MUMBAI: The first signs of cooperation between Hollywood filmmakers and their Chinese counterparts are showing up.
In August, DreamWorks Animation, known for making animated hits like Shrek and Kung Fu Panda, officially launched its joint-venture with three Chinese media companies. The firm is scheduled to make the next installment in the Kung Fu Panda series and open a theme park in Shanghai.
At the same time, James Cameron, who successfully directed Avatar and Titanic, also made his entry into China when he co-founded Cameron Pace Group with China Film Group Corp. and they agreed to cooperate on a 3D documentary about the history of Beijing.
The JV structure allows Hollywood to gain entry to a market it sees as fast-growing. It also allows Hollywood studios and their Chinese counterparts to circumvent government rules limiting the number of foreign films that can be shown each year in the country.
In February, the State Administration of Radio Film and Television, the country‘s media watchdog, had averred that it would allow the number of foreign-made films allowed into the country this year to rise from 20 to 34.
More significantly, in the same month, Beijing signed an agreement with Washington that means films made by the JVs will not be counted against the quota.
In the first half of 2012, four of the five films that attracted 10 million ticket buyers were made in the US, the remaining being those from China.