Film Summit highlights the importance of the China market

Global Business

Film Summit highlights the importance of the China market

The sixth annual U.S.-China Film Summit took place in Los Angeles this week and it was the biggest one yet.

Studio leaders, filmmakers and distributors all seem to be on the same page when it comes to the growing importance of the Chinese market creatively and financially.

CCTV’s May Lee reports.

Film Summit highlights the importance of the China market

The sixth annual U.S.-China Film Summit took place in Los Angeles this week and it was the biggest one yet. Studio leaders, filmmakers and distributors all seem to be on the same page when it comes to the growing importance of the Chinese market creatively and financially. CCTV's May Lee reports.

 

Le Vision Pictures is still very much in the big screen movie making business. Its biggest project set to release late 2016 is The Great Wall. With a budget of $150 million, the epic film stars Matt Damon and Andy Lau, and is directed by legendary director Zhang Yimou.

Tickets for The Great Wall will very likely be sold online in China, another area of the movie business that’s being revolutionized by technology.

Weiying Technology has partnered with WeChat, China’s largest social media network, to sell movie tickets online.

“Ticket sales on WePiao, which is linked to WeChat, are 25% of all of China’s box office receipts so the growth is really huge,” Lin Ning,CEO of Beijing Weying Technology said.

And IMAX theaters and movies are doing phenomenally well in China. Currently, there are 250 theaters in China with another 250 slated to open in the next three years.