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Hollywood Fears Financial Losses as Donald Trump's Trade War with China Escalates

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Hollywood Fears Financial Losses as Donald Trump's Trade War with China Escalates

Postby MrFredPFL » Thu Jul 05, 2018 5:09 pm

Story :

Under a five-year agreement, which is currently under renegotiation, Beijing allowed 34 Hollywood films into China per year. While this may be a small number compared to the American movie industry’s overall output, the Chinese movie ticket sales grew by 22.3 percent last year totaling $8.6 billion. In the first quarter of 2018, China's box office also passed North America's to become the world's biggest.

Even films that perform poorly in the U.S. have a chance of making up the difference in China. For example, half of the $433 million overall global box office earnings of the 2016 fantasy film Warcraft were made in China. In the U.S., the film flopped, only raking in $47 million.

“Before Trump came along, trade negotiations between China and Hollywood were already fraught with tension,” Robert Cain, president of co-production company Pacific Bridge Pictures, which works with Chinese and U.S. entertainment producers to build cross-Pacific business ventures, told Newsweek. “Trump has exhibited no knowledge of or interest in what Hollywood needs, and an astonishing level of incompetence at dealmaking that has undermined what little leverage the U.S. negotiators had.”

Although China’s current agreement with Hollywood was slated for renegotiation last year, a new deal has yet to materialize. Industry leaders were hoping to increase the number of American films allowed into the Chinese market, as well as the cut Hollywood studios would take home from ticket sales.

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