Ever wonder how your favorite films get the money they need to pull off all the amazing and unique tricks of the trade to tell an interesting story? At one point its was some rich guy looking to talk to actresses or big investors looking for an easy return on investment. Nowadays crowdfunding has become the new drug of choice when funding your films. Sites like Kickstarter and Indiegogo have been very crucial in accommodating many up and coming artist. Its doesn’t stop their as big Hollywood names like Zach Braff (Scrubs, Garden State), Spike Lee (Inside Man, 25th Hour), and the Veronica Mars crew all saw their projects come to light because of crowdfunding. Kickstarter alone is responsible for $323 million dollars alone in crowdfunding. But that’s not the biggest success story on the block. Right now in the red corner standing in at 3.7 million miles long and with a population of 1.35 Billion, you crowdfunding, heavyweight champion of the world is… China. That’s right, the Asian sensation that is crowdfunding looks to knock out Hollywood and all its glory in five 5-minute rounds.
China’s rapid growth in the film industry has been ongoing throughout the 21st century. The importance of the Chinese box office has increased dramatically since a 2012 World Trade Organization agreement put an end to China’s quota-based foreign film market. Both Chinese and American studios see the large opportunity that the Chinese box office presents and are trying to gain a foothold. Fox International Pictures has recently hired an executive to serve as a de facto ambassador to China to make in roads for future productions. Some industry experts believe that the increased access to China for foreign films will serve the independent art house films better than the Hollywood blockbusters. Independent films do not pose a threat to domestic Chinese films in during their theatrical run, therefore they are more likely to make it to the short list of imported films. The art house elite has certainly taken notice of the emergence of China on the international film scene. The Sundance Institute will be holding a miniature version of the prestigious festival in Hong Kong this September. There is also increased popularity of crowdfunding to finance independent film projects. There are no two ways about it, the Chinese box office is a becoming a force to be reckoned with.
“The influence of Internet innovation on the cultural industry is no longer restricted to movie ticket sales but has expanded to investment and content production. Yu Le Bao aims to provide a grassroots investment platform to bring the public closer to the cultural industry. In the future, public investors will even be able to select the directors, heroes and heroines of a movie or TV show.”
– Liu Chunning, president of Alibaba’s digital entertainment business group
Crowdfunding is a means of financing not only new inventions or webseries, it’s a great way for films to raise money as well. Currently the US and the UK are the leading countries when it comes to crowd funded productions but China is on the rise and have launched several crowd funding sites. Here are the top 7 different sites for aspiring innovators and filmmakers to use in China. They’re DemoHour, AngelCrunch, Dreamore, Fundator, Musikid ,CTQuan and ZhongChoue. DemoHour is said to be their largest platform for crowd funding and is compared to KickStarter.
China has been the financial get out of Jail card for Hollywood for sometime, as well as the United States Government. THR even reported that the position of Asia Ambassador is becoming a popular title among big name executives in the industry. Hollywood’s, Obsession with China and their emerging crowdfunding market could spell a disastrous collision for the entertainment industry in the states. China’s growth in crowdfunding is just indicative of a strategy to challenge Hollywood for entertainment dominance. Lets get ready to rumble!!!!!