Move over Deadpool and Han Solo, a rambunctious pre-teen deity from Chinese mythology is shattering box office records at a blistering pace.
Driving the news: China’s Ne Zha 2 became the fifth-highest-grossing film of all time this week. Along the way, it’s also become the first non-Hollywood production to earn US$2 billion, the first animated film to earn $2 billion, and the first film to earn $1 billion in one market.
- Since premiering during Chinese New Year, supporting the fantasy epic has become a point of national pride, with China’s defence ministry even referencing it.
Big picture: Ne Zha 2 has the chance to climb further up the all-time box office rankings. It just scored a distribution deal across 37 European territories, with a wide rollout beginning next week. It will soon be out in other big Asian markets, like Japan and Vietnam, too.
- It also continues to play screens in North America, where it has racked up over $19 million thus far and has received positive reactions from both critics and audiences.
Why it matters: In 2021, Beijing launched a national plan to turn China into “a major cinematic player” by 2035, producing 50 blockbusters a year, at least 10 of which are “masterpieces.” Ne Zha 2 is fledgling evidence that China could meet this lofty goal.
Bottom line: While Beijing is unlikely to supplant Hollywood as the top movie producer, its success could have a downward impact on Tinsel Town, which has become heavily reliant on the Chinese market in recent years and is now losing out to domestic productions.—QH