With annual box office revenues from domestic productions soaring to 10 billion yuan (US$1.5 billion) last year and the blockbuster "Avatar" alone making more than US$200 million, both Chinese and international filmmakers are excited about the revenue prospect of China's huge cinema market.

At a forum Sunday during the ongoing Shanghai International Film Festival, Jim Gianopulos, chairman and CEO of Fox Filmed Entertainment, said the growth rate of China's film industry is "amazing."

"In this growth rate, in five years China will be a bigger market in box office than the United States," Gianopulos said. "It will pass $11 billion in revenue. In last year's indication, it will come soon."

Gianopulos pointed out that the average per capita expense on home entertainment in the U.S. is US$54 compared with US$3 dollars internationally. Therefore, he saw a great potential to explore the international market, including China.

Gianopulos also noted that China has been building up its theatrical infrastructure over the last several years and believed this laid a strong foundation for continuous growth.

Wendi Deng Murdoch, media tycoon Rupert Murdoch's Chinese-born wife, said there is a big market internationally for China-themed films. She said that people all over the world are becoming more interested in Chinese cinema and she was often asked to recommend good Chinese films.

Under her Big Feet Productions, Deng Murdoch has produced her first film, a China-U.S. joint production, "Snow Flower and the Secret Fan," starring Hugh Jackman, Li Bingbing and South Korean actress Gianna Jun. She said that by making this film in China, she got a better and self-motivated crew and managed to cut production costs a lot. In addition, she was not bothered by any union issues, she added.

Ren Zhonglun, president of Shanghai Film Group Corporation, was also upbeat about the Chinese film industry. His studio has seen its profits increase 80-fold over the last seven years. He said: "China-foreign cinematic cooperation has entered a new era."

Not only do foreign studios come to China to shoot films, but Chinese studios also look for partners overseas to make films based on their own scripts, Ren said. His studio currently has four projects that it is developing with international investors and filmmakers.

Related

• Stars brave rain at Shanghai film festival
• Water for Elephants to open Shanghai Film Festival

Go to Forum >>0 Comments