For many years now Hollywood has been the epicenter of all things related to movies. Despite this, the growth has slowed down considerably in the last five years or so and now foreign ticket sales are starting to surpass those from the US.
This has led to Hollywood trying to benefit from these emerging markets and China in particular.
However, their government policies play a huge role on what can be shown to the population over there, so it can be tricky for foreign companies to go in there and be successful. What’s more is that many Chinese businessmen are starting to take over Hollywood itself!
Chinese corporations are purchasing stakes in major filmmakers and hoping to play the leading role in the global film market, setting the rules for the directors and story writers. For Beijing, the film industry is both a commercial industry and a diplomatic tool for global projection of China’s soft power.
Several days ago, legendary Hollywood director Steven Spielberg and China’s richest man Jack Ma held a press-conference in Beijing. They announced a deal between Alibaba and Amblin Partners to co-produce and finance films for Chinese and global audiences. They will also collaborate on the marketing, distribution and merchandising of Amblin Partner films in China, the companies said in a statement.
In the past, it used to be only martial arts movies coming out of Asia and into American movie theaters. The audiences now want Chinese based characters and dramas as opposed to the usual American blockbusters. This s why Steven Spielberg has submerged himself in Chinese culture and the industry over there so he can bring back an Asian flavor to Hollywood and hopefully revitalize what is now a failing industry.