In 2023, the box office revenue reached 54.915 billion yuan, with domestic films accounting for 83.77% of the total revenue. What information is noteworthy?

Analysis of Movie Consumption Trends in Recent Years

In 2022, the movie consumption data was 30.067 billion yuan.

What? You said there was a special situation in 2022, as everyone was either staying at home or lying down, neither able nor daring to go to the cinema.

Then referring to the data of 2021, it was 47.258 billion yuan;

In 2020, it was 20.417 billion;

In 2019, it was 64.266 billion;

In 2018, it was 60.976 billion.

On one hand, we can see that movie consumption data is recovering and gradually approaching the peak period before the pandemic.

However, on the other hand, there is still a gap.

Logically speaking, movie box office should be a combination of content consumption and the lipstick effect, making it relatively easy to perform counter-cyclically.

That is to say, the worse the economic environment, the better the movie consumption should be.

This is because during economic recessions, with increased unemployment and idle time, the demand for content consumption increases. As mentioned in “Boom and Bust,” during the Great Depression, the sale of library cards in the United States multiplied several times because people, anxious about unemployment, needed more mental entertainment.

The lipstick effect is even more evident, as you’ve probably heard quite a bit in recent years. Movies are a typical “lipstick effect” phenomenon, being a light decision for discretionary spending and adding vivacity to a dull reality, giving a touch of petty bourgeoisie flair.

Generally speaking, consumption that fits the lipstick effect should have three characteristics:

1) Affordable enough, as people reduce major spending (like buying houses or cars), discretionary spending increases, and only affordable items fit into this category of consumption;

2) Belonging to common categories of daily consumption, easily cued up in everyday life. Often seen and heard, they are easily “reminded for consumption”;

3) Symbolic in nature. This point is very much like “watching movies” and “applying lipstick,” strong in the symbolic meaning of lifestyle.

In short, purely from an economic logic point of view, box office data should be counter-cyclical and strong, but why hasn’t it surpassed the year 2019?

I think there are several reasons, one is the increase in alternative consumption, such as the popularity of online series, which has a certain crowding out effect on movie consumption.

Another is that young people nowadays don’t date much. It’s not impossible to go to the movies alone, but it’s certainly not as frequent as when going with someone. Movie theaters' consumption scenario is still more socially oriented. Anyway, if I were alone, I wouldn’t go anywhere, don’t know about you?

If you have entrepreneurial ideas and want to pursue counter-cyclical consumption, focusing on light decision-making (affordable) and strong symbolic meaning (showing off) is crucial. However, it’s also necessary to consider the behavioral changes of the main consumer group. Adding trends like the single economy and the aging economy might better explain the current consumption phenomenon.

Chinese nationalism has overshadowed Hollywood’s decline.

This is a paragon of Sino-American cultural cooperation in the 21st century.

A seamless collaboration indeed.

Summary of China’s Film Industry Dynamics

Overall, it can be summarized in the following points:

1. Audience Decline: In 2023, the total audience barely reached 1.3 billion, compared to 1.727 billion in 2019, a peak year with a record box office of 64.2 billion. A stark fact is: the audience count has plummeted by over 400 million from the peak in 2019. Yet, the decrease in box office is less than 10 billion. The average ticket price has increased by 13%, a significant rise indeed.

2. Domestic Rise and Foreign Decline: Another notable phenomenon this year is the rise of domestic films. For the first time, not a single foreign film made it into the annual top ten. The reasons are manifold: a long-term accumulation of quality domestic films, Hollywood’s addiction to special effects and IP over narrative, and a shift in national sentiment towards homegrown cinema.

3. Topic Priority Over Content: This year’s market champions like “Man Jiang Hong” and others defied previous predictions. The new generation audience prioritizes topicality over content. Despite the quality, films that resonate with the national sentiment or trending topics attract more viewers.

Looking ahead, the performance of major domestic projects is crucial as imported films are expected to continue their decline. The Chinese film market must focus more on quality to compete with other entertainment forms such as games and short videos. Despite the overall progress with record-breaking box office for domestic films and some epoch-making releases, challenges like the dominance of capital and the prevalence of narrative-weak movies remain. Yet, the future of China’s film industry is optimistic, though the path to a brighter future might not be swift.

