'China Could Double Box Office Revenue of North America by 2025' CNBC's Boorstin Reports

CNBC's Julia Boorstin reported on today's 'Closing Bell' that China's box office is set to become number one, in terms of revenue, in the world.
By Giovanni Bruno ,

NEW YORK (TheStreet) --The Chinese box office business is booming and well on its way to becoming the largest in the world, surpassing Hollywood, CNBC's Julia Boorstin reported from Los Angeles today on "Closing Bell."

"Next year China's box office is expected to surpass the U.S. as the biggest movie market in the world, according to PWC (PricewaterhouseCoopers)," Boorstin told CNBC's Kelly Evans.

Additionally, this is the first time that China is allowing foreign movies to infiltrate their markets during a time Boorstin called "China's summer blackout period," as historically they have tried to limit competition for Chinese movies, that is until now.

"The first film that will be allowed is Teenage Mutant Ninja Turtles: Out of the Shadows. Giving Paramount a boost as it grossed $57 million in the country, and today Warner Brothers' Legend of Tarzan opens up in China," Boorstin said.

Moreover, with the loosening of the regulations, China could double the total box office revenue of North America by 2025, which Boorstin says, "is impacting Hollywood's decisions."

"They're thinking about putting elements in movies that would appeal to Chinese consumers and there's also some thought that movies be edited in a way that they'll be able to get past Chinese sensors," said Barton Crockett of FBR Capital Markets.

China has also been active in infiltrating Hollywood, as Chinese media giant Wanda Group recently announced the purchase of Legendary Studios (The Dark Knight, and Hangover series), and are "now reportedly interested in buying a stake in Viacom (VIAB)," Borrstin reported.

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