Movie Industry on a Roll

Despite writers' strike, Hollywood sets $26.7B box office record in 2007
By Jim O'Neill,  Newser User
Posted Mar 6, 2008 8:10 AM CST
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)
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(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. (Read more box office stories.)