Catherine Ying, president of CMC Pictures, recently spoke with China.org.cn about the continued need for cooperation and exchanges with peers from other countries. She also shared her insights on Chinese films
Catherine Ying, president of CMC Pictures, speaks at a forum during the 14th Beijing International Film Festival held in Beijing, April 22, 2024. [Photo courtesy of the BJIFF Organizing Committee]
In recent years, interest in Hollywood blockbuster franchises has been declining globally. In China, the COVID-19 pandemic, evolving film landscape and changing audience preferences have increased the appeal of domestic productions, leading to lower box office numbers for foreign films. Last year, no Hollywood blockbusters made it onto China's top 10 box office chart — a stark contrast to 2012 when seven of the top 10 grossing films were American. An article published in the New York Times this January titled "Why China has lost interest in Hollywood movies" highlights this trend.
"There's global fatigue toward formulaic and visually driven content, leading to declining box office revenues for traditional Hollywood blockbusters both in China and worldwide," said Ying, who is also vice president of CMC Inc. and president of Pearl Studio. However, she noted that films that are more unique and focus on people and storytelling, such as "Oppenheimer" and "Barbie," are winning people's hearts.
"The problem is with the content," Ying explained. "The audience is always there — if they see something fresh and innovative, they will come back for it. Hollywood needs to revitalize itself to win back Chinese and global audiences."
But Hollywood's decline does not mean Chinese filmmakers and enterprises should cease collaborating with their foreign peers; instead, they should continue. Ying's company holds a valuable asset themselves: the "The Meg" franchise — the first two installments of which grossed a total of US$927 million worldwide, including US$271 million in China. This franchise, a collaboration with Warner Bros. Pictures, is a prime example of successful China-U.S. cooperation.CMC Pictures is currently discussing with various filmmakers and creatives about how to enhance and improve the future development of the franchise to inject long-lasting vitality. They are drawing experience and inspiration from the box office hit "Godzilla Minus One," a Japanese franchise film that won the Oscar for best visual effects, despite its low budget.
Stunning installations are seen at the world premiere of "Meg 2: The Trench" in Beijing, July 28, 2023. [Photo courtesy of CMC Pictures]
As they consider developing the third, fourth and fifth installments of "The Meg," along with accompanying merchandise, theme park attractions and online series, Ying revealed that they are also exploring collaborations involving small to mid-sized budget films. Recently, they have committed to investing in two indie films about the issues facing people of Chinese descent in America and around the world. "They're not commercial blockbusters, but they explore people, emotions and the spiritual realm," Ying said. "This is what we want to do and it aligns with why we make films — we should keep stories worth telling on the big screen. Different, fresh content will always find an audience."
Another major part of CMC Pictures' business involves distributing Chinese-made blockbusters, such as "The Wandering Earth," in over 100 overseas markets. Despite most of the audiences consisting of overseas Chinese, Ying revealed that up to 20% of the viewers can be foreign when it comes to big-budget Chinese films with universal themes.
"Cultural exports will influence more and more people, from overseas Chinese to those of Asian descent and other foreigners. I hope that as Chinese films continue to improve, they'll attract an even broader global audience," Ying said, also suggesting that Chinese filmmakers and companies could produce more English-language films with Chinese elements to widen cultural outreach.
As a female film producer, Ying said she is delighted to see women-centric movies finding larger audiences both worldwide and in China, citing recent examples like "Barbie," "Poor Things" and "Anatomy of a Fall," as well as Chinese films "Lost in the Stars" and "YOLO."
She revealed that her company has invested heavily in the upcoming film "The Dumpling Queen," which tells the inspiring true story of a single mom who founded one of Hong Kong's biggest food companies. "We want to focus not only on successful women, but also ordinary women in everyday life, their stories and choices," Ying said.
