China has long been one of the most exciting entertainment markets in the world, with a booming film, television, and music industry. The Chinese entertainment market is expected to be worth almost $250 billion by 2022, making it one of the largest in the world. This article will take a look at the major players in China’s entertainment industry and the key facts and trends behind this major market.
China’s Outsize Film Industry
China’s film industry is incredibly significant, making up more than 47% of the country’s entertainment market in 2019. Thanks to a number of ambitious initiatives, such as the creation of three new film studios in 2017, the industry has grown significantly in recent years. Here are some key facts about China’s film industry:
• In 2020, China’s box office revenue was expected to exceed $9 billion, making it the largest box office market in the world.
• 90 Chinese films earned over $100 million in 2019, compared to only 25 in 2018
• China’s highest grossing domestic film of all time is Wolf Warrior 2, which earned $854 million at the box office in 2017
Television Production and Streaming Services
Television remains an incredibly important part of the Chinese entertainment industry, and the industry saw growth in 2018, despite the global fall in TV viewership. Here are some key facts about China’s television production and streaming services:
• Chinese television production revenue is expected to reach $25.5 billion by 2022
• China experienced rapid growth in streaming services in 2020, with streaming revenue increasing by 73.3%
• As of 2020, iQIYI, Youku, Tencent Video, and Baidu Video were the most popular streaming services in China
Growth of Music Consumption in China
Music consumption in China is also rapidly increasing, thanks in part to the growth of streaming services and the popularity of K-pop. The Chinese music streaming market is expected to reach $2.5 billion by 2022. Here are some key facts about music consumption in China:
• Revenues from streaming in China grew by 70% year-on-year in 2020
• Global music streaming services such as Spotify and Apple Music have also seen significant growth in recent years
• K-pop is very popular among young Chinese consumers, and was the most searched-for genre on music streaming services in 2020
Live Entertainment and Music Festivals
Live entertainment and music festivals have also seen significant growth in China in recent years. Here are some key trends in China’s live entertainment industry:
• Music festivals are increasingly popular in China, with mega-festivals such as Modern Sky Festival drawing tens of thousands of attendees
• Live streaming of concerts and events has become increasingly popular, with platforms such as Douyu generating nearly $100 million in revenue in 2020
• EDM music is also popular in China and experienced significant growth in 2020
China’s entertainment industry is one of the largest and most lucrative markets in the world. The film and television industry is growing rapidly, fueled by a number of ambitious initiatives, while music consumption and live entertainment are also experiencing significant growth. As China’s population and economy continue to grow, it is expected that the entertainment industry will continue to be an important and lucrative sector in the years to come.
