Hollywood Movie Studios See the Chinese Film Market as Their Next Rising Star
Following the government’s loosened restrictions on television and film production last year, China is becoming a real attraction to Hollywood studios. Although most of these media giants have established a presence in China over the past decade, this seems to be the first time for them to consider serious investments in the Chinese media market. From this article in The New York Times, you will be able to catch a glimpse of how some fresh Chinese flavors and elements are being incorporated with the traditions of Hollywood.
“China’s box office receipts are still small compared with ticket sales in the United States, where box office revenues were a record $9.4 billion in 2004, according to Exhibitor Relations. But analysts here say affluent Chinese are becoming avid movie-goers, particularly in big cities like Beijing, Guangzhou and Shanghai. The domestic market is expected to grow to $1.2 billion by 2007, from about $500 million in 2004, according to China E-Capital, a private investment bank in Beijing.”