Disney, Hollywood's biggest film studio, has spent five years and $200 million
on the live-action remake of its 22-year-old animation, "Mulan", in the hope of
conquering the Chinese box office.
Hollywood had reason to look across the Pacific. In the past 15 years China's
box-office takings have risen 35-fold, to $9.7 billion. That is not far off
America's $11.1 billion. This year receipts have sunk as covid-19 forced cinemas
to shut. But they may fall a bit less precipitously in China. China may emerge
from the pandemic with the world's biggest box office.
By 2007, American studios ruled the Chinese box office, making 16 of the 25
highest-grossing films. In the past few years, though, Chinese studios have
grown less infatuated with Hollywood-and more sophisticated.
In a reversal of fortunes from a decade ago, 17 of the 25 highest-grossing
films in China were Chinese, including eight in the top ten.
Audiences in big Chinese cities like Beijing and Shanghai can relate to
Western fare, but people in smaller, provincial cities do not. And they are
the fastest-growing audience: third-tier and fourth-tier cities, account for
40% and rising of China's box office, according to Maoyan, a ticketing platform.
In China ticket sales have begun to slow as more people plump for local
streaming services such as iQiyi and Tencent Video. At the cinema audiences
often soak up stories from all over the world. As they turn to streaming they
more often consume content tailored to their country.
The cultural and commercial tussle for global imaginations goes on for now.
But one day it may see Americans and Chinese mutually retreat to their own,
national, small screens.