Polybona and CJ Entertainment sign strategic partnership deal

Polybona and CJ Entertainment yesterday announced and signed a strategic partnership deal at the Shanghai International Film Festival. The relationship covers film productions, theatrical distribution and, in the longer term, exhibition.

 

Yu Dong, Polybona\'s president, noted that both companies produce about 15 films every year in markets where there are approximately 120 domestic films released annually. Although China produced 456 films last year that secured a distribution license, only a fraction will ever see the inside of a movie theatre.

 

Yu believes that China has "created a superhighway for 3D films", with a market for the format that is only second to North America in dollar terms. He said that 90% of the Chinese box office of Avatar was recouped in 3D screenings, but noted that China lacks its own locally-produced 3D films to compete with Hollywood.

Yu stated that Polybona  hopes that through the deal Chinese cinema can become more international and more diverse. With the aid of Korean technology, he hopes that Polybona will be able to make films with budgets over 30 million Dollars including 3D movies and break into the North American market.

Katherine Kim, CJ Entertainment\'s CEO,  stressed that China is an important market for them. Kim said that CJ are willing to work in any genre as long as they produce good movies together. Yu stressed that they will only produce movies from scripts that will pass Chinese censorship, with a personal preference for thrillers, policiers and romantic comedies in the vein of Sophie\'s Revenge.

Initially, CJ and Polybona plan to produce at least two films a year under the partnership. International sales\' responsibilities will be determined on a case-by-case basis in the best interests of the individual films.

Yu Dong noted that both companies are also aggressively building theater screens in China. CJ-CGV opened its first multiplex in China in 2006 and made initial attempts at theatrical distribution through subsidiary CJ Century.