Alibaba's Jack Ma and Amblin's Steven Spielberg, two major investors in China and the U.S. recently formed a joint venture to bring movies to China.
Alibaba Pictures Group Ltd. will be buying shares in Amblin Partners for production, marketing, and distribution of films and their major target is to capture the world's biggest movie viewing market.
In a statement, Ma said, "Among Chinese consumers, there is an increasing demand for premium global content. This collaboration can serve as a cultural bridge and have a positive impact on the next generation of Chinese consumers."
This is the biggest move of Alibaba in the movie business as they previously were only limited to the distribution of movies online. With the recent move, Alibaba will sit at the board of directors of Amblin Partners.
Amblin Partners is a joint venture of DreamWorks Studios, Participant Media, Reliance Entertainment and Entertainment One. Spielberg is the Chairman of this partnership.
"We intend to make six to nine movies a year," Amblin Partners President and Co-Chief Executive Officer Jeff Small said.
Steven Spielberg, director of award-winning movies such as "Schindler's List" and "Saving Private Ryan," said that he wants to bring the two countries together through the joint venture.
"There's a lot in China that's becoming more and more known, through media . . . and China's tremendous renaissance," he said.
Jack Ma said, "My job is using technology to support these guys."
China has the second largest market in the movies. According to consulting firm Artisan Gateway, China's box office totaled $6.8 billion, up 49 percent from the previous year in 2015. The North American box office had its biggest year in 2015 at $11.1 billion, according to the Motion Picture Association of America.