Indian Films vs. Korean Films: A Cultural Confidence Perspective

Indian cinema goes its own way, regardless of what the West thinks, while South Korea tends to cater to Western tastes, often using self-deprecating humor to win awards. Netflix series from South Korea are like chain stores of American dramas.

As a result, Indian audiences prefer domestic films, displaying a strong sense of cultural confidence.

In 2021, the Indian film market was predominantly dominated by domestic films. In the list of the top 30 highest-grossing films of the year, the top ten were all Indian films, with the top three being “Pushpa: The Rise - Part 1,” “Shershaah,” and “Master.” The highest-grossing imported film in India in 2021 was “Godzilla vs. Kong,” ranking 14th. Among the top 30 films, only three were imported films, including “Godzilla vs. Kong,” “Eternals” at 20th place, and “Shang-Chi and the Legend of the Ten Rings” at 29th place.

The fundamental reason behind this phenomenon is the vast size of the Indian market compared to the smaller South Korean market. One can sustain itself, while the other cannot. The evolving trends in the Chinese film market are increasingly resembling those in India.

The “Lipstick Effect” and Film Industry Trends

The State Film Administration of China has announced key indicators for the Chinese film industry for 2023. The total box office revenue for the year was ¥54.915 billion, with domestic films contributing ¥46.005 billion, accounting for 83.77% of the total. The total number of cinema-goers in urban areas was 1.299 billion. There were 73 films with box office earnings exceeding ¥100 million for the year, of which 50 were domestic productions, and the top 10 highest-grossing films were all Chinese-made.

Interestingly, the success of the film industry doesn’t necessarily correlate with the economic situation, a phenomenon known as the “Lipstick Effect” in economics.

The “Lipstick Effect” refers to a fascinating economic phenomenon where the sales of lipstick soar during economic downturns, also known as the “preference for low-cost products” trend. It might sound peculiar at first - why would lipstick sales increase when the economy is struggling?

This is because, in the United States, people perceive lipstick as a relatively inexpensive luxury item. During economic downturns, individuals still have a strong desire to consume, so they opt for relatively affordable luxury items. Lipstick, being a “low-cost non-essential item,” can provide consumers with a sense of comfort, especially when the soft and moisturizing texture touches their lips.

Furthermore, economic downturns can reduce some people’s purchasing power, leading to some disposable income on hand, which can be used to buy “low-cost non-essential items.” Only those in extreme financial hardship would focus on buying essential goods.

Clearly, in the current economic situation with reduced income and financial difficulties, many non-essential items are not being purchased. However, cinema consumption, while not a necessity, offers a couple of hours of entertainment for a relatively small cost, providing joy and an escape from real-life struggles by immersing oneself in a film’s storyline. This is a reasonable and justifiable expense, even during tough economic times, as it offers a temporary respite from life’s challenges.

In addition, as stated in “How to Win Friends and Influence People,” an increase in playing card sales indicates a higher number of unemployed and idle individuals who use card games as a means to pass the time. This behavior reflects a lack of confidence and parallels the phenomenon of increased lipstick sales.

The Film Industry’s Resilience and the Rise of Domestic Productions

Due to the COVID-19 pandemic and lockdown measures from 2020 to 2022, box office numbers were not particularly indicative. However, after the initial relaxation of pandemic restrictions in December of the previous year, there was a notable rebound in tourism and consumer spending during the subsequent Chinese holidays, including Spring Festival, Labor Day, and the National Day and Mid-Autumn Festival combined. These rebounds essentially restored consumer activities to the levels seen in 2019 before the pandemic. This was unexpected for many who had debated the trade-off between the economy and the pandemic, with even the most optimistic not anticipating positive consumer data for the year. Of course, it should be noted that the performance of consumer goods was less optimistic, largely influenced by the overall economic environment. However, retail consumption, especially in the tourism sector, did indeed experience a significant recovery. Personally, I have friends in the homestay business who have told me that their earnings this year have already compensated for the losses incurred over the past three years due to the pandemic. The film and television industry follows a similar trend. As retail consumption rebounded, people focused on immediate needs, while the “lipstick effect” diverted attention from mass commodity consumption and the burden of real estate contracts. Furthermore, the subdued desire for consumption during the three years of pandemic restrictions led to a “revenge” mentality once things reopened.

