China Breaks the Box Office

While the global economy is still lagging, China is seeing a steady increase in the number of people going to see movies, according to The Hollywood Reporter. This is the fifth consecutive year that Chinese box offices have seen a growth of 25 percent or more.

The State Administration of Radio Film and Television reported that 2008 receipts in the industry totaled up to 4.3 billion Yuan, or about $629.5 million. China Film Group, which is run by the People's Republic, supposedly was the top film production company in the country, followed by Huayi Brothers Pictures, Shanghai Film Group and the New Picture Company.

China has recently been allowing more foreign media outlets into the country, although there are very strict restrictions on non-Chinese companies. It's also a very real possibility that the government is fudging numbers to make the party's film organization seem to be the highest grossing.

Despite this, The Hollywood Reporter points out that many big names in Hollywood are starting to turn their attention to China's 1.5 billion potential consumers. Mark Zucker, president of Sony Pictures Releasing International, views the nation as grounds for entertainment expansion.

"It's a fantastic market full of people who love movies," Zucker told THR. Apparently they also enjoy American movies. "Kung Fu Panda" and "Quantum of Solace" were the sixth and seventh top grossing movies in the country during 2008.

While the Chinese film industry is ranked third in the world, their releases do not generate the massive revenue that many others do. Give China sometime and in a few years they'll be neck and neck with Bollywood.