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Despite much overseas expansion, Chinese film companies still have a long way to go to successfully export productions reflecting Chinese culture, industry experts said during a 赌博app film industry forum yesterday in Shanghai.
The industry embarked on film company acquisitions and establishing joint ventures in 2012 as it reached into foreign markets, an expansion by filmmakers and investors that is expected to continue.
But executives from Huayi Brothers and Beijing Galloping Horse, which have invested in overseas markets, said Chinese still have a lot to learn from Hollywood in areas such as investment, production, distribution and promotion.
“We have tested the water but it\'s still too early to say our culture is exportable. We can only cover the Chinese-language speaking region in Asia,” Wang Zhongjun, chairman and chief executive of Huayi Bros, told the forum titled Chinese Capital\'s Long March to Hollywood.
In 2012, Huayi Bros invested US$21 million in the Hong Kong China-based company GDC which provides devices for digital cinemas. Also last year, Wanda Group acquired AMC Entertainment, the world\'s No. 2 cinema chain for US$2.6 billion. Beijing Galloping Horse invested US$30 million in Digital Domain, a US-based studio for film special effects.
At the same time, the Chinese film box office reached 17 billion yuan (US$2.7 billion), jumping 30 percent and claiming the number 2 ranking behind the US film market.
Sid Ganis, former vice president of Sony Pictures, told the forum Chinese firms should be more “patient” (on cultural exports) despite such significant investments and rapidly growing domestic box office.
Galloping Horse vice chairman Ivy Zhong observed it was still a huge challenge for Chinese filmmakers to distribute and promote a Chinese culture film in western markets.
“China has the advantage of having huge capital investors interested in the film industry. But the gaps in imagination and innovation between China and the United States are still obvious,” said Wang Ran, chief executive of China eCapital Corp.
Several local firms have started to pursue the development of Chinese films for overseas export through joint ventures and other forms of collaboration.
For example, China Media Capital (CMC) and Dream Works established the joint venture company Oriental Dream Works in Shanghai.
“We want to make films based on Chinese culture with a Hollywood style in Shanghai,” said Peter Li, managing director of China Media Capital.