Local language films are key
More and more, Hollywood studios must look to overseas markets to make money.That was the advice of OTX Worldwide Motion Picture Group prexy Kevin Goetz as he moderated a panel Saturday on the evolution of the overseas B.O. and marketing films internationally. “There is a trend of internationalization coming into its own,” Goetz said. Sitting on the panel were Lionsgate’s motion picture group prexy and co-COO Joe Drake, Fox Intl. co-prexy Tomas Jegeus, ICM Global CEO Stuart Ford and Lakeshore Entertainment worldwide marketing and distribution prexy David Dinerstein. Last year, 64% of worldwide box office revs came from the overseas B.O.; so far this year, international box office revs make up 71% of the total pie. One topic occupying plenty of oxygen at Cannes is the growing box office strength of local-language productions, a market of increasing importance to U.S. studios. “People want to see movies in their own language and that are culturally relevant,” Ford said.