Even as the Wall Street crash of October 1929 helped plunge the United States and ultimately the global economy into depression, the popularity of the talkies at first seemed to keep Hollywood immune. The 1929–30 exhibition season was even better for the motion picture industry than the previous, with ticket sales and overall profits hitting new highs. Reality finally struck later in 1930, but sound had clearly secured Hollywood's position as one of the most important industrial fields, both commercially and culturally, in the United States. In 1929, film box-office receipts comprised 16.6 percent of total spending by Americans on recreation; by 1931, the figure had reached 21.8 percent. The motion picture business would command similar figures for the next decade and a half. Hollywood ruled on the larger stage, as well. The American movie industry—already the world's most powerful—set an export record in 1929 that, by the applied measure of total feet of exposed film, was 27 percent higher than the year before. Concerns that language differences would hamper U.S. film exports turned out to be largely unfounded. In fact, the expense of sound conversion was a major obstacle to many overseas producers, relatively undercapitalized by Hollywood standards. The production of multiple versions of export-bound talkies in different languages (known as "Foreign Language Version"), as well as the production of the cheaper "International Sound Version", a common approach at first, largely ceased by mid-1931, replaced by post-dubbing and subtitling. Despite trade restrictions imposed in most foreign markets, by 1937, American films commanded about 70 percent of screen time around the globe.