Film takings soar 51% in 1st quarter
Print Edition
CHINA’S box office revenue in the first quarter of 2016 grew 51 percent year on year, China National Radio said yesterday.
Ticket sales in the period totaled 14.5 billion yuan (US$2.2 billion), boosted by a 6.9 billion yuan haul in February as people flocked to cinemas over the Lunar New Year holiday, it said.
Despite a limit of 34 foreign films a year, Hollywood has become increasingly reliant on China’s rapidly growing box office as its home market growth has stalled. In February, Chinese sales topped the United States for the first time, Xinhua news agency reported earlier.
Eager to cash in on the boom, and create a rival to Hollywood, domestic companies like e-commerce giant Alibaba Group are working with US studios in an effort to produce local blockbusters.
Among the bright spots for China’s film industry was local hit “The Mermaid,” which broke box office records by bringing in about 3.4 billion yuan.
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