U.S. Vice President Joe Biden and Chinese VP Xi Jinping have settled a long-standing trade dispute that will ease restrictions on imports of U.S. films into China.
China currently allows 20 "blockbuster" foreign films to be released each year but the new deal allows for 34 films, a significant improvement. The only catch, however, is the extra 14 films must be in Imax or 3D formats.
Additionally, the deal will allow foreign film-makers to keep 25 percent of box office revenue, compared to the current 13 percent.
In 2011, Hollywood films accounted for 40 percent of all box office revenue in China. The total value of China's box office was about 13.bn yuan (£1.3 billion) last year.
Independent film makers seem to be the happiest with the new deal: "We do think it's a breakthrough," Jean Prewitt, president of the Independent Film and Television Alliance said (via Guardian). "For the first time we really have the building blocks to begin to work competitively in that marketplace."
Indie producers can now negotiate fixed license fees rather than be stuck with 3%, which they are getting now in China.
Additionally, the deal will allow foreign film-makers to keep 25 percent of box office revenue, compared to the current 13 percent.
In 2011, Hollywood films accounted for 40 percent of all box office revenue in China. The total value of China's box office was about 13.bn yuan (£1.3 billion) last year.
Independent film makers seem to be the happiest with the new deal: "We do think it's a breakthrough," Jean Prewitt, president of the Independent Film and Television Alliance said (via Guardian). "For the first time we really have the building blocks to begin to work competitively in that marketplace."
Indie producers can now negotiate fixed license fees rather than be stuck with 3%, which they are getting now in China.
