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January 15, 2013
ReCap2012: Global Box Office Establishes Further Dominance
— Posted by Kenny Miles
In a lot of ways people are noticing that the global box office is a savior for the American Entertainment Industry and a broad range of movies, from Ice Age: Continental Drift to 2011’s Mission Impossible: Ghost Protocol, made a majority of their money overseas. Let’s also try to keep this in perspective: Ang Lee’s Life of Pi grossed just under $100 million domestically, yet generated an additional $300 million from foreign markets! Clearly, the business is overseas and Hollywood better understand what it takes to sell well around the globe. The biggest shock to the global box office news was regarding the latest 007 action flick, Skyfall, grossed $1 billion globally…without even opening in China!
China has become a, if not the, mass market for Hollywood movies. Some will quip that they manufacture our products in exchange for watching our movies. As stated, any movie cannot be declared a financial disappointment until it plays in several other countries around the world especially in one as influential as China. The LA Times had reported an interesting China box office fact that really caught my attention:
As the Entertainment Industry begins to respond to our changing world and shifting demographics of a global business, they will understand the need for their updating their business model as well as their overall branding/marketing strategy. Feel free to sound off in the comments!
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Whether something is overlooked by Hollywood or whatever business trend has captured the Entertainment Industry’s attention, Kenny Miles loves to talk about movies (especially the cultural impact of a film). He covers various aspects of movies including specialty genre films, limited release, independent, foreign language, documentary features, and THE much infamous "awards season." Also, he likes to offer his opinion on the business of film, marketing strategy, and branding. He currently resides in Denver, Colorado and is a member of the Denver Film Critics Society critics group. When he isn’t writing, Kenny channels his passion for interacting with moviegoers (something most movie pundits lack) as a pollster for the market research company CinemaScore and working as floor staff/special events coordinator in the film community. You can follow him on Twitter @kmiles723.
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