CCTV Script 19/05/14

— This is the script of CNBC's news report for China's CCTV on May 19, Monday.

Welcome to the CNBC Business Daily.

The summer movie season is all set to kick koff.

And with the U-S memorial day holiday on May 26, movie studios are heading for their biggest weekend ever.

Last weekend Legendary Pictures and Warner Brothers' Godzilla had a smashing debut drawing 196 million dollars worldwide.

But what exactly makes a movie a box office "bomb"?

CNBC's Morgan Brennan looks at which studios are coming out tops this summer.

If I had to sum up this summer's box office season in 3 words, they would be - apocalyptic, sci-fi and superheroes. Take Godzilla. That $160 million remake distributed by Time Warner has been one of this summer's most anticipated films, opening last weekend in the US and 60 international markets.

Now the summer season is Hollywood's most lucrative, spanning May through August and accounting for nearly 45% of annual box office revenue.

This summer, it's all about Marvel comic book characters. Keep in mind, the film licenses actually belong to different studios, even though Disney acquired Marvel in 2009. So 21st Century Fox is getting ready to release its new X-Men installment, Sony's Amazing Spiderman sequel has already raked in more than $550 million worldwide; and after breaking records in April with Captain America, Disney's got Guardians of the Galaxy in August. The studios aren't just banking on American filmgoers - they're also targetting China.

[Daniel Loria / Overseas Editor, Boxoffice] "They will likely be the number one market in the coming yea4rs. We're seeing a great interest from a number of studios in getting to China early, and making a sort of sustained marketing with the Chinese audiences."

That's why Viacom's fourth installment of Transformers could break records there,especially since certain roles were cast with the help of a Chinese reality show. The last Transformers movie pulled in almost $1 billion worldwide, and experts think this new one, Age of Extinction, will end up being the summer's biggest moneymaker.

Back to you.

That wraps up this edition of the Business Daily.

I'm Julia Wood, reporting from CNBC's Asian headquarters

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