DreamWorks Studios Asia division called – Oriental DreamWorks – has announced plans to establish its headquarters in Shanghai at the same time the studio inked two major deals with Chinese Film partners.
This is just the latest American company to try to woo the lucrative Chinese market, where film revenue topped 2 billion dollars in 2011. Yakenda McGahee has more.
Professor Stanley Rosen, Usc professor of film: “I was at the Beijing film screenings, and James Cameron was there at the film festival. Everybody’s going to China now. Including Avatar Director James Cameron. If you look at the co-productions being done. Keanu Reeves, his first director film is being made in China. Iron Man 3″.
This week Cameron also announced a major deal between his company, Cameron Pace Group and state-owned Tianjin North Film Group – a joint venture which will provide 3D filming technology in China. Cameron called this the first step towards making 3D the universal movie standard.
James Cameron, US director: “This is going to be an adventure, to start this big project here in China. For me it’s a plunge into unknown, which I love. And they’ll do it – on the shoulders of China – -the world’s fastest growing movie market – one particularly fond of 3D films. The best way to put it is, if it’s happening in 3-D in China, we want to be right at the nexus of that.”
In 2011 the five highest-grossing films – were, all 3D including Transformers 3-D .. which grossed $168 million in China, nearly half of it’s worldwide revenues. In fact American movies represented 70% of the China’s box office sales so far this year. Perhaps why Dreams DreamWorks Animation – also recently jumped into the China game.
“Now that DreamWorks and Disney are going over and setting up – studios, in effect working with the Chinese studios. So this has been a gradual process. But the integration and synergy between China and Hollywood is getting closer and closer.”
Source: china.org.cn, CNTV (13/08/2012)