The British studio behind the James Bond films is planning an expansion into the rapidly growing Chinese market
The British film studio Pinewood is investing in a joint venture with Chinese media group Seven Stars. The deal is just a trial, as part of Pinewood’s international expansion strategy. As part of the venture, both companies will make an initial investment of $1 million into the research of various business opportunities, such as co-productions and possibly film courses and, if this initial stage is successful, they will further invest into the partnership.
Pinewood is, of course, a very successful production company on its own. This is the studio behind the James Bond franchise and the company already has a number of international ventures, including studios in Canada, the Dominican Republic and Germany, and soon to open facilities in Malaysia. However, the Chinese market remains largely unexplored by the company and execs are hoping to change that with this venture.
"The Chinese market for content is the fastest growing in the world," said chief executive Ivan Dunleavy. If successful, the joint venture could provide significant opportunities for UK film and television producers." Seven Stars is part of one of China's leading private media groups and its founder and Chairman Bruno Wu has been a leading figure in the international entertainment industry for over a decade, so there is every reason to believe that the partnership will be successful.
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