Showbox, one of Korea’s largest film production companies, has signed an exclusive partnership deal with China’s leading entertainment company, officially revving up its entry into the Chinese market.
The Seoul-based firm announced Thursday its partnership with Huayi Brothers through which the two companies hope to cooperate for the production of six or more films in the next three years.
Yoo Jeong-hun, CEO of Showbox, called the move a “foothold for Showbox’s positive settlement in China” and “a bridgehead for entry into the global market.”
Under the pact, Showbox will select projects from Korea while Huayi will work on planning, developing and adapting them for Chinese audiences. The two companies will decide on the investment share and then coproduce the film, after which Huayi will handle its marketing and distribution in China.
With a total market value of 7 trillion won ($6.3 billion), Huayi is China’s top private film production company and has music and games branches as well.
The Showbox-Huayi deal comes as Korean companies are rushing to tap the lucrative Chinese film market, which has been averaging a 30 percent yearly growth for the past five years, reports say.
By Rumy Doo (bigbird@heraldcorp.com)
