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July 19, 2008 2:13:32 AM CDT

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Movie Industry on a Roll

Posted Mar 6, 08 8:10 AM CST in Arts & Living,  Business 

(Newser) – Nearly 30 films took in more than $100 million each last year as the movie industry recorded its best box office year ever, reports the Wall Street Journal. The writers' strike, rising costs, and a spate of so-so releases at the end of the year put a damper on an otherwise outstanding 2007 that saw the industry earn $26.7 billion. 

While admissions remained steady at 1.4 billion, increased ticket prices and $100-million grossing films helped offset the rising costs of movie projects, which rose 6.3% to $106.6 million per project. Even mini-studios, which bring niche titles to the market—the ones that routinely win Academy Awards—saw cost increases to $74.8 million, up more than 53% from 2006.

Source Wall Street Journal

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Writers Guild of America members strike outside the NBC Studios in Burbank, Calif., Tuesday, Jan. 8, 2008. The Golden Globes, the ceremony known for getting Hollywood's awards season off to a rollicking...   (Associated Press)
View of the Hollywood Sign, Saturday, December 15, 2007 in Los Angeles. A group of Chicago investors is putting the 138 acres of land just west of the "H" in the sign on the market Wednesday Feb. 13,...   (Associated Press)
Spiderman 3 was the highest-grossing movie in the US, earning more than $330 million at the box office.   (KRT Photos)
Hollywood earned a record $26.7 billion at the box office in 2007, helped by 28 movies that grossed $100 million or more.   (Getty Images)
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film  • Hollywood  • Hollywood writers' strike  • box office  • movies  • film studio  • movie industry  • blockbusters


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