Hollywood's top movie studios are poised to post a record year with around US$9.2 billion in ticket receipts despite a US economic slump and rampant movie piracy, industry sources said Monday.
"There is every indication that 2002 will be a bumper year for the major studios which have had a number of big blockbusters under their belts," said Paul Degarabedian of box office trackers Exhibitor Relations.
Final 2002 box-office figures for the top studios were due out later this week, but early projections indicated that US$9.2 billion worth of tickets were sold, up by about 10 percent over last year's record.
PHOTO: REUTERS
The 2001 box office total of US$8.35 billion had set a new all-time record.
Despite jitters over an impending war with Iraq, a dismal US Christmas retail season and growing piracy, movie attendance was expected to grow by at least five percent, with higher ticket prices accounting for the remaining rise in revenue.
Some 1.5 billion movie tickets were sold during the year, with many more expected in the final days of last year as new hits such as the musical Chicago, Jack Nicholson's new film About Schmidt and Gangs of New York open.
A Los Angeles Times study showed that more Americans went to the cinema this year than at any time since 1959, with escapism from recession and the threat of terrorism proving a major boon to the box office.
"Even though people have many more choices as far as leisure activities are concerned, the movies still offers a great form of escape," Dergarabedian said.
Mega-blockbusters of last year that helped fill studio coffers included a quiver of spin-offs of established characters as well as a bevy of sequels to previous hit movies that the studios were keen to cash in on.
The year's five top grossers were Spider-Man, Harry Potter and the Sorcerer's Stone, Star Wars: Episode II Attack of the Clones, Lord of the Rings: The Fellowship of the Ring and the animated feature Monsters, Inc.
All played on the theme that human endurance and potential can overcome seemingly insurmountable obstacles to succeed in a noble and worthy goal that results in the triumph of good over evil.
Comic-book spin-off Spider-Man was the biggest grosser last year, taking US$404 million in ticket receipts, nearly a third more than the 310 million achieved by runner up Star Wars: Episode 2 -- Attack of the Clones.
The record takings were also bolstered by some surprise hits that went on to become sleeper blockbusters, including the most successful independent movie in history, My Big Fat Greek Wedding, which cost just US$5 million to make and then raked in more than US$200 million.
Another notable hit was rapper Eminem's semi-autobiographical movie 8 Mile, directed by Curtis Hanson, while Steven Spielberg's latest picture Catch Me if You Can was also doing well following its release last week.
Other spectacles that will boost the record takings are the second part in The Lord of the Rings trilogy, The Two Towers, which had grossed around US$200 million by Monday, its 13th day on North American screens.
Steven Spielberg's dark sci-fi adventure Minority Report starring Tom Cruise, Tom Hanks' latest vehicle Road to Perdition also helped send box office takings into record-breaking territory.
Hollywood's top studios are Warner Brothers, Sony Pictures, Paramount Pictures, Metro-Goldwyn Mayer, Universal Studios and Dreamworks.
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