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Hollywood studio grabs share of Chinese movies
Print Edition
HOLLYWOOD studio Warner Bros is joining up with Chinese investment company China Media Capital to produce Chinese-language movies for the international market.
The announcement of their Hong Kong-based joint venture comes two days before the start of Chinese President Xi Jinping’s state visit to the United States.
Flagship Entertainment Group Ltd will also have offices in Beijing and Los Angeles.
The new company is 51 percent owned by a consortium led by CMC — of which 10 percent will be held by Hong Kong broadcaster TVB — and 49 percent by Warner Bros.
Hollywood has been increasingly chasing the rapidly growing Chinese market as box office receipts fall at home by collaborating with Chinese companies and using Chinese actors and settings.
Sino-US collaborations can help Hollywood studios earn a bigger share of box office revenue and enable the Chinese movie industry to gain more technical expertise.
While box office receipts in the US and Canada combined fell 5 percent last year to US$10.4 billion compared with 2013, box office receipts in China jumped 34 percent to US$4.8 billion in the same period, according to the Motion Picture Association of America Inc.
China is on course to set a new record this year — box office receipts were US$3.3 billion in the first six months.
“We look forward to working with CMC in this exciting new venture, as we gain additional insight into the Chinese film industry,” Kevin Tsujihara, chairman and CEO of Warner Bros, said in a statement. “Warner Bros has a proud legacy of making great movies, and we’re excited to share that expertise with our colleagues in China.”
He said: “The country’s incredibly rich history and culture provides a huge trove of great stories, and we want to help tell those stories for new generations of filmgoers in China and around the world.”
“As Chinese cinemagoers continue to embrace both domestic and international movies, total box office is on track to surpass US$10 billion annually in the next four years,” he added.
The first titles bearing the new imprint could be released as early as 2016.
“This partnership with Hollywood’s most iconic studio will bring Warner Bros’ deep experience in creative storytelling and unparalleled expertise in producing global titles to China’s film industry,” said CMC chairman Li Ruigang.
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