Independent Hollywood studio Relativity Media, the company behind The Social Network and Fast & Furious, has linked with mainland players in a bid to drive Sino-US movie production deals in the world's fastest-growing film market.
Los Angeles-based Relativity and Huaxia Film Distribution Co, the mainland's second-largest movie distributor, yesterday announced in Beijing a partnership that aims to accelerate co-production.
Relativity unveiled separately an alliance with private equity firm SAIF Partners and IDG China Media, an investment arm of Boston-based International Data Group. The three firms intend to develop, produce, distribute and acquire mainland films for the global market through SkyLand Film and Television Cultural Development, their jointly owned film production and financing company. Financial terms were not disclosed.
'China is the fastest-growing film market in the world, with over 6,000 screens and more than US$1.5 billion in box-office revenue last year, an increase of 60 per cent [year on year],' Relativity chief executive Ryan Kavanaugh said.
'With six new screens added daily in China and a business which has been tripling in revenue every three years, it is unquestionable that China and the US must work closely together to build an entertainment business for the future, which strives to make and release global products appealing to worldwide audiences.'
Kavanaugh said partnerships with Huaxia Film, SAIF and IDG China represented 'a critical first step in achieving just that'.
