Hollywood studios take on Chinese co-productions
Wednesday 24 August 2011
Over the last two weeks, Hollywood and China have been busy wheeling and dealing on co-ventures with the intention of tapping into both the Chinese and American markets.
According to The Wrap, the companies at the forefront are Relativity Media, Legendary Entertainment and DMG, the Chinese media conglomerate. Other studios could follow but the smaller companies may have more flexibility.
Relativity, which has produced Despicable Me, Fast & Furious, The Fighter and The Social Network, plans to bring films to China and to make co-productions working with state-owned companies that have the authority to approve imported movies.
Also working with Huaxia Film Distribution and SkyLand (Beijing) Film-Television Culture Development, Relativity will develop, produce, acquire and distribute Chinese films with worldwide appeal.
Legendary Entertainment announced plans for two English-language films each year with Huayi Brothers, a Chinese film conglomerate, with the intention of reaching a global audience and being distributed by Warner Bros.
Also, China's DMG has a $300 million film fund to approach US studios for co-productions.
China is seen as a significant market for Hollywood, but due to the limit of 20 non-Chinese films that can screen in China annually films must include one Chinese actor and one sequence filmed in China to qualify.
Despite the restrictions, films such as Avatar, Transformers, 2012, Resident Evil: Afterlife and Twilight Saga performed well in China.
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