China’s box-office revenues surged to strong growth in 2017

Vastavam web: China’s box-office revenues surged in 2017 after slowing sharply the preceding year, official media reported, as the world’s second-largest movie market edges closer to overtaking the US.Ticket revenue grew 13.45 percent to 55.9 billion yuan ( 8.6 billion) in 2017, more than triple 2016’s growth rate, state media Xinhua reported late Tuesday, citing data from the State Administration of Press, Publication, Radio, Film and Television (SAPPRFT).Over half of 2017’s ticket revenue came from domestic films, with record breaking patriotic action blockbuster “Wolf Warrior 2” collecting 5.7 billion yuan, topping the year’s box office list.

The American action thriller “The Fate of The Furious” came in second, with box-office revenue of 2.7 billion yuan.Hollywood has a keen eye on China’s potentially lucrative movie market, although Beijing strictly limits the number of foreign films that can be released in Chinese cinemas.China also takes measures to help boost domestic films’ performance, including limiting the screening of foreign films during peak seasons and rewarding cinemas for playing more domestic titles.Chinese cinemas pay a five percent tax on gross box- office revenue to the country’s cinema regulator for a “movie industry development special fund”.