U.S. movie box office hits record in '07: MPAA
LOS ANGELES (Reuters) - The Motion Picture Association of America (MPAA) on Wednesday released its yearly film industry statistics, reflecting a 5.4 percent increase in U.S. box office receipts in 2007 to an all-time high.
Continuing a recovery that began in 2006 after an industry-wide slump in 2005, domestic box office ticket sales climbed to a record $9.63 billion over the previous year's level of $9.14 billion.
Admissions were essentially flat in 2007 at about 1.4 billion, according to the MPAA. Higher ticket prices combined with the equal level of admissions produced the boost in overall box office revenue.
For 2007, the average cost of making and marketing a movie for MPAA companies, which include Hollywood's major studios, rose to $106.6 million, up 6.3 percent from $100.3 million in 2006, surpassing the previous high of $105.8 million in 2003.
The average cost of a ticket rose to $6.88 in 2007 from $6.55 in 2006, or 5 percent.
Worldwide box office grew to an all-time high of $26.7 billion, up 4.7 percent from 2005's $25.5 billion.
MPAA members include the film and television units of major media companies, Time Warner Inc, Sony Corp, The Walt Disney Co, News Corp, Viacom Inc and General Electric Co and closely held Metro-Goldwyn-Mayer Inc.
(Reporting by Sue Zeidler)