UK-China co-production treaty near
The UK’s film market is currently worth close to £4bn globally, with £1.1bn made at the box office, £1.1bn through DVD/Video, £1.6bn through film on TV and £300m ascertained through VOD. China’s market currently ranks 6th in the world, valued at close to £2.5bn however, that’s on track to change.
The USA and Japan are currently the first and second largest markets respectively, with the USA head and shoulders ahead of the pack with a staggering worth of £20bn. China is on the path to eclipse both with chief executive of the British Film Institute, Amanda Nevill saying, “In mainland China, the number of cinema screens have doubled to over 18,000 screens in the last few years. There are 10 new screens opening every day. The value of the Chinese box office is forecast to outstrip the US within five years and 41% of our export is to the US market, so the Chinese export market could become as important as the US is for us now.”
The potential ground-breaking treaty is apparently close to being completed. Nevill said: “We’ve been working very actively and closely with the government to negotiate a co-production treaty with China which is very close to ratification, so that we can work much closer with our Chinese partners to get more British films into the Chinese market and create more co-productions.”
If this new allegiance comes to fruition, UK films could enjoy being exported to a growing population of over 1,000,000,000 people, something that could increase the value of the UK industry substantially.