China Becomes World’s No 2 Movie Market
Moviegoers in China spent 17 billion yuan ($2.7 billion) on tickets last year, turning the country into the second-largest film market in the world. Sales rose 30 percent from 2011, it said, citing the State Administration of Radio, Film and Television (SARFT), underscoring the rapid growth that has long attracted Hollywood despite China’s tight restrictions on foreign films.
After years of pressure, China in 2012 agreed to increase the number of films allowed in annually from the United States which is the world’s largest movie market from 20 to 34, whereas 893 domestic films were produced last year. Nonetheless foreign films generated 51 percent of the revenue, beating domestic film ticket sales for the first time in nine years, and Hollywood’s share in China rose from 18 to 25 percent.