Chinese film market ‘to surpass Hollywood’

TAIPEI: Oscar-winning director Ang Lee on Tuesday said that Chinese-language cinema could earn more revenue than Hollywood in ten years’ time and does not need to broaden its appeal.
Speaking ahead of the Golden Horse Film Awards in Taiwan, Lee said: “The Chinese-speaking group is probably four times more than English-speaking people.
“So I think as long as we are influential in the Chinese-speaking world, I think we will prevail, we will ripple out.”
The 50th edition of the prestigious award ceremony, seen as the Chinese-language equivalent of the Oscars, will take place on Nov. 23 in Taipei.
Taiwan-born Lee, who will this year chair the jury for the festival, added: “I think in ten years’ of time maybe our market will be bigger than the Hollywood market. Things will come naturally.
“It’s important that we keep doing it, it will have ups and downs but eventually it will pay back.”
Industry analysts have predicted that China — which collected an estimated $2.8 billion in box office takings last year, compared with Hollywood’s $10.8 billion — will at the current rate of growth become the world’s dominant market by 2020.
Lee, who is now based in New York, was hailed as the “glory of Taiwan” after becoming the first Asian to win a best director Oscar for the 2005 gay cowboy drama “Brokeback Mountain.”
He won a second best director Oscar for the 3D adventure “Life of Pi” in February.