Hollywood’s share of China’s box office has allegedly plummeted to less than 10%, in a drastic shift for the big studios, as Beijing strengthens its domestic movie industry while continuing to prevent major Hollywood movies from playing in Chinese theaters.
Hollywood has struggled to retain its customary dominance in the Chinese theatrical industry during the last 18 months. This is especially frustrating for Hollywood studios since, during that period, China has surpassed the United States as the top market for moviegoing, while the United States and other worldwide markets have suffered as a result of COVID-19.
As a result, Hollywood, which has bent over itself to appease the Chinese Communist Party (CCP) regime in hopes of preserving access to the rich Chinese market, faces an existential dilemma.
According to figures from consultant Artisan Gateway, as reported by Variety, Hollywood’s share of the Chinese box office market has dropped to only 9.5% so far this year.
Domestic releases are edging out Hollywood imports, resulting in a sharp drop.
Only two Hollywood films, “Tenet” and “The Croods: A New Age,” made the top 10 grossing films in China last year. Only “Avengers: Endgame,” and “Fast & Furious Presents: Hobbs & Shaw,” reached the top 10 list for this year.
Eight of China’s top 10 grossing films were produced by Hollywood a decade ago.
Instead, Chinese viewers are flocking to domestic films in greater numbers, boosting the popularity of time-traveling comedies. “Hello, Mom,” and congratulations on the tremendous success of “Detective Chinatown 3.”
Recent Hollywood films like as Disney-Pixar’s “Luca” and Disney’s “Raya and the Last Dragon,” on the other hand, have failed to connect with local viewers.
Even Universal’s reliable Fast & Furious franchise, which has a huge following in China, is exhibiting symptoms of wear and tear. The newest version, F9, experienced a staggering 85% drop in China gross” in the second week.
The fall of Hollywood in China coincides with the CCP’s overtaking the United States as the world’s largest movie market.
Beijing looks to be tightening its grip on Hollywood import restrictions as well. Since “Avengers: Endgame” in 2019, Disney hasn’t produced a Marvel superhero film in China. The release date for Marvel Studios’ “Black Widow” in China is currently unknown.
Both Disney’s “Jungle Cruise” and Warner Bros. “The Suicide Squad” are yet to be released in China.
The Wuhan coronavirus epidemic has hampered the delivery of Hollywood films entering China, according to Variety.
Political tensions between the two nations may have an influence on the business as well. In contrast to former President Trump’s harsh position, President Joe Biden’s administration has adopted a more conciliatory approach to China thus far, recently authorizing semiconductor sales to Huawei.