Partnerships between China and Hollywood are continually making waves in the entertainment business. Experts ask, however, if this love affair between the East and West will last, The Los Angeles Times reported.
One thing remains clear: This relationship has paved the way for many projects than any other foreign involvement in the industry, as most U.S. and Chinese industry leaders agreed in a panel discussion during the Committee of 100 conference in Beverly Hills.
"One thing we know is that everything will change," said Jack Gao, Wanda Cultural Industry Group's chief executive of international investments and business developments.
"Nobody knows what will happen next, but the challenges of the uncertain future is much more exciting than the story of accomplishments past," Jack added.
Most analysts and experts predict that China will take over as the largest film market in the world in 2017, as current movie ticket sales show. As of the moment, the U.S. has five times the number of movie theaters than China, but the Asian country is quickly catching up.
This mass theater-building boom is the primary driver behind the growth of the film market in China. Investments made by Chinese companies are further improving the situation.
Meanwhile, Hollywood studios like Warner Bros. and Paramount Pictures are pushing for co-financing deals with Chinese firms such as Alibaba Pictures.
In addition to the building boom and the investments, Chinese companies have also been busy acquiring American film production studios. Earlier this year, Dalian Wanda Group purchased Legendary Entertainment. A space is slowly being cleared up for an industry once dominated by Canada, France and Japan.
In terms of cultural change, foreign involvement in Hollywood has never really led to any dramatic change.
"They all came in with a big conviction, and ended with a little bit of a whimper," said Donald Tang of the Tang Media Partners. Tang also moderated the panel discussion.
China, however, could very well change the game.
"For the first time, a country other than America is about to have a giant domestic market--and that is China," said Robert Simonds, chief executive of STX Entertainment. "The fact that China is going to become a major player in global storytelling is this inflection point that we are living right now."