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What if China no longer needs Hollywood? That's bad news for the film industry

January 28, 2021. Summarized by summa-bot.

Compression ratio: 40.4%. 2 min read.

America has been the king of the box office for, well, forever. Not anymore.

In 2020, China overtook the United States to become the top movie market in the world.

The country, perennially the second-largest movie market, brought in $3. 1 billion at the box office in 2020, according to Comscore (SCOR) — nearly $1 billion more than the United States did last year.

Caveats aside, some major Hollywood films just didn't catch on with Chinese audiences in 2020.

This comes after years of Hollywood globalizing their blockbusters in hopes that they connect with American and international audiences, like those in China.

So what if China no longer needs Hollywood?

A Hollywood without China?

"If China doesn't need US movies, Hollywood studios will have to dramatically reduce their spending on big budget blockbusters," Aynne Kokas, the author of "Hollywood Made in China," told CNN Business.

Kokas said that "unless the US gets Covid under control and theaters open, Hollywood will become increasingly dependent on China. "

While Hollywood movies have stumbled in China lately, some films produced by Chinese studios and production companies have flourished.

China released a blockbuster of its own in August called "The Eight Hundred. " The action war film from China's CMC Pictures grossed more than $100 million in the country on its opening weekend and made more than $400 million worldwide.

"There is a clear strength in China's market that allows them to not rely exclusively on Hollywood products," he said.

2020 was a year that changed the pecking order at the global box office, but Hollywood shouldn't ring the alarm bells just yet.

Robbins said that "Wonder Woman 1984" was a misfire in China for several reasons, including that "its predecessor itself wasn't nearly the runaway blockbuster in that country that it was in other parts of the world. "

But franchises like Marvel, Fast & Furious, and other Disney titles have been "among the reliable imports China's market banks on," he said.

So where do Hollywood and China go from here?

Yet whatever the future of the film industry is, it's likely to be one where Hollywood and China remain the two major pillars holding up the global box office.

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by summa-bot

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