[Variety]

Hollywood pics are performing increasingly well in Brazil, compensating for the decline of local movies.

In the first quarter of this year, the country’s total box office rose 8.7% to 359.2 million reals ($197.4 million), thanks to the 24.1% growth of the combined B.O. of all foreign pics and in spite of the sharp 67.1% fall on the combined B.O. of domestic movies.

The same trend was registered last year, when Brazil’s total B.O. increased 12.3%. The 21% rise in foreign pics’ B.O. offset the 27.3% decline of the local pics’ B.O. The market share of local pics fell to just 11.6% in 2011, from 17.9% in 2010.

Industry watchers say the fortunes of local pics could turn upward in the future but, for now, Hollywood dominates. …

Brazilian producers also do not compete for the fast growing local 3D market, says Sergio Sa Leitao, president of Rio municipal government funding company RioFilme. Mariana Caltabiano’s “Brazil Animated,” released in January 2011, is the only 3D local pic and no important Brazilian 3D pics are scheduled to open this year.

But the demand is there. The combined B.O. of all 3D pics in Brazil rose 40.5% in the first quarter of 2012 against the same period last year. Their market share of the total B.O. reached 29% in the period. …

See the full story here: http://www.variety.com/article/VR1118053865?refCatId=19