If China is becoming a consumption-driven economy, as some claim, we would expect to see a boom in its entertainment industries. Urban China has a rapidly growing population of young people with disposable income and a hunger for more interesting media fare than what state-controlled newspapers and TV networks dole out.

The hypothetical upside is huge. In 14 categories of entertainment for which the average American spends a combined US$2,000 a year, the average Chinese spends just US$59. Even a small piece of any potential ramp-up in entertainment spending could be worth millions. Eventually, with its large population and distinctive culture, China should rival the United States as the world’s biggest entertainment market.