HONG KONG, April 20, 2015 /PRNewswire/ -- U.S. film and digital companies did brisk business at the recent Hong Kong International Film & TV Market (FILMART), signing several deals to take American content to the Chinese mainland and Asia.
The Chinese film industry grew 27.5 percent to finish 2013 on $3.5 billion, while cinema admissions surged to a new high of 610 million, up from 470 million. A total of 3,627 new screens were added in 2013, approximately 10 new screens per day.
This year's FILMART drew a record number of more than 7,100 buyers to the event, the largest of its kind in Asia. The four-day show ended 26 March, and gathered more than 780 exhibitors from over 30 countries and regions. It was organized by the Hong Kong Trade Development Council (HKTDC).
Representing the U.S. were nearly 50 exhibitors, including 26 organized by the US Independent Film & TV Alliance. On the sourcing side, the U.S. Commercial Service brought eleven missions comprising over 200 buyers from across Asia to FILMART to do business with US exhibitors.
"Each year I discover new clients and new opportunities at Hong Kong FILMART," said Katie Irwin, Vice President, International Division of US-based Fortitude Films. "This year, the buyers in the Philippines and Malaysia had a stronger presence than in years past. FILMART is not only useful for sales agent/distributor meetings. We were able to meet up with production partners from Singapore as well."
Announcements from U.S. companies started appearing on the eve of the annual fair. For example, 21st Century Fox announced it will invest in a Hong-Kong-themed mini-series called "Guilty as Sin" set to begin production shortly.
Other U.S. deals were published by the film industry trade publication The Hollywood Reporter:
India's JDR Films' purchased Hollywood's Arclight Film's Jungle Nest, while Vietnam's Galaxy Studios also acquired the title.
U.S. company Shoreline Entertainment clinched its first deal in Asia when it sold The Incident, an acclaimed science fiction thriller, to Japan's Zazie Films on day-two of FILMART.
U.S.-based Film Financial Services signed a cooperation agreement with Citic Guoan, the movie unit of China conglomerate Citic Group, to produce a $40 million 3D fantasy called An'shu.
FILMART is one of several international trade events that will be held in Hong Kong ahead of the June 10 Think Asia, Think Hong Kong (TATHK) promotional event in Chicago. A TATHK event will also be held in Toronto on June 8.
TATHK works with U.S. companies interested in exploring new business opportunities in the relatively robust region of Asia. Companies attending TATHK will learn about opportunities in the areas of finance, technology, and professional services. They can also gain insights on selling products throughout Asian and the Chinese mainland, using Hong Kong as a base.
A statutory body established in 1966, the Hong Kong Trade Development Council (HKTDC) is the international marketing arm for Hong Kong-based traders, manufacturers and service providers. With more than 40 global offices, including 13 on the Chinese mainland, the HKTDC promotes Hong Kong as a platform for doing business with China and throughout Asia. The HKTDC also organises trade fairs and business missions to provide companies, particularly SMEs, with business opportunities on the mainland and in overseas markets, while providing information via trade publications, research reports and media room. For more information, please visit: www.hktdc.com.
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