Summary of The Bubble Economy Has Dragged China’s Film Industry Into A Quagmire, But Offers Creatives Newfound Opportunities

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The Bubble Economy Has Dragged China’s Film Industry Into A Quagmire, But Offers Creatives Newfound Opportunities  summary
China’s film industry just got an unexpected wake-up call.

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With compelling analogies, entertainment writers Miao Dingchun and Han Honggang of Chinese tech media website 36Kr.com lay out the workings behind the creation and bursting of China’s film industry bubble from 2015 to 2016. They explain what role the nouveau riche played in inflating the industry, how investors and producers joined hands to make fast money at the expense of movie quality, and where the industry needs to go from here. getAbstract recommends this article to economists and global investors, as well as movie industry workers and enthusiasts.

In this summary, you will learn

  • What factors led to the bubble in the Chinese film industry,
  • Why the bubble burst in 2016 and
  • What has happened in the aftermath.
 

Summary

In 2015, China’s film industry grew more than 30% for the fifth year in a row. Of those five years, 2015 had the highest growth rate of nearly 50%, grossing a total 44 billion yuan ($6.36 billion) in box office revenues. In comparison, 2016 was a disaster. The year closed with 45.7 billion yuan in box office revenues, a growth of 3.9%. China was so desperate for a boost that it brought in more Hollywood films. The effect was minimal: Unlike in the movie The Great Wall, no foreigner could sweep in and save China – not even Matt Damon.

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About the Authors

Miao Dingchun and Han Honggang are staff writer for 36Kr.com, a leading tech media website in China that provides reports on businesses and startups. Theyfocus on entertainment and culture.


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