IMAX China and China Media Capital have established a movie production fund with which they anticipate co-financing a slate of 15 Chinese language films over the next three years.
The China Film Fund has an initial capitalization of $50 million and will provide contributions of $3 million-$7 million per film. Greenlighting will be by a joint IMAX China-CMC committee. Other partners may be brought in to expand the fund or the budget of the approved movies.
“The fund will target productions that can leverage the IMAX® brand, technology, relationships, and release windows, they companies said in a statement.
IMAX China is a subsidiary of IMAX with its own share listing in Hong Kong. The company has for several years struck deals with Chinese production companies including Huayi Brothers, Bona Film Group and Wanda to either convert films to IMAX format or to shoot in IMAX. IMAX has nearly 300 screens in operation in China and expects to reach over 500.
“Our strong relationships with China’s most acclaimed studios and filmmakers mirror those we’ve established in Hollywood, thanks to the support of our valued partner CMC,” said IMAX CEO Richard L. Gelfond. “The fund will further deepen our ties in the China film industry and allow us to generate the highest-quality Mandarin content for Chinese and international audiences alike.
“The appetite for premium Chinese content among the nation’s moviegoers continues to grow. The fund is an outgrowth of CMC’s privileged capability and extensive connections in the Chinese film industry and IMAX’s beloved brand and differentiated cinematic experience. We hope this will support the creation of more tentpole Mandarin-language films,” said CMC chairman Li Ruigang.
