James Schamus, the former CEO of Focus Features and a multi-Oscar nominee, spoke in front of an audience last Sunday, April 17, during the first day of the Beijing International Film Festival, according to an article by The Hollywood Reporter.
According to Schamus, China is well on its way to become the new Hollywood.
Schamus sat in a panel discussion that tackled the changing landscape of Hollywood and Chinese film partnerships. In the discussion, he dismissed the competition between Hollywood and China, labeling the relationship as cooperation between likeminded organizations.
"It's a shell game," Schamus said. "The capital in Hollywood has been coming from India, the Gulf States, and now from China and some very high-net-worth hedge fund individuals and banks--and it's been this way for a long time."
China's booming domestic box office is starting to create the same conditions that led to the success and allure Hollywood is known for today, Schamus said.
"China is leveraging every aspect of the cinematic sphere, and that leverage is centered on the rise of the theatrical box office," Schamus said in the panel discussions. "The key difference between doing a co-production with China and doing one with Italy or any other country is that the co-production here will open up the theatrical marketplace in a more lucrative way."
It's no new news that international film companies have been busy snatching up opportunities to work with Chinese partners. Just recently, Warner Bros.' Flagship Entertainment, a joint venture with the Chinese, announced a 12-film slate of Chinese-language films.
Aside from the booming local box office in China, demographic fundamentals have also proven to be significant drivers in China.
"The Chinese market has room to grow by 5,000 to 7,000 movie screens every year for at least 10 more years," said Yu Dong, chairman and founder of one of China's top studios, Bona Film Group.
"If this continues, we will more than double the number of screens in North America within the decade," Yu said.
Yu added: "The Chinese inland market is more interested in our local creations, so this will change the picture for both industries. The young directors in Hollywood who don't get their support from the big bosses making the superhero pictures, many will come to China to take advantage of the opportunities here."