Warner Bros Teams Up With China Media Capital: Aims To Capture Chinese Film Market
Warner Bros seems to be on a spree to expand their market to Asian countries now. The studio announced their association with China Media Capital, an independent private firm for making Chinese language flicks. Read on to find out more about the collaboration and the related revelations.
The studio is said to expand their market in Asian countries, targeting China especially, as it is the second largest film industry after Hollywood. Warner Bros has received 49% of stake in the partnership leaving rest to China Media Capital. Their combined venture is called as Flagship Entertainment Group which will be based at Hongkong with additional offices in Los Angeles and Biejing, as stated by Arts Beat.
Warner Bros Chairman and CEO, Kevin Tsujihara said that this will be a big step for the studio to reach out to Chinese audience and find a niche in Chinese film industry as well. No financial details have been revealed as of now by the two.
Chinese film market is said to have crossed its own record of last year in ticket sale that is 30 Billion Yuan, which became 24.4 Billion Yuan last year, according to Chinese box-office experts. Flagship Entertainment has plans to release its first movie some time in 2016.
Though, China commands and restricts number of foreign language movies it releases throughout the year and therefore an alliance with a local studio gives more positive chance of capturing Chinese film industry market for Warner Bros. China Media Capital has also strike a deal with DreamWorks studio for upcoming release of “Kung Fu Panda 3” in 2016.
Photo Source: Warner Bros/Facebook