BEIJING - China's Zonbo Media and the Busan International Film Festival (BIFF) partnered to create a film distribution channel and chain of cinemas in the Republic of Korea (ROK).
The Beijing-based ZONBO-BALCON, which came into shape under an agreement signed by both parties Saturday, marked the first Chinese media group to set foot in the ROK film market as a film distributor.
Through this collaboration, Zonbo Media will directly manage four theaters in the ROK and establish a chain of 50 theaters with the help of BIFF, said Chen Weiming, president of Zonbo Media, a professional private media company in the Chinese mainland.
"So far, Chinese films take up only two to three percent of the ROK's film market - maybe less. I hope the cinema chain can raise the figure to five to ten percent," said Chen.
According to Chen's estimates based on the ROK's 2010 gross box office sales totaling 8 billion yuan, the company could earn 400-800 million yuan ($121.8 million).
In 2002, Zonbo Media introduced veteran Chinese director Zhang Yimou's film "Hero" as the first Chinese film to enter mainstream cinema in the ROK. The film went on to earn 150 million yuan in the ROK.
However, Chen noted that several Chinese films have not performed very well in the ROK market under the distribution of local companies.
"If Chinese companies can control the distribution channels, they might make more effective and flexible strategies that cater to the ROK's filmgoers," Chen said.
"Owning our own cinema chain will enhance Chinese films' competitiveness in the ROK, and that's why we joined hands with BIFF," Chen added.
