Complex sentence: It was a huge commercial success in spite of almost unanimous critical disapproval, and it was also very significant as a marker for the revival of the local industry, being the first locally-made feature to include significant backing from a local theatrical chain.
Split into simpler sentences: It was a huge commercial success in spite of almost unanimous critical disapproval. Significant as a marker for the revival of the local industry, it was also the first locally-made feature to have significant backing from a local theatrical chain.