China to overtake US to be world’s largest film market

(CHINADAILY)MostmovieindustryobserversexpectChinawillovertaketheUnitedStatestobecometheworld'slargestfilmmarket,byrevenue,by2017.

Lastyear,boxofficerevenueinChinahitarecordhighofnearly7billionUSdollars.

GregFoster,CEOofIMAXEntertainment,saystosomeextenttheChinesemarketisthekeytosuccessformanyUSmovies.

"TheobsessionisthatonaP&Lwhenagreenlightcommitteeatastudioisdecidingtospend200millionU.S.dollarstomakeamovie,whetheritgetsintoChinaornotreallyoftenisthedifferencebetweensuccessorfailure."

Becauseofthis,manyintheNorthAmericanmoviemarketaretakingaharderlookatwhatneedstobedonetobecomesuccessfulinChina.

LaurenSelig,founderofShakeandBakeProductions,saysanincreasingnumberofmoviesarebeingmadespecificallyfortheChinesemarket.

"Outofthe10conversationsthatI'vehadwithproducersorforeignsalesagentsinthelasttwoweeks,sixofthemhavesaidbringmeaprojectforChina,IneedaprojectforChina."

WhenitcomestotappingintotheChinesemarket,SeligsaysHollywoodneedstohaveabetterunderstandingofwhatChineseaudienceswant.

"We'reusedtomakingbigbangmovies,bigtentpolefilmsandhopingthatwhenwelobthemacrossthepondthatChinagoes:'Yay,welikeit.'Butitdoesn'talwaysworkoutthatwayandIthinkit'simportantforaproducerordirectororsomeonewho'sinclinedtomakemoviesfortheChinesemarkettohaveagoodpartneroverthereorgoodvoicestogivethemadviceonwhattomake."

Atthesametime,Chinesemovieproducersarealsotryingtocreatecontentwhichglobalaudiencesaremorelikelytorelateto.

LeVisionPicturesisoneofagrowingnumberofChinesefilmcompanieslookingglobally.

LeVisionCEOZhangZhao.

"MyguessisinthenextfiveyearsbecauseoftheChinesemarketbooming,youwillseemanymoremoviesreleasedinNorthAmericanmarket.Reason,becauseyougotbackedupbythishugemarket."

LeVisionPicturesisbehindtheproductionofafilmcalled"TheGreatWall"starringMattDamonanddirectedbyZhangYimou.

It'sdueoutlaterthisyear.

ChineseinvestmentintheNorthAmericanfilmsectorhasalreadygonebeyondmovies.

DalianWandarecentlystruckadealtoacquireamajoritystakeinUSmoviestudioLegendaryEntertainment.

It'sgoingtobeWanda'ssecondbigpurchaseintheUnitedStates.

ThecompanyboughtAMC,thesecondbiggesttheaterchainintheUnitedStates,formorethan2.5billionU.S.dollarsin2012.