China's Silver Screen Sieves Over USD7 Billion This Year in Speed Record

China's Silver Screen Sieves Over USD7 Billion This Year in Speed Record

Xu Wei

Date: Wed, 10/10/2018 - 11:14 / source:Yicai
China's Silver Screen Sieves Over USD7 Billion This Year in Speed Record
China's Silver Screen Sieves Over USD7 Billion This Year in Speed Record

(Yicai Global) Oct. 10 -- China's overall box office has crested CNY50 billion (USD7.25 billion) this year to set a record for the time taken to reach that mark in the Chinese movie sector, but the returns over the National Day Holiday were lower than last year’s grab.

Project Gutenberg became the highest-grossing movie over this year’s National Day at CNY683 million (USD100 million).

The receipts from movies during this year’s National Day Holiday were CNY1.9 billion (USD280 million) in an annual 23 percent drop. Overall movie gates this year topped CNY50 billion on Oct. 4, a full 47 days earlier than last year. That figure already eclipses the total for all of 2016 and sets a record for reaching CNY50 billion-plus in the shortest time ever in China’s film sector.

The country’s cinematography business has grown stably and mushroomed into the world’s second-largest market after the US, swelling to CNY60 billion last year, with a compound average annual growth rate of 27 percent, from CNY17 billion in 2012.

Editor: Ben Armour

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Keywords: box office, Movie