Focusing on the film industry itself, the top ten highest-grossing films of 2023 were all domestic productions. These included “Man Jiang Hong,” “The Wandering Earth 2,” “All In,” “She Vanished,” “The First War of the Gods: Chaos in Chao,” “Eight Sided Cage,” “Thirty Thousand Miles of Chang’an,” “Boonie Bears: The Adventure Begins,” “Rock Solid,” and “Unfamiliar Road.” Notably, the top two films were both Lunar New Year blockbusters, benefiting from the star power and the popularity of established intellectual properties (IPs). Additionally, the development and rise of the domestic film industry have led a new generation of viewers to no longer blindly favor Hollywood productions.

On average, each Chinese person spends 45 yuan, the cost of a movie ticket, which is equivalent to each person visiting a movie theater once.

Box office revenue for movies seems to have reached its peak, and the future of the film industry may become even more challenging.

Social atomization is expected to intensify further.

Review of China’s Film Market in 2023

Looking back at the three major film release seasons of 2023 - Spring Festival, summer, and National Day - the movie market showed signs of recovery overall.

During the New Year’s season, total box office revenue exceeded 1.1 billion RMB, driven by the holiday releases. With the boost from the New Year’s and Lunar New Year holiday releases, the total box office for 2023 approached 55 billion RMB, breaking records since 2020 and indicating the recovery of the film industry.

Chinese films played a dominant role in this process, with productions like “The Three Brigades” solidifying the position of domestic films in the box office. Over 80% of the annual box office came from Chinese films, and the top 10 box office rankings were entirely occupied by domestic productions.

Notable performances in the 2024 New Year season included “Twinkle Twinkle Little Stars,” “Year-End Party Must Go On!,” and “Undercover,” with total box office earnings surpassing 1.1 billion RMB. Among them, 12 new films, including “If You Are the One 3” and “Shaun the Sheep: The Flight Before Christmas,” covered various genres such as crime, romance, and comedy. Two Hong Kong films, “Goldfinger” and “Undercover,” also had impressive showings.

In summary, the annual box office of the film industry has nearly returned to pre-pandemic levels. In contrast, Hollywood blockbusters have been struggling to perform well, marking the centennial anniversary of cinema as the “eighth art” for humanity. Ever since the introduction of “The Usual Suspects” in 1995, with ticket prices ranging from 10 to 30 RMB, domestic films have come a long way from their one-yuan ticket days. Over the past 30 years, Hollywood-style productions with grand scale and storytelling have become the box office champions in China, dominating the market for 21 years.

However, the current trend in Chinese cinema is seen as formulaic, ideological, and politicized, with only visuals and sound effects deemed satisfactory, while other aspects are considered subpar.

For Chinese cinema, 2024 represents a unique opportunity. If it can seize this moment and continue to improve, it is believed that Chinese films will undoubtedly find their place in the future global cultural landscape.

Review of China’s Film Market in 2023

Looking back at the three major film release seasons of 2023 - Spring Festival, summer, and National Day - the movie market showed signs of recovery overall.

During the New Year’s season, total box office revenue exceeded 1.1 billion RMB, driven by the holiday releases. With the boost from the New Year’s and Lunar New Year holiday releases, the total box office for 2023 approached 55 billion RMB, breaking records since 2020 and indicating the recovery of the film industry.

Chinese films played a dominant role in this process, with productions like “The Three Brigades” solidifying the position of domestic films in the box office. Over 80% of the annual box office came from Chinese films, and the top 10 box office rankings were entirely occupied by domestic productions.

Notable performances in the 2024 New Year season included “Twinkle Twinkle Little Stars,” “Year-End Party Must Go On!,” and “Undercover,” with total box office earnings surpassing 1.1 billion RMB. Among them, 12 new films, including “If You Are the One 3” and “Shaun the Sheep: The Flight Before Christmas,” covered various genres such as crime, romance, and comedy. Two Hong Kong films, “Goldfinger” and “Undercover,” also had impressive showings.

In summary, the annual box office of the film industry has nearly returned to pre-pandemic levels. In contrast, Hollywood blockbusters have been struggling to perform well, marking the centennial anniversary of cinema as the “eighth art” for humanity. Ever since the introduction of “The Usual Suspects” in 1995, with ticket prices ranging from 10 to 30 RMB, domestic films have come a long way from their one-yuan ticket days. Over the past 30 years, Hollywood-style productions with grand scale and storytelling have become the box office champions in China, dominating the market for 21 years.

