China is officially home to the world’s biggest movie box office…all thanks to a global pandemic that THEY started.
Movie ticket sales in China for 2020 climbed to $1.988 billion on Sunday, surpassing North America’s total of $1.937 billion, according to data from Artisan Gateway. The gap is expected to widen considerably by year’s end.
Analysts have long predicted that the world’s most populous country would one day top the global charts given the heavy influence and cash output that China has given to United States studio to film and produce movies targeted for the region.
With the future of American film studios in jeopardy due to government shutdowns thanks to the Coronavirus outbreak with originated in Wuhan, many are spectating whether China will become the new king of movies moving forward as major studios are switching to streaming.
The major studios have postponed all of their biggest tentpole releases. AMC Theaters, North America’s largest cinema chain which is also owned by a Chinese company, are warning that it could run out of cash by the end of this year and could shutter theaters as well as American jobs.
Insiders also worry that if Joe Biden doesn’t win the election, it could put Hollywood in a bigger hole as the Trump war with China could see them cut off from the region as many in Hollywood have alienated their home domestic market.