The UK's leading film studio Pinewood Group is keenly eyeing on opportunities to further strengthen its China activities, riding on the country's rapid box office growth, said CEO Ivan Dunleavy on Tuesday.
Since starting discussions with various Chinese partners in 2011, Pinewood has established a joint venture in China with Seven Stars and is currently playing a consultancy role for two entertainment groups, the Dailan Wanda Group and the Shanghai Film Group.
"The Chinese box office is very attractive. It is clear that the Chinese audience enjoys the cinema and if we can bring good stories to that audience, then hopefully they will enjoy our co-productions," Dunleavy said.
He was speaking immediately after Pinewood announced its annual results. The Pinewood Group has increased revenue by 17 percent year-on-year from 64.1 million pounds ($101 million) to 75 million pounds for the year ending 31 March 2015.
Fuelled by major productions Star Wars: Episode VII – The Force Awakens, Avengers: Age of Ultron and James Bond film Spectre, the company also saw operating profit increase from 4.9 million pounds to 5.8 million pounds.
Although no specific revenue figure from the Chinese market is available, Dunleavy said that Pinewood's China activities are big drivers of the company's international revenue growth. He expects opportunities in China to grow even further, supported by the UK China co-production treaty signed between the two governments last year.
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