MUMBAI: Greater China Media and Entertainment Corporation, an integrated professional media and entertainment company, released its summary of the 2007 Chinese film industry.
According to a report reviewing the Chinese film industry, box office returns have increased 20 percent between 2005 and 2007. Last year, box office returns in China totaled RMB 3.33 billion (approximately $438 million), compared to RMB 2.62 billion (approximately $325 million) in 2006 and RMB 2.05 billion (approximately US $250 million) in 2005.
In total, more than 500 domestic films were produced in 2007 including 402 feature films and over 100 digital films, which were developed exclusively for the movie channel. "The annual box office of domestic films is expected to be more than RMB10 billion (approximately $1.4 billion) in the next five years. The Chinese film industry will become another successful sector following the Chinese TV market," stated China Film Organization secretary general Geng Xilin.
"There is plenty of room for the industry to grow. As a film making company, GCME will be dedicated to producing high quality television series and movies for a range of audiences across China. We are pleased to be part of an industry which shows such tremendous potential for growth, and look forward to playing a key leadership role in the development of the Chinese film industry," stated Greater China Media & Entertainment chairman and CEO Jake Wei.