News and Travel Editor
The 89th Academy Awards may not take place until February 6th 2017, but Oscars buzz is well underway with films vying for public hearts and attention in the build up to the big day. Films angling for awards tend to be released in fall and winter, so when better to reflect on China’s changing industry and consider what lies ahead for the future of film?
Whilst we’re on the Oscars, did you know that after 52 years and 200 films, Jackie Chan has finally received an honorary Oscar? Here at China Icons, we think he deserved one for his role in the Rush Hour films alone! Watch his acceptance speech below, and I dare you to try to keep a massive grin from spreading across your face. Congratulations, Jackie Chan!
To put it simply, it comes down to numbers.
- Every day in 2015, 22 cinema screens were opened in China. That’s a total of 8030 new screens!
- Watching all these screens is an ever expanding audience who last year pushed China’s box office total to $6.78bn. This number is on track to reach a huge $10bn narrowing the gap with the US and expected to overtake the previously dominant US market as early as next year.
- Year after year, admissions continue to rise by over an incredible 50%.
- Over Chinese New Year 2016, always a peak time for the Chinese box office, the country set a new record for the highest box office gross during one week in one territory with a whopping $548m .
These ever expanding numbers are credited in part to the booming Chinese industry, with Chinese films securing 61% of ticket sales in 2015. The rest of the sales are from foreign films. There is a set quota of 34 foreign films imported on a revenue-sharing basis, which means US distributors collect 25% of box office revenue. About 30 films a year are imported on a flat-fee basis, meaning Chinese distributors pay a one-off fee for the film and then keep all the profits. One prominent example of an imported success is ‘Warcraft‘. Although the film suffered negative reviews in the US, in China a network of hardcore gamers pushed the film to have the biggest opening box office take of the year.
This quota system means that foreign filmmakers and distributors look for creative ways to access the colossal Chinese film market, such as co-productions and joint ventures. Warner Brothers has joined forces with China Media Capital to make Chinese-language films. Dreamworks opened Oriental Dreamworks in Shanghai. Legendary, China Film Group and LeVision are currently working on Matt Damon-led monster epic ‘The Great Wall’, the largest film shot entirely in China for global distribution.
Homegrown leaders are also in on the action. Alibaba founder Jack Ma (profiled briefly here in our Singles Day blog) has teamed up with legendary director Steven Spielberg (Jaws, Indiana Jones, E.T.) to “bring more of China to America, and bring some more of America to China.”
Richest man in China,Wang Jianlin, paid $3.5 billion earlier this year for Legendary Entertainment, whose hits include “Jurassic World” and “Interstellar.” Not content with just one studio, Wang has announced his intention to own one of Hollywood’s Big 6 Studios, and has also purchased glitzy TV production company Dick Clark Productions. On top of this, Wang’s company, Dalian Wanda Group, recently announced an alliance with Sony Pictures that will allow the company to invest in the studio’s movies.
It’s a hugely exciting time for a film fan like me. China’s box office is ever-expanding and looks set to change the course of the film industry forever. Keep an eye on your cinema screen, the future of film is coming! Popcorn, anyone?
Do you have a favourite Chinese film? Or is there a film coming out soon that you just can’t wait for? Let me know in the comments below!