Last Friday, the CEO of Huayi Brothers Media announced that the film studio has agreed as a co-financer for Roland Emmerich's upcoming sci-fi action movie Moonfall. The film company would serve as the executive producer and distributor of the film along with China's exclusive distribution rights.
The CEO of Huayi Brothers Media James Wang announced that his Chinese firm would work with Emmerich who has directed several box office films such as Independence Day: Resurgence, The Martian, and 2012.
Wang told the Holywood Reporter that the partnership marks the most effective strategy for China to facilitate worldwide cultural change in the film industry. He added that the production and distribution of the film would open doors for China to collaborate with renowned artists and engage in projects as a solid content creator in the international film business.
Huayi Brothers Media is currently recovering from a series of setbacks it underwent last year such as the Chinese government's application of stricter surprise censorship. Its film The Eight Hundred was supposed to premiere by March of 2019. However, due to the censorship restriction, it has financially suffered and has not revealed a release date until now.
At present, Huayi Brothers Media's stock volume is at 31.5 million USD. It was down by 2.80 percent in the last market opening at 0.13. The entertainment entity also lost around 0.74 of its stocks and has consistently experienced a 7.20 percent decline in the five days. Its stock volume in the last three months, however, increased by 6.87 percent, reported Market Watch.
Wang then claimed that working on Moonfall would be favorable for the company. He claimed that it would enable them to enjoy the lasting popularity of the sci-fi genre in China. The report also highlighted the success of domestically produced sci-fi movies in China such as The Wandering Earth that earned 700 million dollars. Moreover, analysts claimed that the Chinese entertainment industry would establish a significant presence in the market because of this deal that could lead to increasing stock values of Chinese entertainment firms.
Huayi Brothers Media would be working with Centropolis who will also be independently producing and financing the creation of Moonfall. They would oversee the aspects of production and the delivery of quality of the film as well.
Joining them is Stuart Ford of AGC Studios whose company is also co-financing the film and handle international sales. CAA Media Finance would also aid in the financing aspect while Lionsgate would be awarded the North American rights of Moonfall.
According to Variety, the movie project Moonfall is the hottest properties when it was first offered to buyers at the 2019 Cannes Film Festival. The finalization of the Chinese deal was said to be a galactic journey to the film industry.
The script had been ready since 2012 and was written by Emmerich, Harald Kloser, and Spencer Cohen. Initially, it was set up by Universal. However, the studio failed to push through with a deal which led the filmmakers to opt for independent funding. The suspected budget was lodged at $150 million, but the value has yet to be confirmed.
