New avatar movie: The Way of Water, a sequel to the 2009 hit film, was approved for a Dec. 16 release date, increasing the likelihood that one of Disney’s biggest movies of the year will make a profit.
According to those with knowledge of the situation, the Avatar sequel has been given a release date in China. This is good news for Walt Disney Co. in a crucial market as it attempts to recover from this week’s management shakeup.
The release date of the New avatar movie: The Way of Water, the sequel to the 2009 hit picture, was approved for December 16, increasing the likelihood that it will be one of Disney’s largest movies of the year financially. The arrival of previous blockbusters was prohibited due to the deteriorating US-China ties. Some of Hollywood’s biggest studios have been affected by this restricted access because some American films’ box office sales in China may exceed those in their native countries.
The Avatar sequel is one of the few significant Disney tentpole movies that have been given access to the box office since the outbreak of the pandemic, with recent Marvel blockbusters being excluded. Disney had earlier this year shown clips to China Film Group executives, increasing the likelihood of a local distribution. In a post on Weibo, 20th Century Pictures announced the release.
According tothe ticketing website Maoyan Entertainment, 23 American movies have been screened in China so far this year, making up 10% of all box office receipts, the lowest percentage since records began in 2011. 28 American movies were released in the nation duringthe year, generating 12% of ticket sales. In 2019, more than 50 films were exhibited, for a 32% market share.
The news caused the share price of China Film Co. to increase by more than 6%. The state-owned China Film Group, which is in charge of importing and distributing Hollywood movies, is the largest shareholder in the company.
Encanto, which was released in January and brought in 76.7 million yuan ($11 million) at the box office, was Disney’s most recent movie to be screened in China. The Batman, Jurassic World Dominion, and Fantastic Beasts: The Secrets of Dumbledore have all previously received approval. That gives rise to hopes that more Hollywood blockbusters might be approved.
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Additionally, it’s unclear how much money the new movie will bring in given how badly Covid lockdowns have hurt China’s movie market by keeping viewers out of theaters. In the first ten months of the year, move ticket sales were down 34% from the prior year and more than 50% below the revenue for 2019.
Disney Tumult
Earlier this year, when a top official urged filmmakers to demonstrate greater cultural appreciation, China provided a rare hint as to why US films have struggled to obtain licence for local screenings.
The green light for the new New avatar movie comes in the wake of recent efforts by Chinese President Xi Jinping to ease tensions on the international stage, including his first face-to-face meeting with US President Joe Biden. The US reported that Biden and Xi jointly reprimanded the Kremlin for loose talk of nuclear war over Ukraine and that the two sides would resume cooperation on climate change and food security issues.
The statement comes in the midst of a turbulent week at Disney, where Bob Iger took over as CEO once more on Sunday following the resignation of his predecessor Bob Chapek. During his first term, Iger constructed a $6 billion theme park in Shanghai and was a key player in Disney building tight ties with China.
The sequel to the all-time highest-grossing movie, Avatar, is one of the most eagerly awaited films of the year. Disney re-released the original movie in theatres in September, and it brought in more than $70 million.
