According to Renub Research’s latest report “China Movie Market, Size, Forecast 2023-2028, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis” China Movie Market is estimated to grow at a CAGR of 9.71% from 2022 to 2028. China is the world's fastest-growing movie industry. In the coming years, China's box office revenue shall reach the world's largest, crushing North America as the biggest market in box office revenue and the number of viewers worldwide. The emergence of new forces powered by globalization, the Internet, and finance will fuel the market's growth. Internet companies, led by BAT and real estate developers, have used resource advantages to gradually penetrate the entertainment industry and create an ecosystem.
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Increasing the quota of foreign films in China, growth in the number of 3D screens, rising disposable incomes, and the growing number of working populations fuel the China Cinema Market. In addition, rapid technological development in filmmaking, film-screening equipment manufacturing industries, and the implementation of the cinema circuit system are some of the factors responsible for the growth of the cinema industry in China. In the future, the online movie industry will emerge as the 'new giant.'
Over the past decade, movie theatres and cinema screens experienced ascending growth. According to a report published by Statista in April 2022, there are almost 12,000 movie theatres with a standard of 6.8 cinema screens. Among the 50 cinema chains in the country, Dadi Digital, China Digifilm, and China Film Southern employed the most theatres. However, Wanda Cinema Line ranked first in terms of box office revenue. Since 2015, ticket sales in all cinema chains have exceeded 1.2 Billion, which had been growing steadily before the pandemic.
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Domestic Cinema is predicted to have a Significant hold in the Market Share
In 2021, the maximum number of movies shown in China was domestic productions. That year, foreign films contributed about 15.5 percent of the total box office revenue, which was the lowest point in the past few years, as per a January 2022 report published by Statista. The infrastructural expansion is relatively young in the Chinese film industry and has witnessed a massive growth over the past two decades.
With an increasingly capable China film industry that has churned out high-quality films one after another in recent years, filmmakers are able and willing to tell China's stories. Chinese people now also expect to see more stories that represent them. Additionally, the Cinematic Imports in China maintain tight command over foreign films that are permitted to be screened, potentially pushed by the concern that a completely open market would endanger the local filming industry.
Furthermore, the Chinese Communist Party has shown specific interest in the movie industry in 2021 as Beijing has released the instruction to promote movies celebrating the founding of the Chinese Communist Party. All the factors mentioned above will aid the growth of the domestic cinema market.
1ST Tier & 2nd Tier Cities in China held the Maximum Market Share
Almost half of the moviegoers in China live in cities of the 1st and 2nd Tier. The above represents a considerable increase from the past years. The 1st Tier and 2nd Tier cities in China clasped the maximum of the China cinema market due to the accessibility and availability of additional theatres, infrastructure, and people willing to pay higher prices for tickets than the 3rd Tier and 4th cities. As a result, ticket rates in these cities are augmenting than in the rest.
To seek further growth outside the saturated higher-tier market, cinema operators have been eyeing consumers in less-developed cities and townships. As a result, about 60 percent of new cinemas locations are in these lower-tier regions. Moreover, with the rising disposable income of the middle-class population in China, the installation of 3D screens in China is growing at a rapid pace, the film quota of imported movies is increasing year on year, and a gradual decrease in the ticket price, especially in 4th and 5th tier city.
Competitive Landscape:
Major key players are IMAX China Holding, Alibaba Pictures Group Limited, HuayiTencent Entertainment Company Limited, Perfect World, China Film Company Ltd, Beijing Enlight Media, and Wanda Film Holding Co Ltd.
Market Summary:
- Movies- The Report covers China Cinema Market, by movies in 2 viewpoints (Domestic (Chinese) Movies, and Imported Movies).
- Tier Cities- By Tier Cities, the China Cinema Market, breakup in 5 viewpoints (1st Tier Cities, 2nd Tier Cities, 3rd Tier Cities, 4th Tier Cities, 5th Tier Cities).
- Key Players- All the major players have been covered from 3 Viewpoints (Overview, Recent Developments, and Sales Analysis) IMAX China Holding, Alibaba Pictures Group Limited, HuayiTencent Entertainment Company Limited, Perfect World, China Film Company Ltd, Beijing Enlight Media, and Wanda Film Holding Co Ltd.
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