China’s box office revenue is set to surpass that of the United States in 2017 and claim the title of the world’s largest touching $10.3 billion, international accounting firm PwC said today.
The report forecasts that China’s box office revenue will hit $10.3 billion next year, while the United States is expected to ring up $10.14 billion, state-run Xinhua news agency quoted a PricewaterhouseCoopers report as saying.
With a compounded average annual growth of 19.1 per cent, China’s box office takings are expected to hit $15.08 billion by 2020, the report said.
The report estimates a whopping $49.3 billion of box office earnings across the globe in 2020, with nearly one third of it to be generated in China.
Jiang Xiaoping, a PwC China partner, said the robust expansion of China’s film industry is driving the global development.
According to predictions, revenue from advertising in the Chinese film industry will exceed $161 million by 2020, and the average ticket price will climb to $6.04 from $5.44 currently, the report said.