There's a New No. 2 in Town: Report Reveals Which Country Is World's Largest Film Market Outside U.S. Guardian, Deadline
Statistics just released by the Motion Picture Association of America confirm which country is the second-largest box office territory in the world, after the United States. China has moved into the No. 2 spot, replacing Japan, the U.K.’s Guardian reports.
“The MPAA's Theatrical Market Statistics 2012 show China's cinema audience is worth $2.7 billion, up from $2 billion in 2011, taking it past Japan, whose total increased only slightly from $2.3 billion to $2.4 billion,” the story reports. “The U.S. was still the biggest by some distance, with a value of $10.8 billion in 2012, a 6% rise on 2011.”
A Deadline.com report quotes MPAA hed Chris Dodd saying: “China is building 10 screens a day. There’s a voracious appetite for product and our films have done well.”
The Guardian report notes: “The results underline the gains that Hollywood stands to make by tailoring its product for the Chinese market. A report last year by Ernst & Young suggested that at the current rate of expansion, the Chinese box office was set to pass the U.S. in seven years.”
The piece adds: “Pressure from the highest levels of government saw China begin to relax its strict quotas [on] the release of foreign-made films earlier this year, after a visit to the US by China's president Xi Jinping.”