HELLO AMERICA!—This past weekend at the Los Angeles Convention Center sparkled with those who have a passion for television and film production. This realization became even more evident with the kind of first night “reception” organized by the U.S.-China Film & TV Expo organization, which was also supported by Variety. It was very clear that the entertainment industry is getting ready for more deals in the explosive Chinese market.
“There is an obvious sense of co-production ideas in a realistic sense expressed on both sides,” Brian Goldsmith, Chief Operating Officer of Lionsgate, noted on the “Art of Deal-making” panel at the affair. The partnering with U.S film production companies is nothing new. It dates back to Wanda’s 2012 purchase of the AMC chain and includes China’s investments by Hunan in Lionsgate, Fosun in Studio 8, Hony and the Huayi brothers in STX as well as ventures helmed by China Media Capital with Warner Brothers and Imax.
The panel, in general, agreed that the annual Chinese box office will match the American in 2017 due to the upswing of both American and Chinese blockbusters such as “Lost in Hong Kong,” which garnered a tremendous box office reception opening recently. The importance of “language” was stressed among the panelists in a very realistic way with James Fong, CEO of “Oriental DreamWorks” who is in production of “Kung Fu Panda 3” produced an English and Chinese language version of the film stressing the importance of tailoring the humor and story to best fit the two cultures.
Donald Tang, partner of Tang Media who is also a powerful force in STX deals, stated the two markets feed off each other. “Hollywood needs China for market and financing and China needs Hollywood to learn how to tell stories,” he offered. “The West has an insatiable appetite for Chinese stories, it just hasn’t been expressed in the right way.”
Dragongate CEO William Pfeiffer suggested that there is currently a higher comfort level in China in dealing with the America, “So many of the old barriers are coming down.” It was stressed as well that Chinese investors are looking to make technological acquisitions with an eye to improved delivery. There was universal agreement that the world is getting smaller and the cultures are getting closer.
