Some go further and predict that internet companies will take over the industry altogether.

"Filmmaking will be new media-oriented and characterized by the internet," said Feng Jun, a senior analyst with EntGroup, a leading research centre for China's entertainment industry.

"It is possible that all movie companies in China will work for Chinese internet companies in the future," she added.

Not that such a transition comes without risk: only 15 per cent of Chinese films released at domestic theatres turn a profit, Feng said.

Monster Hunt is a genre-straddling fantasy comedy that blends live-action and animation over two fun-packed hours. The movie, which cost 350 million yuan (US$56.35 million) to make, has already set several milestones in China.