Feb 16, 2021 01:16 AM EST
Imax China Holding Inc. has driven a rally in Chinese entertainment stocks in Hong Kong with data showing local box-office revenue hitting an unprecedented high for the Lunar New Year.
For the first five days of the Year of the Ox, or from February 11, ticket sales reached as high as 5.7 billion yuan (US$880 million), which is around 33 percent more than the same period in 2019.
Interestingly, Chinese films served as the top contributors to this unexpected performance.
Imax China then surged by a record 88 percent in Hong Kong on Tuesday following these record ticket sales. In addition, Alibaba Pictures Group increased by 35 percent while Maoyan climbed by 25 percent, as reported by Bloomberg.
While this is well and good for China, it implies Hollywood truly has something to worry aboutl, as it was reported a few days ago when Lunar New Year films busted records.
Analysts claimed that with the pandemic still raging, US cinemas are still struggling to get viewers. As such, Hollywood studios are likely to be even more independent on the Asian country's viewers.
The timing for Chinese viewers to be more fond of their own local movies therefore could not be at a worse time for Hollywood.
China has significanty overtaken the US to become the top movie market in 2021, since COVID-19 has effectively shut American film theaters down, far longer than China has shut its own theaters down.
Hollywood'e increasing reliance comes as Chinese viewers' tastes and preferences shift towards their own local language films. Chinese viewers are also more sensitive than ever toward portrayals of China and its people in Western culture, given the simmering geopolitical tensions with the US, which started even before the pandemic broke out.
To make things worse for Hollywood, a bilateral pact that necessitated China to import a minimum number of American movies yearly has already expired. Hollywood has to think of new ways to tap into Chinese viewers, which can be a massive loss if they all decide to shun Western films altogether.
"China's market is now central to any major release," explained Aynne Kokas, a professor of media studies at the University of Virginia.
She added, "Diminishing market share presents a worrying picture for Hollywood studios" that may have been relying on China to recoup blockbusters' budgets."
A new contract that will necessitate China to once more order several Hollywood movies a year is yet to be drawn up. Given the ties between China and the US, this contract might not even happen.
"The expiration of the US-China film agreement presents a serious challenge to Hollywood studios," said Ms Kokas. A new contract is not likely going to happen soon given "the competing priorities they face in the relationship with China," she said.
Rustam Gilfanov is a famous IT businessman, a founder of a large IT company, and a partner of the LongeVC Fund.
Bitcoin and cryptocurrency in general guarantee some amazing profits if invested correctly.
In the currency trading business, many individuals make mistakes. Since most individuals join this profession with too much excitement, they forget about efficient strategies. Instead of controlling their investment and execution process, most individuals make poor choices for trading.
In today's digital world, more and more people are investing in cryptocurrencies. These digital tokens have exploded into popularity over the past few years, and have grown to the point that there are now nearly over 6,000 of them, according to Statista.
Generational wealth is a facet of wealth management that is often misunderstood. Labeled trust fund babies, rich kids, and lucky breaks, those who receive an inheritance from families are rare.
Social media has successfully made it to the mainstream consciousness of over half the global population. DataReportal's latest study shows that over 4.33 billion people worldwide are using some form of social networking site this year. That's why it's no wonder many tech companies are interested in investing or forming the next Facebook, Twitter, or YouTube to capture the hearts and minds of the general population.
Ease of access, freedom to choose in which to invest the money and lines of credit designed according to the needs of consumers, are some of the characteristics that have made consumer credit one of the most important financing products in the world’s market.
While researchers have suggested that individuals who base their self-worth on their financial success often feel lonely in everyday life, a newly published study by the University at Buffalo and Harvard Business School has taken initial steps to better understand why this link exists.