However, the current trend in Chinese cinema is seen as formulaic, ideological, and politicized, with only visuals and sound effects deemed satisfactory, while other aspects are considered subpar.

For Chinese cinema, 2024 represents a unique opportunity. If it can seize this moment and continue to improve, it is believed that Chinese films will undoubtedly find their place in the future global cultural landscape.

Film Box Office Trends and the Impact of the Pandemic

Comparing historical data, in 2022, the total national film box office reached 30.067 billion RMB. In 2021, it was 47.258 billion RMB, 2020 saw 20.417 billion RMB, 2019 reached 64.266 billion RMB, 2018 achieved 60.976 billion RMB, 2017 recorded 55.911 billion RMB, 2016 had 45.712 billion RMB, 2015 had 44.069 billion RMB, 2014 totaled 29.639 billion RMB, and 2013 was 21.769 billion RMB.

Clearly, the pandemic has been the most significant variable. Before the pandemic, the market had stabilized at over 60 billion RMB, but in the first year after the pandemic, it plummeted to the levels of 2013. The recovery in 2021 only reached about 70% of the 2019 levels. While 2023 has witnessed significant growth compared to 2022 (attributed to widespread lockdowns and infections in late 2022), it still lags behind 2018 and 2019 significantly, which is inconsistent with the overall economic growth compared to 2019.

In my view, the most significant impact on the market right now is the heightened awareness of respiratory infectious diseases due to three years of the pandemic, which has even formed a kind of “muscle memory.”

The pandemic has changed many things. Previously, seeing a high rate of mask-wearing in Japan seemed fresh. However, looking at the current trend, in the “post-pandemic era,” a substantial portion of the Chinese population may adopt the habit of wearing masks (at least during specific seasons). Of course, in Japan, masks are primarily worn to prevent allergies, which is different from the initial intention of preventing respiratory diseases in China. Wearing masks may become a lifestyle habit in Chinese society, distinguishing it from Western societies, similar to the habit of “drinking hot water.”

Consequently, many groups, especially those with higher purchasing power and a greater focus on health, have become more sensitive to crowding in public places. Going to the cinema is inherently a crowded public activity. After three years of “education,” many people are reluctant to go to the cinema, which is only natural.

However, in the long term, if there are no new widespread respiratory infectious disease outbreaks, people will gradually forget the patterns of the past few years. Even if the economy remains sluggish, the entertainment industry, including cinema, may experience a new boom and set new box office records. After all, economic downturn does not mean a shrinkage in demand for all industries. The entertainment industry is one of the sectors with a certain counter-cyclical effect.

During economic downturns, high unemployment rates and shorter working hours mean people have more leisure time, and they turn to entertainment to pass the time. Simultaneously, the unhappiness in real life and people’s inner distress need soothing, and entertainment serves as an important way to adjust moods and even escape from the real world.

Furthermore, compared to other forms of entertainment, watching movies is relatively cost-effective. A movie ticket costs only a few tens of RMB, while tickets for concerts or theaters can easily cost hundreds of RMB.

During the Great Depression in the United States, the film industry thrived. Companies like Paramount, 20th Century Fox, MGM, Warner Bros., Universal, Columbia, and others experienced significant growth. Classic films like “King Kong,” “Gone with the Wind,” “Little Women,” “The Wizard of Oz,” “Mickey Mouse and Donald Duck,” “Tom and Jerry,” and “Snow White and the Seven Dwarfs” were born, and stars like Charlie Chaplin, Vivien Leigh, Clark Gable, Bette Davis, Ingrid Bergman, Greer Garson, and Katharine Hepburn became famous during this period.

In 1939, the number of movie theaters in the United States reached 15,000, with box office revenue totaling 700 million dollars. To put it into context, before the War of Resistance Against Japan, China’s total industrial output was approximately 1.3 billion dollars, and Japan’s total industrial output was around 5.5 billion dollars.

Many films during the Great Depression resonated with people’s psychological needs at the time. For example, Charlie Chaplin’s two classic works, “City Lights” and “Modern Times,” vividly portrayed the hardships of working-class individuals in a capitalist society. Vivien Leigh, on the other hand, played the role of the “smiling angel” to comfort ordinary people’s souls.

