Taiwanese cinema faced difficult times competing with Hollywood blockbusters in the late 1990s and early 2000s. Box office for local films dwindled to less than 20 films annually and many Taiwanese viewers preferred watching Hong Kong or Hollywood productions, causing the country's film industry to be dominated by foreign repertoire. Taiwan's film industry went into decline in 1994 and collapsed in 1997 because of the growing popularity of movie piracy. The high box office takings of "Cape No. 7" (2008) and Taiwanese films after 2008 proved that the local film industry had recovered from its slump. "Cape No. 7" was so popular in Taiwan that on 1 November 2008 it became its highest grossing domestic film, second in the country's cinematic history to "Titanic" (1997). Another recent popular local film is the gangster flick "Monga" (2010).