China's box office takings surpassed the U.S. in the beginning of the year and that's setting the Chinese film industry up for a "Hollywood moment," HSBC said in a May report.
Box office revenues in China beat numbers out of North America in the first three months of this year, totaling 20.2 billion yuan (around $3.17 billion), according to numbers from Variety. Revenues collected in North American cinemas, referring to both the U.S. and Canada, came in at $2.85 billion during the same time frame, Variety said, citing data from ComScore.
Numbers from Maoyan, a Chinese online ticketing platform, matched the figures from Variety — a record for the highest box office takings by a single market in one quarter.
Analysts had previously forecast Chinese box office revenue to overtake the U.S. in 2017, but that was put on hold after growth in 2016 slowed. The slump in growth was blamed on the release of fewer quality movies, among other reasons.