Today’s East Asia is also a society where people often feel exhausted, facing various pressures, dwindling opportunities for social mobility, and increasing competition. People’s psychological needs themselves require the entertainment industry. This is also where entertainment plays an important role in maintaining stability.

Impact of Imported Films on the Chinese Movie Market

Even with the comprehensive lifting of restrictions this year, the combined box office earnings from imported films have not reached 10 billion RMB. Yet, some still manage to criticize the quality of domestic Chinese films.

“Manjianghong” was filmed in less than two months, from June 26, 2022, to August 17, 2022.

“The Wandering Earth 2” began shooting between October 2021 and March 2022.

“Leap of Faith” started production in July 2021 in Haikou, with most scenes shot in various locations in Hainan, including Haikou, Danzhou, Chengmai, Wenchang, Qionghai, and Wanning.

“Vanishing She” began filming in November 2021 and wrapped up the second phase in March 2022.

“On the Eight-Angle Cage” started filming on March 13, 2022, at the Silicon Valley Base of Sichuan University of Media and Communications.

“Chang’an Three Thousand Miles” began its project development in May 2021.

In the top ten box office rankings, only “Solid as a Rock” and “Fengshen” were released before 2021.

Let’s pose a question right away: Hollywood has lost the Chinese market, so why is its box office still the world’s number one?

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The State of Hollywood’s Box Office in 2023

Some people may find it unnecessary to answer the question directly. In 2023, the film industry made significant efforts to recover box office revenue. Many previously delayed Chinese films were released, and most Hollywood films (except for horror and excessively violent action films) were also imported. However, Hollywood films struggled to perform well, often with ticket prices lower than those of domestic films, and they failed to attract a substantial audience.

Furthermore, even in the United States, film box office revenue has not fully recovered to the levels seen in 2019 and is sometimes even lower than in 2002.

Below are the top 25 films in the United States in 2023, with five films not imported, including two horror films.

There’s really no need to criticize the lack of imports or isolation. Hollywood films may not be performing well, and it might be worth considering importing films from Europe (such as French comedies or Spanish thrillers) or India to stimulate the market.

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When assessing the situation, it’s crucial to look at both vertical and horizontal perspectives and consider the social context at the time. For instance, from 2020 to 2022, the film industry faced the challenges of the pandemic, leading to a significant drop in domestic film box office revenue and the number of releases. Examining the quantity of films released in the United States from 2020 to 2023, it appears to have experienced a similar decline.

Chinese Film Industry in 2019 vs. 2023

The years from 2020 to 2022 were significantly affected by the pandemic, making it common to compare the film industry’s performance to that of 2019.

• In 2019, the total box office revenue in China was ¥64.266 billion, a year-on-year growth of 5.4%. Domestic films accounted for ¥41.175 billion of the total box office revenue, an 8.65% increase, with a market share of 64.07%. The urban cinema audience reached 1.727 billion. In 2019, there were 9,708 new screens, bringing the national total to 69,787 screens.

• In 2023, the total box office revenue in China was ¥54.915 billion, with domestic films contributing ¥46.005 billion, representing 83.77% of the total. The urban cinema audience was 1.299 billion. Over the year, 2,312 new screens were added in urban cinemas, bringing the total number of screens to 86,310.

Although the total box office revenue in 2023 was 85.45% of that in 2019, the film industry showed strong signs of recovery with the following key features:

1. Growth in Domestic Film Revenue

In 2023, domestic film revenue reached a historic high of ¥46.005 billion, marking an 11.73% increase compared to the ¥41.175 billion in 2019.

The reason for the lower total box office revenue in 2023 is evident: the growth of domestic films and fewer imports. Additionally, the market share of domestic films increased by only 20 percentage points compared to 2019.

It can be said that the strong resurgence of domestic films in 2023 is the most significant aspect of the film market that year.

2. Decrease in Urban Audience Numbers, Substantial Increase in Screens

The urban cinema audience was 1.299 billion in 2023, a 24.78% decrease from 2019.

When dividing the total box office revenue by the urban cinema audience, the average ticket price in 2023 was ¥35.45, compared to ¥23.84 in 2019, representing a substantial 48.7% increase. Calculated as a smoothed four-year average, the annual ticket price growth rate was 10.43%.

This increase in ticket prices contributed to the historic high in domestic film revenue, while the total number of screens jumped significantly, with an increase of 23.67% or 16,523 screens compared to 2019.

