China's growing entertainment industry

There was a significant box office success for China earlier this year. The Wandering Earth is a powerfully affecting science fiction film and a huge step forward for China in terms of cinematic ambitions. On its release, and with record box office attendance, the film sent shares of its two major producers soaring on the first trading day in the Chinese New Year. Shares in Beijing Jingxi Culture and Tourism Co jumped by 10% the week beginning 11 February 2019.

The success of The Wandering Earth is a sign of the growing power of China’s cultural influence around the world. The country’s wider cultural strengths and influences which are increasingly showcased in the West, as evidenced by the recent Shen Yun dance production and the return of the Chinese State Circus to Britain.

With particular regard to film production, we are living through an interesting era of rapid change for the blockbuster movie model. US producers, eager to get their $200 million movies into the lucrative Chinese market are increasingly looking for Chinese production partners, shooting in Chinese locations, and adding Chinese characters and plotlines to American movies.

In the following interview, London Business School’s Adjunct Professor of Marketing Richard Hytner, talks to Judith Zhai EMBAGA2017, president of Strawbear Entertainment Group, a TV production company, and a former Alibaba Pictures Group President and Vice President of Strategic Investment.