Are we going to see China take over a Hollywood studio in the near future?
Perhaps. Anything seems possible after the Dalian Wanda Group's September 2012 acquisition of AMC Theaters. That $10 billion business deal proved two things: 1) China has no shortage of money when it comes to foreign investments and 2) They are really interested in the movie space.
"The rapid growth of the film industry has attracted a lot of capital from beyond the industry itself," EntGroup analyst Kady Yang tells THR. "The non-film-and-television-producing corporations might be a force to be reckoned with where these overseas acquisitions are concerned."
Xinhua reports that Paramount has signed a copyright deal with BesTV New Media that will give BesTV the right to play Paramount films via its Internet TV and IPTV Premiere services. Films from the Mission: Impossible and Star Trek franchises will be first, followed by other classics such as Forrest Gump and Ghost.
EntGroup tells Boxoffice that Skyfall made $5.1 million on its first day of release on 5,500 screens, which includes $200,000 or so from midnight shows. That's a bit underwhelming considering that Skyfall is the widest theatrical release ever in China.
Mission: Impossible - Ghost Protocol made $12 million in China during its first two days, and now it doesn't look like Skyfall will be able to match that. Ghost Protocol ended its Chinese run with $102.7 million.
The Grandmasters finished in first place during the week of 1/14-1/20 with a total of $13.7 million. Wong Kar Wai's latest is now up to a respectable $39.5 million. Skyfall opened on Monday in China and it's possible that many Chinese movie-goers were simply saving their money for the new Bond flick.
Bona Film Group's Bring Happiness House debuted to $13.4 million. The film is a spin-off of a popular Chinese cable TV show.
CZ12 landed in third with $8 million. Jackie Chan's latest is now up to $135.1 million
Lost in Thailand fell to fourth place with $4.9 million for a total of $196 million. It doesn't look as though the comedy will catch up to Avatar's $203.8 million haul.
The full top 10:
Data provided by EntGroup. For complete daily box office data, please subscribe to EntBase.
Michael Cieply at The New York Times takes a closer look at how Dalian Wanda Group's promise to invest $10 billion in entertainment and commercial properties in North America is taking a while to come to fruition.
"Both sides are likely to continue pressing their efforts; Hollywood is eager to have a partner that can help it tap into China's fast-growing film market, and Wanda wants to strengthen its foothold in the lucrative North American market," Cieply writes. "But the slow going underscores the disconnect inherent in negotiations between parties whose goals reflect their own, more narrow interests."
Read the full article here.