After the slowest growth rate in a decade at China’s box office, the Shanghai-based subsidiary of IMAX Corp. saw net profit fall 13% from 2015.
Wanda Group is in the position to transform theatrical exhibition markets in English-speaking territories.
China’s top film regulator, announced through state-run news sources that a quota expansion is likely in the coming months.
China doubled the number of movie screens from 20,000 in 2013 to 41,000 by 2016. Conversely, 2016 was the worst year in a decade at China’s box office.
On Monday, China passed its first law addressing unbridled box office fraud. For years, theatrical corruption has been accepted as a part of doing business.
At The New Yorker’s TechFest event last Friday the CEO of Netflix attacked the theater owners for the lack of innovation in the film business.
For the first time, films produced by Legendary crossed $2B in box office receipts in 2015. Jurassic World accounted for 77% of all global receipts.
The MPAA and China film regulators negotiate to address box office fraud and expanding the number of non-Chinese films permitted on the mainland.
Antitrust issues are on the horizon for Wanda Group: CEO Wang Jianlin, China’s richest individual, announced the acquisition of Legendary for $3.5 billion.
BOTTOM LINE ~> Ascot Elite is moving forward with plans to release the Robert De Niro’s heist film Bus 657 despite legal proceedings in Los Angeles. Grindstone, a division of U.S. distributor Lionsgate, is suing the producers Emmett/Furla Films over the release in Germany citing certain holdback provisions. In many instances, international distributors are funding significant presales on these types of genre films only to be forced to wait 18 to 30 months before gaining authorization to release.