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An April 4 report from the Motion Picture Association of America (MPAA) reports that worldwide box-office revenue grew 5% to $40.6 billion in 2017, even as movie-going slumped in the U.S. and Canada, according to Bloomberg.
The data underscores the growing importance of international markets to U.S. studios, with territories outside North America accounting for 73% of revenue and all of the growth. Major studios have worked for years to get more of their movies released in China, the number two market, and are in talks to improve the expanded access they gained in a 2012 memorandum of understanding.
“We have ongoing negotiations that are happening as we speak and we are hopeful they will have a positive outcome,” said Charles Rivkin, CEO of the MPAA. The U.S. trade representative is taking the lead in negotiations, he said, and so “we remain hopeful.”
China’s 21% increase in movie ticket sales, to $7.9 billion, was a driver of global growth while Latin America was another bright spot, up 22%, according to the MPAA. The U.S. and Canada generated $11.1 billion, down 2% percent from the previous year, with Hispanic and Asian movie fans being the greatest per-capita consumers of Hollywood fare. (Source: Bloomberg)
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