Pinewood deal to exploit Chinese entertainment market
The UK’s Pinewood Studios has signed a deal with Chinese firm Seven Stars Media to exploit opportunities in China’s growing entertainment market.
The venture is called Song Lin, and will see Pinewood input expertise and capital to develop production support for Chinese firms; tv and film diplomas; financing services for the Chinese production industry and “film-themed” entertainment venues.
Prime Minister David Cameron said: “It’s great to see Pinewood Studios expanding its business with the announcement of its joint venture with Seven Stars Media. The creative industries are a rapidly growing area of China’s economy and will increasingly provide huge opportunities for UK companies competing in the global race.
“Pinewood is leading the way, taking advantage of China’s thriving entertainment and media sector and building on Britain and China’s growing trade relationship.”
The Chinese entertainment and media market is said to be worth $137,458 million and is predicted to grow to $192,516 million by 2016.
Seven Stars is a fast growing conglomerate in the global entertainment industry, lead by founder and Chairman, Bruno Wu.
He said: “Together with Pinewood, we have identified a significant number of business opportunities for the short, medium and long term. The joint venture will aim to improve the standard of media production, create co-production opportunities for Chinese producers and export Chinese film and television content overseas.
“Our local knowledge and scale combined with Pinewood’s unique operational skills and international reputation will enable our joint venture to participate in China’s content explosion.”
Ivan Dunleavy, Pinewood CEO, said: “The Chinese market for content is the fastest growing in the world and taking Pinewood’s experience and skills to that market in partnership with such an established and successful local partner is a truly exciting prospect.
“The joint venture brings together two companies with significant experience and will provide a conduit for film and television productions to maximise their impact in China.
“The partnership with Seven Stars, under Bruno Wu’s direction, represents a strategic step forward for Pinewood’s international development. If successful, the joint venture could provide significant opportunities for UK film and television producers.”
This was posted in Bdaily's Members' News section by Tom Keighley .