Meanwhile, back across the Pacific, China's Dalian Wanda group recently purchased the AMC cinema chain, America's second largest, for $2.6bn. DreamWorks is planning to animate Kung Fu Panda 3 at a new studio in Shanghai, with the help of Chinese investors.
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Last year, the Chinese media mogul Bruno Wu announced plans to build "Chinawood", a $1.27bn movie studio in Tianjin, partially funded by the local government, and intended to generate US-Chinese co-productions. The first to perform that feat was James Cameron's recent 3D re‑release of Titanic his previous film, the grand sci-fi Avatar (2009), is the most successful American movie to date in China, where it made $294m. In December, the 3D Oscar nominee Life of Pi, by Taiwanese director Ang Lee, became the second Hollywood film to fare better in China than it had in the US, grossing $84.3m in Chinese ticket sales.
Historically, the Chinese government has allowed no more than 20 non-Chinese films to be released in the nation's cinemas per year, but a trade deal agreed with the US in 2012 allowed for another 14 foreign releases annually, provided they were in 3D or Imax format. There is a voracious appetite for product." Speaking at the release of his organisation's report, MPAA chairman and chief executive Christopher Dodd said: "China is building something like 10 screens a day. With $10.8bn in takings, the North American market remained the world's largest by some distance, but research by Ernst & Young has found that, at its current growth rate, the Chinese box office could outpace the US by the end of the decade. Last month, an annual report from the Motion Picture Association of America (MPAA) showed that China surpassed Japan in 2012 to become the world's second-biggest box-office market behind the US, with combined box-office revenues of $2.7bn (£1.8bn) – a 37 per cent rise on the previous year.
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