BEIJING — Revenues from China’s radio, film and TV biz rose 20% last year to a combined $56.7 billion (RMB 348 billion), according to data from the newly minted State General Administration of Press, Publication, Radio, Film and Television.
The strong growth was mostly driven by the advertising and cable network sectors, as well as surging B.O. revenues, a SGAPPRFT report said.
The data is the latest official evidence of the strength of the mainland Chinese entertainment and media market and underlines the reasons why Hollywood is so keen to make waves in China.
Theatrical B.O. revenues hit $2.7 billion (RMB 17 billion) last year, up 30% from 2011, marking an average annual growth of 34% in the decade between 2002 to 2012.
Advertising revenues amounted to nearly $20.7 billion (RMB127 billion), up 13% from the previous year, while the cable network sector grabbed about $10.7 billion (RMB 66 billion), a 17% increase year on year, the report said.
The SGAPPRFT was formed from an amalgamation of the State Administration of Radio, Film and Television (SARFT), which was responsible for broadcast media and film, and the General Administration of Press and Publication (GAPP), which dealt with print media and books. To date the government has not come up with a handy acronym to describe the org.