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China’s entertainment and media industry’s revenue is expected to reach about $479.9 billion by 2027, growing at a CAGR of 6.1% over the next five years, higher than the global CAGR of 3.5%, estimates PwC in a report.
Online advertising, video games and e-sports are the main growth drivers for the industry, while segments such as movies and virtual reality (VR) will maintain fast growth, it said.
For the movie industry, PwC expects China’s box office revenues to return to pre-epidemic levels by 2024, and by 2027, the movie industry’s revenues is expected to reach $13.2 billion, leaving the five-year compound annual growth rate of 23.77%.
China’s movie market will overtake the US market in 2024-2025, with box office revenue expected to account for 27% of the global total in 2027, compared to 23% for the US, making it the world’s largest movie market, said PwC.