New developments and curiosities from a changing global media landscape: People, Spaces, Deliberation brings trends and events to your attention that illustrate that tomorrow's media environment will look very different from today's, and will have little resemblance to yesterday's.
The film industry will see a great deal of movement and huge shifts in audiences over the next five years, but will be strong overall. Much of the growth will be attributable to a 12% growth rate in the Asia Pacific region. Predominant areas of growth will include box office revenue, electronic home entertainment, event cinema, and local-language production throughout the world. Video game adaptations are also growing rapidly. For example, Universal Pictures released “Warcraft” in the U.S. on June 10, garnering dismal reviews and only $45.9 million at the box office since then, while in China the film made $65.1 million in its opening weekend and a total of $ $219.7 million by the end of June, where it was supported by an elaborate marketing campaign. Thanks to these robust Chinese earnings and another $412.6 million world-wide it became the highest grossing film adaptation of a videogame ever.
This graph shows strong growth across the film industry, according to PricewaterhouseCoopers' annual Global Entertainment and Media Outlook and reported in The Hollywood Reporter.
The Hollywood Reporter also announced that in 2017, China will lead in movie industry revenue, overtaking the U.S. (population 323 million) as the planet's most lucrative cinema market — and then dominate for years thereafter. By 2020, China's box office is projected to top $15 billion, while the U.S. will just hit $11 billion, courtesy of 19% annual growth in China, compared to only 2% in the U.S.
Hollywood hasn’t been the only important player in the film industry for quite a while now, with Bollywood and Nollywood creating films and a rich set of cultural products, but the rise of China will be remarkable in terms of revenue. With a population of approximately 1.4 billion and what appears to be a healthy appetite for movies, China has strong cinema and home entertainment sales that are rising steeply.
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