China Overtakes US & Becomes World’s Biggest Movie Market

The United States is considered to be the only superpower in the world that is ahead of other countries in many fields, but China is gradually advancing.

It is believed that in the near future, China will overtake the United States to become the world’s largest economic power and will be ahead in various fields.

Now, for the first time, China has overtaken the United States in a large sector and has been crowned the world’s largest film industry.

Yes, films have grossed about  $2 billion at the box office in China, leaving the United States behind for the first time.

According to a report by Variety, films have made 1.99 billion in the Chinese market this year, while in the North American market, films have made 1.94 billion.

The Chinese box office business has declined by 75.5% this year compared to last year, but this is due to the coronavirus pandemic.

But China has now recovered from the effects of the pandemic, and according to data released on October 19, GDP recovery accelerated in the third quarter, and the same trend has been seen in cinemas.

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As a result of the Coronavirus pandemic, cinemas in China have been closed for about six months, but most theatres are now open, while government restrictions have been eased to allow 75 per cent of seats to be sold.

China’s local films are doing great business at the moment. In fact, the world’s highest-grossing film this year is China’s ‘The Eight Hundred’, which grossed over $440 million, followed by Bad Boys for Life has made $420 million in business.

Also in third place is China’s ‘My People, My Homeland’, which was released on October 1 and has so far grossed $360 million.

Hollywood films have not been as successful as Chinese. Disney’s Molan, which was released in September, grossed only  $40 million, whileWarner Bros. film Tenant grossed  $64 million in the Chinese market, grossing more than $330 million worldwide.

In the United States, as in China, cinemas remained closed from March to August, but even after reopening, there is a shortage of new films and the business of films released is much smaller than in the past.

Due to a lack of business, major theatres China Regal and Sign World closed all their cinemas in the United States again, while the release of most of the films by the studios was postponed until next year or they were released on digital rental platforms or streaming services.

Therefore, it is unlikely that by the end of the year, Hollywood will be able to overtake China in this regard, as there will be no release of films that have the potential to do more business at the box office.