China's President Xi Jinping (R) talks with Chief Executive Officer of Disney Bob Iger as they meet at the Great Hall of the People on May 5, 2016, in Beijing, China. (Photo : Getty Images)
Walt Disney Co.’s Chief Executive Officer Robert Iger revealed upcoming joint movie ventures with China as the country emerges as the biggest film market in the world.
In an interview with Bloomberg, Iger said that more Chinese-made films with the Disney brand are in development in the coming years.
"We have a lot of development activity right now to make Disney-branded films in China," Iger explained to the outlet during an interview at the 963-acre Shanghai Disney resort.
Disney had just built in the mainland its first theme park, which is expected to open on June 16, Thursday.
Disney Made-in-China
Many now see China to have the highest potential of investment returns in the movie sector as it is already being dubbed the largest film market in the world with $180 billion worth flowing through its media and entertainment industry.
Like others, Disney is taking advantage of this, with more collaboration projects with local movie makers underway.
"We are very far along on this process, including developing ideas, concepts for films and identifying talent to make those films," Iger said.
According to Bloomberg, the Mouse House will be teaming up with the state-owned Shanghai Media Group Pictures in producing movies in the country under the Disney brand.
Iger believes that the tie-up would be beneficial to Disney, noting that the brand will bring "something that is so unique in this market, no one really comes close."
Tough Community
Of course, Disney's current course of action is not without difficulties as the company's chief executive admits to CNN that the Chinese market is tough to be in.
"It's a challenging market, no question about it. We still believe even with what's happened recently and with those challenges that we still have a great opportunity to grow," he said on Thursday.
According to CNN Money, Disney is not alone in its sentiment, as other companies have complained to the "increasingly hostile" business environment in the country.
"A business environment that is increasingly hostile combined with a playing field that is perpetually tilted in favor of domestic enterprises means the effects of the slowdown are intensified for European business," the European Union Chamber of Commerce told CNN on Tuesday.
Aside from that, Disney is in a particularly rough situation after its biggest Chinese competitor, the Dalian Wanda Group owned by Wang Jianlin, used characters like Snow White, Captain America, and the Star Wars Stormtrooper in its recently opened "anti-Disney" theme park.
