As the CBS News program 60 Minutes reports, “The movie business is booming across China. Shopping malls have popped up everywhere, and with them, theaters. Twenty-two new movie screens open every day, that’s right, every day. In the last five years, box office receipts have grown a staggering 350 per cent . . .
In February, the Chinese box office brought in over a billion dollars for the first time ever, beating the U.S. and Canada. China, with its 1.3 billion people, is expected to become the biggest movie market in the world as early as next year. Hollywood has taken notice, partnering with Chinese studios and making blockbusters as much for Chinese audiences as American ones. But the U.S. film industry is also facing competition from Chinese moguls and movie stars with big ambitions . . .
Chinese studios produce over 600 features a year, action movies, sci-fi, thrillers . . . [Said one seasoned observer of the Chinese film industry] ‘they are smart. They understand storytelling. They are super well-versed in what works in their own country. They are super well-versed in what works globally. I couldn’t be more excited. So I would say– you know, Hollywood, watch out.’”