It only got a sequel because the new Chinese investors of Legendary Pictures saw how well it did in China.
Yes, China saved the movie. Without it, it would have been a bomb.
Edit: To clarify, I think "bomb" and "flop" are very harsh terms that should be saved for movies that do so poorly, they are past the point of no return. For example, a movie like Mortal Engines.
The term is a bit subjective, obviously, but I find it being overused and a bit hyperbolic in some situations. I believe a movie can underperform while not being a flop. If a movie does well enough in one country that convinces the studio to move forward with a sequel, I don't think that's a bomb.
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