The Chinese government is set to announce a second theatrical distribution license, breaking China Film’s monopoly on distributing revenue-sharing movies in the world’s second biggest film market.
The license will be awarded to the state-backed China National Culture & Art Corporation, which is linked to the Ministry of Culture, and senior government officials from the Ministry of Propaganda are expected in Hong Kong to announce the deal on Thursday.
China raised the number of foreign films that can imported on a revenue-sharing basis to 34 in 2012, and sources recently said that there plans afoot to raise the quota number again.
As it stands, the China Film Group and Huaxia Film Distribution are the only two companies allowed to handle theatrical distribution of foreign movies in China on a revenue-sharing basis.
It’s not clear whether the new license will see more films imported from overseas, or if the quota will be divided between CFG and CNCAC.
Han Sanping recently retired as head of CFGC and was replaced by La Peikang and Jiao Hongfen.
CNCAC currently imports and distributes plays, music and dance performances.