Chinese film industry rakes up $2.3 bn in 10 months
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Riding high on the new collaborative ventures with Hollywood, China's film industry earned USD 2.3 billion in box office in the last ten months surpassing last years earnings of USD 2.15 billion.
China's film industry earned 14.35 billion yuan (USD 2.3 billion) in the box office from January to November, surpassing the 13.12 billion yuan (USD 2.15 billion) from the whole of 2011, state run Xinhua news agency reported.
Nie Chenxi, deputy head of the State Administration of Radio, Film and Television (SARFT) said China made 686 feature films in the first eleven months, compared with 558 in the whole of 2011.
However, among the eight billion yuan earned in the first half of the year, Chinese films took in only 2.8 billion yuan, down by 4.3 per cent year on year. The rest, taken by imported productions, marked a 90.4 per cent increase, according to Nie.
Chinese industry this year had tie-ups with Hollywood firms. Rupert Murdoch's News Corporation, which is parent company of 21st Century Fox acquired 19.9 per cent stake in Beijing-based Bona Film Group.
Last year, China's domestic films took in 53.61 per cent of the total box office in China, but their share from January to June this year was only 35 per cent.
SARFT deputy head Tian Jin said last month that the shrinking market share of domestic movies was due to the increasing number of imported foreign films, which are of better quality and attract a larger audience.
In February, China and the US agreed on a memorandum of understanding on films in the World Trade Organisation's China-audiovisual case. According to the memo, 14 more US films will be imported into China annually, in addition to the original 20-film quota.
The Hollywood films which did well here included 'Life of Pi', Directed by Ang Lee with an Indian cast.