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China Becomes World Largest Movie Market

Web Desk(May 24, 2018): China beats North America to become the world’s largest movie market during the first quarter of 2018,

China’s movie market made 20.21 billion yuan ($3.17 billion) between January and March, while US trade journal Variety said the North America box office reached $2.85 billion.

Of the top 10 films watched in China during the first quarter, seven were domestically produced, and Chinese-made movies occupied the top five slots.China’s box-office revenues surged in 2017 after slowing sharply the preceding year, official media reported in January.

Ticket revenue grew 13.45 percent to 55.9 billion yuan ($8.6 billion) in 2017, state-run news agency Xinhua had said, citing data from the State Administration of Press, Publication, Radio, Film and Television.

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.

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