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[Photo by Yong Kai/Asianewsphoto]
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Chinese people love to socialize, and this is a key factor in the country's love affair with thesilver screen.
"Chinese people are social animals - there is a huge increasing middle-class population whodo not go home after work like most middle-class people in the US would do," said TangXiaomin, chief executive vice-president of the China Culture Industrial Investment Fund,which invests in WeChat Films.
"They connect on WeChat, and they go to watch films. I believe the social media platform inChina is actually more mature than in US."
Tang's comments came at the fifth annual US-China Film Summit, produced by the AsiaSociety Southern California, on Nov 5 at the Millennium Biltmore Hotel in downtown LosAngeles.
"Second, the density of the population in metropolitan areas is much more larger than in theUS," he continued. "Third, in small cities and countryside regions, there are manytheatergoers, and these people are usually not included in the national official statistics. Thus,the actual film market is larger than 30 billion yuan ($4.9 billion)."
Featuring five panel discussions, the summit focused on trends in US-Chinese co-productionand examined new dynamics in cross-border entertainment, including film finance, thedevelopment of television programs and the rapid convergence of old and new media inChina.
Movie moguls gather at LA film summit
By Cindy Liu in Los Angeles ( China Daily )
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An American film advertisement in a cinema in Hubei province.China's growing middle-class have a huge appetite for films. LiuJunfeng/China Daily
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Ted Sarandos, chief content officer for Netflix; Charles Rivkin, US assistant secretary of statefor economic and business affairs and the former CEO of the Jim Henson Co; and MiaoXiaotian, president of the China Film Co-Production Corp, gave speeches during the dayfollowed by panel discussions and a dinner afterward.
Rivkin said that "economic relationship boosts the relationship of China and the US, and filmis the best example of a win-win economic relationship between the two markets."
Topics included: Beyond: Inside the process of creating US-Chinese tentpole films; NewPlayers: Fresh forces in cross-border film finance; Serial Dreams: Opportunities andchallenges for developing episodic programs for broadcast TV or digital distribution; ContentConvergence: How Baidu, Alibaba and Tencent are changing the world; and The C-SuiteView: Big-picture strategies for US-China film.
Jack Gao, board member of WeChat Films, who formerly served as senior corporate vice-president of News Corp., explained that the social media platform with 600 million mobileusers in China has huge market potential.
Jeffery Soong, a partner with Chin Cultural & Entertainment Investments LP, mentioned thatthe Chinese audience is "picky and hard to satisfy. Chinese filmmakers have to make theirproducts appeal to Chinese audiences even more than Hollywood films; otherwise, investorswould rather invest in Hollywood films as they know they will make money."
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