the streaming release of a Korean movie for the first time in nearly six years.
The inclusion of “Avatar 2” on the Chinese releasing calendar then will come as a huge relief to Chinese exhibitors which have suffered a shortage of international and top local titles this year. Cinema operators have also been hit by rolling waves of theater closures as new COVID outbreaks continue to resurface in China, causing local authorities to lock down entire cities, restrict travel and enforce strict testing regimes.
The releasing drought has weighed heavily on China box office this year. After being the world’s biggest theatrical market in both 2020 and 2021, mainland China box office this year is down by 35% compared with last year and only last week passed the $4 billion milestone, according to data from consultancy Artisan Gateway.
20th Century Studios and parent company Disney will breathe a sigh of relief that “The Way of Water” has been granted a release in the country. The long-gestating sequel carries a reported production budget of $250 million, along with the additional costs of marketing and distribution. Meanwhile, director Cameron has boasted that the financial burden stands even higher, stating that a “break-even” point couldn’t be achieved unless the film became the “fourth or fifth-highest grossing film in history.” With a massive budget to recoup and a third franchise entry already on the way, “The Way of Water” will need all the ticket sales it can get.
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