pandemic also damaged the film market of a lot of countries, and China’s film market is not an exception. In fact, in 2022 Barron’s reported that China was not World’s biggest film market anymore due to the pandemic and applied lockdown policy during that time.
China lost its position as the highest position in World’s film market to North America, since it was known that the pandemic came from China and the restrictions of people’s mobility were very strict.
Financial Times reported that according to a top consultancy in Beijing, Top Century, at least 13,910 out of 14,124 cinemas all over the country were temporarily shut because of the Covid pandemic, and some of them never reopened ever since.
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China’s Film Market Prediction by 2027
China’s film market was predicted to hit 13.2 billion U.S. dollars fot its movie box office revenue. And those 13.2 billion U.S. dollars accounted for 27 percent of the global market amount.
China’s eentertainment and media industry revenue will reach 479.9 billion U.S. dollars in 2027. The compound annual growth rate over the next five years also will reach 6.1 percent, higher than the global rate of 3.5 percent. According to PwC, it is predicted that there will also be progress in China’s internet advertising market. (Diazepam) It will reach 146.4 billion U.S. dollars in 2027 and the compound annual growth rate of 9 percent. It looks like the endemic will bring a lot of progress and joy towards China’s film market.
