Chinese film industry races close to Bollywood

BEIJING: Box office earnings of the Chinese film industry have jumped a massive 64% in 2010, which is being regarded as a bad year for Bollywood. In fact, China's media regulators have predicted the local industry, regarded as a backward territory until recently, will surpass India and Japan by 2015.

The year 2010 saw a massive growth in the film industry with China 's State Administration of Radio, Film and Television reporting that a total of 500 films were made during the period. China ranked third behind Bollywood and Hollywood in terms of annual film output. It put the box office earnings of the local movie industry at $1.5 billion.

The Indian media has quoted film industry sources to say that the earnings in 2010 will be around Rs 10,000 crores ($2.2 billion) after rising 10-12 per cent over the 2009 revenue. The Indian industry has been caught in the 10-12% growth trend since 2008.
At present, the United States is ahead of all other markets as it notched box office revenue of $11 billion in 2010. Japan came second with $2.5 billion in earnings followed by India. China's media regulators expect China to overtake Japan by 2015.

The highest grosser in the Chinese market was a Hollywood film, Avatar, which earned $200 million accounting for over 13% of total sales. Next came a Chinese film, "Aftershock", that earned $100 million by telling the story of a earthquake. Another Chinese movie, "Let bullets fly" has made $75 million since its release in mid-December and its producers believe the total earnings will be much higher.

China's Film Bureau said in a statement that the country added 313 movie theatres. A total of 1,533 new screens were added resulting in a 25% growth in the country, which now has 6,200 screens.

Read more: Chinese film industry races close to Bollywood - The Times of India http://timesofindia.indiatimes.com/india/Chinese-film-industry-races-close-to-Bollywood/articleshow/7254578.cms#ixzz1AfYSC7Vl