Executives from China’s major distributors and producers — China Film Group, Enlight Media, Bona, Huayi Brothers, Beijing Galloping Horse and Wanda Group — are gearing up for a week of dealmaking in Los Angeles.
Nearly all of China’s top distributors, producers and execs are attending the 2013 American Film Market as the world’s second biggest, and fastest rising, movie industry flexes its newfound muscle.
China’s box office take was $2.7 billion in the first nine months of this year, a surging 35 percent rise on the same three quarters last year, and Hollywood is eager to find ways to unlock this burgeoning market, which some analysts expect to overtake the U.S. sometime in the next five years.
It’s not all one-way traffic. China is looking to Hollywood for investment vehicles, and many industry-watchers are just waiting for the day when a Chinese firm moves to buy a U.S. studio.
“This year we are pushing more films with international casts like Control, a suspense-thriller set in the near future, while also developing our native franchises like Young Detective Dee, a 3D martial arts mystery set in ancient China,” said Huayi Brothers spokesman Charles Hwong. “We hope to broaden the appeal of our films and raise the Chinese film industry to new standards.”
Read more at The Hollywood Reporter