Hollywood tops Chinese film market in 2012, first time in four years

SHANGHAI Mon Dec 31, 2012 10:28am IST

A masked Chinese man walks past a cinema in Beijing April 27, 2003. REUTERS/Wilson Chu/Files

A masked Chinese man walks past a cinema in Beijing April 27, 2003.

Credit: Reuters/Wilson Chu/Files

SHANGHAI (Reuters) - China's 2012 box office was dominated by foreign films for the first time in four years as a deal cemented earlier this year saw more Hollywood film screened on the mainland, squeezing out domestic competition.

China's box office receipts are expected to reach 16.8 billion yuan in 2012 and about 8 billion yuan, or slightly less than half the receipts, are from domestic films, the official People's Daily reported on Monday, quoting estimates from the State Administration of Radio, Film and Television.

It is the first time in four years that domestic film receipts totaled less than 50 percent of the market and signals that the February trade agreement to allow more Hollywood movies to be screened in China is having a significant impact on the country's movie industry.

Last year, domestic films made up 54 percent of box office receipts, down slightly from 56 percent in 2010, local media reported. China agreed in February to open its market to more American movies, permitting 14 premium format films such as IMAX or 3D to be exempt from the annual 20 foreign film quota.

Last month, Tian Jin, China's vice minister of the State Administration of Radio, Film and Television, said the U.S. film industry was reaping massive profits due to the February concession while domestic producers were under pressure.

However, the best-selling film this year is a low-budget, domestically-produced comedy called "Lost in Thailand" about two rival businessmen. The movie drew a bigger audience in China than James Cameron's "Avatar", the People's Daily said.

(Reporting by Melanie Lee; Editing by Matt Driskill)

Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.

Music

Reuters Showcase

Obama's Message

Obama's Message

In parting shot, Obama prods India on religious freedom.  Full Article 

Armyman Killed

Armyman Killed

Indian army colonel killed in Kashmir fighting.  Full Article 

Uber in Delhi

Uber in Delhi

Uber scraps commissions for its New Delhi taxis.  Full Article 

Company Earnings

Company Earnings

Maruti promises clarity on cash plans.  Full Article 

Japan Hostages

Japan Hostages

Japan vows to work with Jordan to secure hostage release.  Full Article 

RK Laxman Dead

RK Laxman Dead

'Common Man' cartoonist RK Laxman dead at 93  Full Article 

India’s Male Tenor

India’s Male Tenor

India’s lone male tenor wants to ‘Indianise’ opera  Full Article 

Facebook Outage

Facebook Outage

Hacker group claims it is behind outages at Facebook, other sites  Full Article 

U.S. Blizzard

U.S. Blizzard

`Life-threatening' blizzard shuts down much of U.S. Northeast  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage