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The trade war's unlikely victim: Hollywood
Source: Washington Post
The trade war’s unlikely victim: Hollywood
By Steven Zeitchik June 14 at 12:34 PM
Last month, “Avengers: Endgame” became the highest-grossing American film in the history of China. It was a seminal moment, suggesting the partnership between China and Hollywood, which over the years has moved in fits and starts, was finally firing on all cylinders. But the $614 million that Disney-Marvel booked may turn out to be an outlier.
As the United States ups the stakes in a trade war, there are growing signs that China is quietly retaliating against the U.S. entertainment business.
Beijing is now constricting Hollywood’s ability to peddle its product in the country, say four people who conduct business in China or closely monitor its relations with Hollywood.
“I don’t want to use the words ‘total freeze,’ but it’s real,” said John Penotti, the producer of “Crazy Rich Asians” and head of SK Global who specializes in Asian productions. “They’re not saying it officially, but the industry is operating as if it’s close to a total shutdown.”
In contrast to many countries, distribution in China requires government approval, and according to these sources, the Chinese government is unlikely to offer distribution slots to more than a small handful of movies. The latest Spider-Man, Secret Life of Pets and Toy Story movies appear likely to get the nod, but most other summer and even fall hopefuls face being locked out of the world’s second-largest film market.
-snip-
By Steven Zeitchik June 14 at 12:34 PM
Last month, “Avengers: Endgame” became the highest-grossing American film in the history of China. It was a seminal moment, suggesting the partnership between China and Hollywood, which over the years has moved in fits and starts, was finally firing on all cylinders. But the $614 million that Disney-Marvel booked may turn out to be an outlier.
As the United States ups the stakes in a trade war, there are growing signs that China is quietly retaliating against the U.S. entertainment business.
Beijing is now constricting Hollywood’s ability to peddle its product in the country, say four people who conduct business in China or closely monitor its relations with Hollywood.
“I don’t want to use the words ‘total freeze,’ but it’s real,” said John Penotti, the producer of “Crazy Rich Asians” and head of SK Global who specializes in Asian productions. “They’re not saying it officially, but the industry is operating as if it’s close to a total shutdown.”
In contrast to many countries, distribution in China requires government approval, and according to these sources, the Chinese government is unlikely to offer distribution slots to more than a small handful of movies. The latest Spider-Man, Secret Life of Pets and Toy Story movies appear likely to get the nod, but most other summer and even fall hopefuls face being locked out of the world’s second-largest film market.
-snip-
Read more: https://www.washingtonpost.com/business/2019/06/14/trade-wars-unlikely-victim-hollywood/
