The 8th Bridging the Dragon Project Lab has been held by the producers’ association Bridging the Dragon, in collaboration with the Mallorca Film Commission and ICEX, from 25th November to 28th November in Mallorca, Spain. After 9 years of connecting the Chinese and European audiovisual industries, this year for the first time the 4 days immersive event has invited professionals not only from China but from the whole of Far East Asia.

Since 2021 the Chinese film market has dropped dramatically due to Covid-restriction, policies and lack of new content: in the first three quarters, the total box office was down 26.1% year-on-year, and the number of moviegoers fell to 610 million, half of the previous year. Domestic films dominate the market, accounting for 87.6% of the total box office with war epic dramas, comedies and films resonating local social issues as favorite genres. At the same time there has been a sharp fall in the share of foreign films. As of 31 October 2022, only 47 foreign titles were released in 2022, accounting for only 12.4% of the total box office. The numbers of international co-productions have been also at their lowest.

What can be expected from what used to be the biggest market in the world? In the short term, China will continue to focus on its home market, and foreign cooperation will still lag. But it is everybody’s hope that, in the long run, internal policies could ease up and the market re-open to foreign content. In this sense the release of Avatar: The Way of Water could encourage the return of the public to the cinema.

In such difficult circumstances, there are still some potential opportunities of cooperation. One of them is that of Remakes. As it was described during the workshop by WANG QIAO, Vice president of New Classics Media, the very successful production house in China involved among others in the Chinese remake of Italian Perfect Strangers and by Ronan Wong who has worked on numerous global productions including the Chinese remake of Kevin Hill, when there is a general shortage of content, remakes provide a quicker step into production. Interestingly many of the recent remake titles came from other Asian countries such as South Korea and Japan, as their aesthetic is closer to the Chinese taste. The localization of a foreign IP is often the most difficult challenge, that’s why both speakers have repeatedly stressed the importance of having a reliable local partner with a proper understanding of the local culture. Several Chinese production companies are now even beginning to turn their attention to the remake of classic titles, an opportunity that the European film industry, with its vast library, certainly cannot afford to miss.

But, as the Chinese market is suffering, other Asian territories show an incredible growth. This is why the lab decided to open a broader space for pan Euro-Asian collaboration.

Two of the most important film markets in East Asia, Japan and South Korea, share certain similarities with China. According to Kaori Ikeda, the Director of International Support and Deputy Director of TIFFCOM (the market affiliated to the Tokyo International Film Festival), the Japanese film industry is in principle also a highly local one. In 2021, its annual box office reached US$1.42 billion, and the number of viewers increased by 8% to 115 million. 959 films are released, of which 490 were local and 469 overseas films, with Japanese local films taking the top three spots at the box office. The vast majority of Japanese film companies follow a studio alike system with a full vertical integration, like in the case of KADOKAWA Corporation (represented at the Lab by Takeo Kodera, head of international co-productions) with its publishing house and its library of thousands of new original IP’s each year. For this reason, until today they have not been particularly interested in collaborating with the international market as they were confident to recoup in their own domestic territory. As the Director of the funding and support department of KOFIC (Korean Film Council) Kim Hyoun-Soo indicated, a similar situation occurs in Korea. Most of Korean commercial films are delivered by a limited number of studios such as CJ ENM, Lotte Ent., Megabox, NEW, Showbox.

However, with the economic crisis brought by the pandemic and the consequent change of the industry, the Japanese film industry is gradually acknowledging the importance of opening to international collaboration. The activity of the streamers introducing Asian themed contents like Patchinko, Giri/Haji, Korean series, is helping to make the global audience more accustomed to Asian aesthetics. And, compared to China, South Korea and Japan also have a funding system to finance more independent titles, including co-productions. Until today, these have been very few. Now the challenge is to encourage this trend by realizing successful cases and creating opportunities of contacts between the professionals of the different

countries.

A case on its own is the region of Taiwan which recently developed a strong backing to international co-productions shot in the island. Patrick Huang from Flash Forward Entertainment, veteran Taiwanese producer (A First Farewell, The Road to Mandalay) explained in detail all the available possibility: from the gap funding of TAICCA – Taiwan’s International Co-funding Program which is handled directly by the local companies recognized by the authorities, to the Taipei Film Commission – International Co-Production Incentive and Ministry of Culture – BAMID Cash rebate system.

Other interesting regions that complete this landscape are Singapore, Malaysia and Mongolia. As observed by producer Pui Yin Chan, Singapore is increasingly becoming a link to co-productions in Asia and the rest of the world with its fundings but also being the hub of most of the streamers and South East Asian global companies such as HBO+, Disney Asia, etc. Malaysia is a favorite shooting location for many Asian films and TV series. Its costs are competitive and, after many years of experience, the shooting infostructures and studios are very appreciated. A recent addition to this circuit is Mongolia. Its newly created incentives and breathtaking scenery are beginning to attract more and more productions.

Film markets like ACFM (Busan), TIFFCOM (Tokyo), FILMART (Hong Kong) are beginning to function as hubs and breading ground of new and pioneering film projects offering different programs for pitching and development. In this scenario BTD intends to support the expansion of this networks and connect it to both Europe and China.

Producer / Director Cristiano Bortone, managing director of BTD: “After many years in the field of Sino-European collaboration, we are excited to embark on this new journey and look forward to the various new opportunities this new triangle will bring.”