Hollywood Looks Into China for its Fast Growing Film Market
Hollywood is looking into China thanks to their fast growing film market. Chinese film companies are fully embracing the chances to team up with Hollywood by sending capital abroad. China’s largest private film company Huayi Brother Media Corp. already reached an agreement with STX Entertainment in the US to co-produce and distribute 18 feature films by the end of 2017.
The agreement reached through HUayi’s wholly owned US subsidiary, said that its aiming to show off China’s showbiz conglomerate in hopes to increase cooperation with major screen markets globally. Lionsgate followed suits by unveiling a three year deal with Hunan TV ad Broadcast Intermediary to co-finance all qualifying Lionsgate feature films annually for the next three years which include $375 million in film financing. Lionsgate decided to cooperate with Hunan TV as it’s the second most watched broadcaster in China and known for producing entertainment programs and TV series.
The agreement is a reflection of the company’s strategy of teaming up with entrepreneurial partners in hopes to expand global operations in key markets. They are also joining hands to create a feature film pipeline that is filled with commercially exciting movies in the world as well as exploring strategic opportunities throughout complementary film and television businesses.
Liosgate also teamed up with Alibaba to launch a streaming service in China for distribution of films and TV shows.