Society

US/China film experts to explore global market together

(Xinhua)
Updated: 2010-08-04 17:44

LOS ANGELES - Shanghai-born veteran Hollywood producer Mike Medavoy is joining forces with Beijing-based film promoter Jonathan Shen to create films for the global market.

Medavoy, the chairman of Phoenix Pictures and producer of the upcoming World War II spy thriller, "Shanghai," recently returned from China after meeting with government officials, private investors and Shen, the founder of Shinework Media, a firm that had long ties promoting global films in and out of China.

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"We have a five-year program with financing of $500 million to shoot 15 movies, including five Chinese theme titles for worldwide distribution," said Shen, who has spent over 10 years introducing foreign movies to China, including on CCTV.

This announcement comes at a time when China's domestic film industry is exploding (40 percent annual box office growth, 900 million dollars in receipts) and Hollywood experts are expected to help grow the industry both domestically and internationally.

Medavoy, a former Hollywood studio chief with 40 years of experience and seven pictures that have won Best Picture Academy Awards, fits the bill.

"I am coming at a time when they want to do this," Medavoy told Xinhua in a recent interview at his Culver City office. "I met with a number of potential investors while in China and, all in all, I left with the impression that it is do-able."

Medavoy's partner in Beijing will deal with Chinese investors while deepening relationships with filmmakers within China.

Hollywood filmmakers have built a successful global distribution system since the early 1930s and 1940s. American film companies are specialized in making movies for the worldwide market. The use of English language also contributes to the success of global film distribution.

Shen said the international audience's understanding of China is "still very limited." She thought the new partnership will bring out the fact that the "history of China is full of rich stories and exciting figures."

The new co-productions will also benefit investors to reach a market that is expected to reach "50 billion dollars within five years," according to Shen.

"China needs at this point to slowly and maybe cautiously start to expand its wings in this area," said Medavoy. "It is easy to buy buildings, for example, and see the cash flow. It is harder to go into the software business making films. It has to be done methodically and in a way that makes both economic and strategic sense."