In the past few years, Westerners have exulted in the country’s box office boom, which included hefty grosses for major-studio films such as “Iron Man 3,” “Pacific Rim” and “The Croods.” With the liberalization of access to the market and a greater share of distribution money, Hollywood began to see China as the land of opportunity after decades of feeling thwarted by tight quotas for imported movies.
Yes, the China box ofice is growing, but not for everyone. In the current year, ticket sales for local films increased 144% to $1.12 billion, while imported films saw a 21% slump to $670 million — despite the relaxing of quotas.
Is Hollywood doing something wrong, or are Chinese filmmakers doing something right? Both, which is why American studios need to quickly rethink their roles and goals.
Some already are.
The company that’s made its local partnerships pay off best recently is Village Roadshow, whose Asia »
- Patrick Frater
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