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-- entertainment -- announced plans to co produce the third.
Installment of the Iron Man franchise.
Other big US studios also announcing Chinese co ventures over recent months.
All part of an effort to forge close ties with China's fast growing film industry and of course partake of its fast growing -- movie market.
Joining us now to tell us what all this means for American audiences Peter -- Producer of Hollywood hits such as Rain Man -- man and more chairman CEO of Mandalay Entertainment Group.
Peter good to have you here.
That's it's -- -- to see how fast Hollywood is moving to hook up where it.
Yeah as the rate of change is changing not just change and the reason why.
A 1000000200 million people the fastest growing market outside the united sex.
And lots of money they're co produce so they better belly up to the table to become part of that or piracy will take it anyways.
The piracy is still not a -- that hasn't exactly abated.
And the Chinese -- at least making some gesture -- once the WTO had to force them to allow twenty foreign films and of the country.
But now -- opened up by almost doubling that 34 films will be permitted a year how many of those are going to be with American partners do you think.
I think most of them you know there -- aiming at getting 3-D IMAX type films big 20050.
Million -- films and.
They're trying to encourage.
Not only capital coming from China but co -- so that are involved somehow with a creative as well the entrepreneurial factor is and a building their own currency in their own language of cinema and so they can make their own films and you know this is in the beginning of the just the beginning of this.
-- the beginning of the beginning of this and it's going to be a tsunami.
And box office in this country has fallen back.
China obviously represents huge opportunity.
What is this going to mean though for production of films what -- Will studios start to pushing more toward an international even Asian Chinese.
What you have got to think that that's -- you know Hollywood operates by the golden rule he US the gold makes the -- in the gold in this case is seven billion.
People -- the planet notes on a six point three billion people and the planet outside of the United States and three enemy India 300000006.
Point five billion create -- 1000006 point five -- -- -- where would you name if your company.
Wanted to go for no market.
And that means -- got to be international center that domestic market drop -- -- -- half of the international box office one is declining the other is growing.
And in Europe and -- give -- quickly as we wrap up here your assessment of the this small local little market this provincial market we call America.
Well I think what's happening really is we are international -- -- movie business is an international.
Marketplace and it's gonna move wherever the money in the audience is and I think you're gonna see the small local repertoire films films that won the Academy Award -- -- locked up or King's Speech are -- these -- -- made more like local repertoire and will compete with international repertoire in those countries.
These big films.
Nobody is making them -- us with the Chinese -- with the Indians or wherever the money is so I think you know see a lot of Chinese eye candy and not just on Sunday.
Right bitter river thanks good to talk with.