International ticket sales fuel global box office recovery – Variety

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Lately, box office headlines have been dominated by Hollywood movies such as Universal’s Super Mario Bros. Movie, which hit $1 billion for the first time this year, and Disney’s Guardians of the Galaxy Vol. 3. But a closer look at the global box office recovery reveals that Tinseltown has no realm of its own.

In fact, it is international films and markets, not the US, that are driving the current global box office recovery. In some regions, local-language titles even dominate Hollywood films. And overall ticket sales overseas are now more than double the size of North America.

Super Mario dominated the global box office charts in the first weekend of May. However, according to data service Comscore, the top 10 rankings also include five non-English titles. 3 Chinese (“Born to Fly,” “Godspeed,” “All These Years”), 1 Japanese (“The First Slam Dunk”), 1 Indian (“Ponniyin Selvan Part 2”) was. Two Chinese titles and two Japanese titles are included in the global Top 10 charts this past weekend, when ‘Guardians’ grossed $168 million internationally and another $114 million in North America. rice field.

The revised outlook could reflect the arrival of a long-awaited new normal after COVID-19. All theatrical regions are now open, including the important Chinese market marred by political and disease control considerations in 2022, so that films of all origins can once again be shown on a more level playing field. became. Of course, there are laggards and leaders.

China’s five-day May Day holiday season (May 1-5) was worth more than $190 million (1.3 billion yuan), sources in mainland China said. Usually more than a dozen new Chinese-produced titles were released, but the Japanese animated film “The First Slam Dunk” continued to be shown during the vibrant festival period.

The latest installment of the 1980s cartoon, Slam Dunk, appealed to nostalgic middle-aged men (a difficult target demographic to reach) and performed well in six Asian regions. It has so far grossed about $92.6 million in China and $36.5 million in South Korea, making it the second highest-grossing film of 2023 so far.No US release date yet

Another Japanese film that has made a name for itself worldwide is Makoto Shinkai’s Suzume, which was in the top 10 feature films until April. It will be released in Japan at the end of 2022 and kicked off its international campaign with an appearance at the Berlin Festival in February. According to Comscore calculations, the company has amassed $8.5 million in North America and $285 million in six international regions. $119 million in China now exceeds revenue in Japan. And “Sparrow” is currently the biggest movie to be released in 2023 in South Korea, earning $41.3 million at the box office.

The two regions where Super Mario fell short of expectations were, coincidentally, China ($24 million) and South Korea ($13.7 million), the two Japanese anime blockbusters scoring the highest. Recorded.

“There has been a notable increase in the number of Chinese and Japanese titles in the top 10 of the global charts, especially in the last few months,” said Paul Dergarabedian, senior market analyst at comScore. However, he added, “Hollywood films, which had barely been screened in China in 2022, have revived with the acceptance of Avatar: The Way of Water.”

The two regions where Super Mario fell short of expectations were, coincidentally, China ($24 million) and South Korea ($13.7 million), the two Japanese anime blockbusters scoring the highest. Recorded.
©Universal/Provided by Everett Collection

For most of the last decade, China was the world’s second-largest box office market (and in fact, it was the largest in 2020 and 2021 during the coronavirus recession). Historically, what happened in the Middle Kingdom has had a big impact on Hollywood, and on other titles lucky enough to get an import license. Aamir Khan’s “Dangal” ($193 million), “Secret Superstar” ($117 million) and Thailand’s “Bad Genius” ($41 million) all made their home market debut in China. also scored high.

However, it is difficult to read the current state of the Chinese market. A spike in revenge spending during the Lunar New Year holiday in late January led to a surge in attendance, and the show grossed $1 billion in 10 days. May Day provided another boost, but the non-holiday sessions were less robust. And this softness came despite the resurgence of imports from Hollywood at the request of Chinese exhibitors who were prostrate after being hit by the scorching heat of 2022 with COVOD.

“The focus on Chinese-language and imported films through the remainder of 2023 has the potential to reinvigorate China’s theater industry. , and every successful film will make an important contribution,” said Lance Pow, president of consulting and research firm Artisan Gateway.

Researchers at Gower Street Analytics, another consulting firm, are working on the Chinese blockbusters “Full River Red” and “Wandering Earth II” and “Avatar: The Wandering Earth II”. It recently raised its global box office forecasts for this year following the strong first quarter of . Way of Water” and the triumphant debut of “Super Mario”.

The company also increased its full-year forecast for China to $6.8 billion, but was otherwise much more muted in its comments on China. “Until the market shows a more stable recovery, especially with import titles, we will keep our Q2-Q4 forecast relatively stable,” the company said in a late-April research note.

Prime Minister May will take a more serious look at Hollywood’s ability to attract audiences in China. Guardians of the Galaxy Vol. 3 has entered the post-holiday period with a solid opening weekend of $28 million. ‘Fast and Furious 10’ powers up on his May 17th.

The high-octane series is extremely popular in China. 2015’s Fast and Furious 7’s box office grossed him RMB 2.42 billion (at current exchange rates he’s $351 million). 2017’s Fast & Furious 8 took in RMB 2.67 billion ($387 million) at the box office, while 2021’s F9: The Fast Saga took in $217 million. But analysts will be watching closely how the latest chapter in the series performs in the current situation.

“Hollywood films are now returning a meaningful supply to many international markets, including China. It shows an ongoing interest in good movies,” Pow said.

Another recent statistical publication, India Media & Entertainment Report 2023, published by EY in partnership with the Federation of Indian Chambers of Commerce, sees the subcontinent’s theatrical film come back stronger. indicates that

The data shows that overall film entertainment in 2022 has recovered to 90% of 2019 levels. Due to a significant increase in the number of titles released in cinemas and the increasing pan-Indian (and international) success of South Indian films ‘RRR’, ‘KGF: Chapter 2’ and ‘Kantara’ , theatrical box office revenue jumped from $475 million in 2021 to $1.2 billion in 2022. ”, “Ponniein Servan: 1”, “Vikram”. Hindi Bollywood found success with ‘Brahmastra: Part 1 – Shiva’, ‘Kashmir File’, ‘Drisham 2’ and ‘Bur Bhuraya 2’. India’s Hollywood market share, which peaked at 15% in 2019 before the pandemic, fell to 13% in 2022 due to the rebound in Indian film production.

An EY-FICCI report projects the film entertainment sector (including rights sales and international revenue) to grow to $2.7 billion by 2025. Interestingly, however, he commented that “multiplex viewers almost overlap with SVOD viewers.” This is both a long-term threat to cinemas and explains why Indian exhibition chains are increasingly focusing on building upscale facilities and experiences at the expense of less profitable single-screen venues. there is

Summer in the northern hemisphere is the season for Hollywood tent poles. But it is the international market that determines hit or miss status. Gower Street’s current forecast for this year sees the theater market in 2023 as he expects to be $32 billion. Of the world total, the international theater sector would make up 72% of his, and North America about 28%.

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