The Chinese cinema market is becoming increasingly important to the world economy. (Photo : IMG)
Leading producer of Chinese TV dramas Huace Film & TV announced on Sept. 23 a partnership with Hollywood studio Arclight Films for a $300-million project, similar to agreements entered by its peers.
Zhao Yifang, vice president of Huace, said that the partnership with Arclight will help the company to create a global film distribution network, according to a report by Shanghai-based media agency China Business News.
Analysts have said that the partnership follows the recent globalization trends in the Chinese film industry, wherein many Chinese companies, including Huayi Brothers, Alibaba Pictures, LeTV, Bona Film and Hunan TV & Broadcast Intermediary, have begun to make plans overseas. These plans often involve cooperation with a big Hollywood studios investing in China's increasing market potential.
Bona has entered a deal with Studio8 and TriStar Pictures, under the auspices of Sony, in making a film to be directed by Academy Award-winning director Ang Lee.
The deal between Huace and Arclight involves an all-round multi-layer cooperation amounting to about $300 million, promising to produce around three films together in the next three years.
The deal pales in comparison with the one struck by Hunan TV & Broadcast with Lions Gate Enterprises, which have promised around $1.5 billion to fund 14 films over the next few years.
These deals allow Chinese producers to enter overseas markets and improve the quality of productions. Hollywood studios involved in the deals gain by bypassing the government's quota on imported films.
China currently has the second largest cinema market, which is expected to take in 40 billion yuan a year.