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The Significance of the Film Industry’s Role in Economic Recovery

The film industry plays a crucial role in the recovery of both the consumer and cultural sectors. The resurgence of the film industry is directly linked to supply and demand:

Supply Side: The quality and word-of-mouth reputation of domestic films are key factors, and there may be room for improvement in the approval and importation of foreign films.

Demand Side: Controlling ticket prices appropriately and enhancing the desire to watch movies among the audience can potentially increase the number of cinema-goers.

Interestingly, on apps like Taopiaopiao, the ticket prices for imported films are even lower than domestic ones, yet they still struggle to sell. This indicates that if a political agenda is the guiding force, it won’t lead to the creation of quality works.

This year, I bought and watched three tickets for “球2” (a popular movie), and I’m willing to wholeheartedly support films like these. I usually don’t watch domestic Chinese movies or TV shows because 99% of them are just a mess. However, foreign ones aren’t much better; it’s 2023, and they are still feeding me the same heroism and clichés. Even in science fiction films, the resistance fighters feel like reskinned versions of Pocahontas. Sigh, can we please have some fresh content?

Film Industry in 2023

In 2023, the total box office revenue reached ¥54.9 billion, with Chinese films contributing ¥46 billion, accounting for 83%. The total number of viewers in urban theaters was 1.299 billion, and there were a total of 86,310 screens nationwide. A total of 792 feature films were produced, and the overall film production was 971. The top 10 highest-grossing films were all domestic productions, with 73 films surpassing ¥100 million, including 50 Chinese films.

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Film Industry in 2019

In 2019, the total box office revenue was ¥64.2 billion, with Chinese films accounting for ¥41.1 billion, holding a 64% market share. The total number of viewers in urban theaters was 1.727 billion, and there were a total of 69,787 screens nationwide. A total of 850 feature films were produced, with a total film production of 1,037. Among the top 10 highest-grossing films for the year, 8 were Chinese productions. There were 88 films with box office earnings exceeding ¥100 million, including 47 Chinese films.

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US Film Industry

In 2019, the US box office revenue was $11.25 billion (¥77.6 billion), with a total of 1.23 billion movie tickets sold.

In 2023, the US box office revenue was $8.91 billion (¥63.1 billion), with a total of 850 million movie tickets sold. The US movie theater industry has become a declining industry, with a continuous decrease in total ticket sales since reaching its peak in the early 2000s.

Looking forward to more diverse domestic and international films, the more good movies, the better.

Some people say that domestic films in China are not good, and they rely on marketing and cinema scheduling. The high box office share only further proves one thing -

Foreign films are even worse…

If you’re not trash, how come you can’t compete with domestic ones? Do you think all cinemas are charities?

Global Box Office Rankings 2023

It’s tough to change the one-person-one-vote system. I used to think Hollywood movies would perform well, but I didn’t expect this.

Here is the global box office ranking for 2023:

1. Barbie - Global Box Office: $1.44 billion (USD) / ¥252 million (CNY)
2. Super Mario Brothers: The Movie - Global Box Office: $1.36 billion (USD) / ¥171 million (CNY)
3. Ocean Hammer - Global Box Office: $950 million (USD) / ¥450 million (CNY)
4. Guardians of the Galaxy Vol. 3 - Global Box Office: $846 million (USD) / ¥606 million (CNY)
5. Fast & Furious 10 - Global Box Office: $705 million (USD) / ¥984 million (CNY)
6. Spider-Man: Across the Spider-Verse - Global Box Office: $690 million (USD) / ¥357 million (CNY)
7. The Little Mermaid - Global Box Office: $569 million (USD) / ¥26.51 million (CNY)
8. Mission: Impossible 7 – Fallout (Part 1) - Global Box Office: $568 million (USD) / ¥349 million (CNY)
9. Man Jiang Hong - Global Box Office: $673 million (USD)
10. The Wandering Earth 2 - Global Box Office: $604 million (USD)

You might be wondering what happened to the seventh and eighth places? Well, “Man Jiang Hong” earned $673 million globally, and “The Wandering Earth 2” brought in $604 million. It’s impressive how these movies can make $604 million even when some people slept for three hours in the cinema.

What’s that? Are you trying to compare Chinese films with Hollywood films in terms of global box office now?