Please refer to page 210 for important disclosures and analyst certification, or on our website
macquarie/research/disclosures.
GLOBAL
Analyst(s)
Macquarie Capital Limited
Wendy Huang, CFA
+852 3922 3378wendy.huang@macquarie
Hillman Chan, CFA
+852 3922 3716hillman.chan@macquarie
Tingting Si
+852 3922 1321tingting.si@macquarie
Ivy Luo
+852 3922 1507ivy.luo@macquarie
Joe Yu
+852 3922 1160joe.yu@macquarie
Macquarie Capital (USA) Inc.
Chad Beynon
+1 212 231 2634chad.beynon@macquarie
Tim Nollen
+1 212 231 0635 tim.nollen@macquarie
Matthew Brooks, CFA
+1 212 231 1585matthew.brooks@macquarie
Amy Yong
+1 212 231 2624amy.yong@macquarie
John Cardoso
+1 212 231 0472john.cardoso@macquarie
Paul Golding
+1 212 231 8003paul.golding@macquarie
Macquarie Capital Securities (Japan) Limited
Damian Thong, CFA
+81 3 3512 7877damian.thong@macquarie
Macquarie Securities Korea Limited
Kwang Cho
+82 2 3705 4953kwang.cho@macquarie
Soyun Shin
+82 2 3705 8659soyun.shin@macquarie
Macquarie Securities (Australia) Limited
Jennifer Kruk, Ph.D
+61 2 8232 6422jennifer.kruk@macquarie
Macquarie Capital Securities India (Pvt) Ltd
Alankar Garude, CFA
+91 22 6720 4134alankar.garude@macquarie
Macquarie Securities (Thailand) Limited
Chalinee Congmuang
+66 2 694 7993 chalinee.congmuang@macquarie
3 February 2017
Global movie and cinema
The Premiere of Premium
Structural forces for a rebound in PRC box office in 2017
Cinemas are increasing global integration through cross-border M&A and
productions. Among the top box office countries, China stands at number two
with 18% global market share in 2016 and growing. With the foreign movie quota
to be raised (we expect clarity in 1H17) and the negative impact of the online
subsidy removed, we forecast Chinaˉs box office revenue growth to accelerate to
13% YoY in 2017 (vs 1% in the US), and to surpass the US in 2021. In the
sector, we like market leaders and those with high IP. In conjunction with this
report, we initiate coverage of five Chinese names; Macquarieˉs US team has
also updated its forecasts to reflect recent trends in both the US and China.
Technology and concessions to drive premium experience
The premium movie-going experience is increasingly important in light of
significant growth in home video and a shortening of the theatrical window.
Globally, Premium Large Format (PLF) screens make up only 1% of the screens
but the number is growing at a much faster pace than the overall sector (26% vs
8% in 2015). Within the PLF, the IMAX format is the clear leader with over 53%
market share. Cinema operators are pulling levers to monetize audiences
through concession offerings such as F&B and advertising. Our analysis
suggests that global leading cinema operators are generating ~30% of their
。。。以上简介无排版格式，详细内容请下载查看