The Chinese competition rises against Hollywood Studios

15 Dec
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Since 2010, 10 of the 25 highest revenue generating films in China have been imported Hollywood films, despite only accounting for 10% of mainland China’s box office releases. Some of these, such as ‘Fast and Furious 7’, even specifically catered to Chinese tastes to generate more money in the international Chinese box office than the Domestic United States box office. As the competition thrives in China, Chinese production companies and studios have begun to counter their Hollywood counterparts with mass releases. The number of Chinese films was 700% in 2014 of what it was in 2005. Over this time, Chinese competitors have steadily improved in the quality of their product. Chinese super-corporations such as Baidu, Tencent, and Alibaba are aggressively financing and producing television and film. Baidu owns Youtube-competitor iQiyi, Alibaba has launched a direct-competitor to Netflix (Alibaba Pictures) and financed ‘Mission Impossible: Rogue Nation’ as well as other commercially successful feature films. As the competition rises from Chinese competitors, Hollywood studios will find it increasingly difficult to resonate with the fast-paced Chinese market compared to Chinese domestic studios. Hollywood’s list of weak competitors is slowly dwindling, and as a result US based studios must up the ante to remain fresh in the Chinese market.

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