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It is based on the 1974 novel by Peter Benchley. It was the highest-grossing film until the release of Star Wars in 1977. Both films were pivotal in establishing the modern Hollywood business model, which pursues high box-office returns from action and adventure films with simple high-concept premises, released during the summer in thousands of theaters and advertised heavily. In 2001, it was selected by the Library of Congress for preservation in the United States National Film Registry as "culturally, historically, or aesthetically significant".