For many years, Hollywood has dominated movie markets across the world, but as cinemas spring up across China and local productions become even more captivating, it seems the balance is quickly changing. According to data from research firm Entgroup, in the month of February, the Chinese box office returned about $650 million, compared to the U.S. box office earning of $640 million.
While the difference of $10 million may seem rather meager, it is important to point out that prior to last month, the month of the biggest box office earning in China had been in July 2014, when a record $580 was made.
There is no doubt that the Chinese Lunar New Year holiday, which has been described as a "box office bonanza," greatly influenced the latest record movie returns.
But the fact that the top five highest earning movies in the month of February ("The Man From Macau II," "Dragon Blade," "Wolf Totem," "Zhong Kui: Snow Girl and the Dark Crystal" and "Only We Know") were locally produced speaks much of the Chinese movie industry.
The Chinese movie industry has grown at an astronomical rate over the past decade and many experts have noted that it is only a matter of time before it begins to rival Hollywood in earnings. Nonetheless, no one would have imagined that it would come so soon.
While the Chinese movie market may have performed impressively in February, experts say it is unlikely that Hollywood has been eclipsed just yet. Indeed the Chinese Lunar New Year holiday contributed greatly to the February figures.
According to The Hollywood Reporter, on the first day of the holiday, box-office revenues had risen by about 43.6 percent compared to the previous year.
Also, while some big movies were released in February--including "The Hobbit: The Battle of the Five Armies" and "Mockingjay Part I"--this wasn't peak movie-going season in the U.S. as it was in China.
That said, what February proves is that the much anticipated battle for supremacy between Hollywood and the Chinese movie industry is at hand.