Hollywood has always been the dream for plenty of Hong Kong show business' cream of the crop, with starts such as Stephen Chow, Jet Li, and Jackie Chan successfully crossing over the Hollywood market. It's different today, however, as these actors have moved back to mainland China, according to The Hollywood Reporter.
One of the biggest breakthroughs for Stephen Chow, in particular, is the success of "The Mermaid," a comedy film that earned about $510 million as of Wednesday, March 9, a few weeks after its release.
A story about a group of modern mermaids dealing with a threat to their habitat, "The Mermaid" managed to beat Wong King's "From Vegas to Macau III" and Cheang Pou-soi's "The Monkey King 2" in the domestic box office. Together, the three blockbusters are expected to pull in $1 billion in China alone.
Hollywood's hold on China is loosening as well, with local films continuing to dominate the domestic box office. The last time a foreign film reigned--"Jurassic World" with $229 million--was back in June of last year.
Chinese film regulators' preference over locally made movies has given domestic films an advantage over foreign titles, as the former are given prime release slots. However, local industry figures believe that Hollywood titles just aren't connecting well with the Chinese audience anymore.
"The Chinese love their culture, and they love to see it onscreen," said Bill Borden, a producer based in Los Angeles and a part of "The Mermaid" production team.
"That's why Stephen is so popular. He has a million little jokes and funny nuances in his movies that you just won't get if you're not Chinese," said Borden in an interview with The Hollywood Reporter. "To continue to work in China in a big way, you're going to have to be culturally sensitive."
To appease an increasingly distant market, Hollywood firms have teamed up with Chinese companies to develop, distribute and produce films that will attract Chinese audience. One such example is the recently released "Kung Fu Panda 3," which was available in Chinese and English versions.
"This is going to be the trend," said Borden. "Every studio is going to have to be in China, making Chinese films--there's no reason not to be with the box-office potential that big."