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LinkAsia | Jul 29
The new Chinese film Tiny Times has taken the country by storm, generating over US$11 million on its first day in theaters. But there has been sign...
Also in China, you may remember that the country is starting to crack down on e entertainment shows on television. But the movie industry is a whole different story. The country is actually trying to develop its domestic film industry. And it seems to be working. The country’s movie box office raked in more than 2 billion dollars last year. Here’s CCTV, again, with more.
The numbers show an almost 30 percent jump in profits compared with 2010. China is now the third largest movie market in the world, after the United States and Japan.
Despite the outstanding performance of Hollywood blockbusters like Kung Fu Panda 2 and Transformers 3, Chinese movies held their own, taking over half of the annual box office shares.
And now, for more on Chinese movie industry back in 2011, we are now joined by reporter Li Kefu at the studio.
This is a great year for the movie industry in China. Can you tell us more about the performance of the domestic movies?
Indeed, it’s a very good for the Chinese movie industry. Last year, China produced nearly 800 movies, with box office profits reaching more than 7 billion yuan. That’s over half of the box office profits in China of 2011. But that is generated by a large number of movies. Usually, a single Chinese film can’t keep up with a Hollywood blockbuster. Transformers 3 swept up over 1 billion yuan, followed by Kung Fu Panda, with 600 million yuan. But there is some very good news for Chinese movies as well. Chinese movies made big bucks as well. For example, Chinese movie "Love is Not Blind" makes 350 million yuan. It’s actually a low-budget movie with a budget of less than 9 million yuan.
So actually, the Chinese movies are doing well in the domestic market. What about the international market? How are they faring there?
Well, in 2011, Chinese movie revenue overseas reached 2 billion yuan. A slight decrease compared with 2010. The 2 billion yuan was generated by 55 movies in 22 countries and regions. But Chinese movies gained recognition at 18 movie festivals globally, walking away with 82 awards. The country’s movie industry still has a long way to go to compete with Hollywood in the international film area. Experts say although cultural differences play a very big role here, Chinese movies need to improve their marketing strategies.
Movie ticket prices in China are among the highest in the world from an affordability standpoint. But that could change. The government is considering setting a maximum price for tickets and encouraging theaters to offer more screenings at half price.