Money earned from theaters outside of the United States and Canada now accounts for a whopping 65 percent of global box office revenue, the Motion Picture Association of America announced today, in advance of chairman and CEO Dan Glickman’s remarks at the annual ShoWest industry convention in Las Vegas. During the past five years, foreign box office grosses have grown 17 percent. In 2008, moviegoers spent $9.8 billion at domestic movie theaters and $18.3 billion elsewhere, for an all-time-high grand total of $28.1 billion globally, a 5.2 percent rise over the previous year.
Domestic figures are less promising, however. The number of tickets sold at movie theaters in the U.S. and Canada in 2008 declined 2.6 percent from 2007, but because of higher prices, gross receipts were up a slight 1.7 percent.
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I am not at all surprised by this. The main thing Hollywood turns out these days is sub par remakes and sequels to sub par movies. It feels like every movie gets released three times under different names and companies but they are in fact the exact same movie!