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.