GO
Loading...

Move Over Hollywood, Here Comes China!

China will be the biggest market for movies in under five years, according to Jeffrey Katzenberg the CEO of DreamWorks, the largest maker of animation movies in the world.

"The film market here has been explosive in its growth," Katzenberg told CNBC in Beijing. "In probably about four years or so it will be the number one market in the world."

(Read More: DreamWorks Under Pressure With Release of 'The Croods')

The film and television industry in China contributed $15.5 billion (100 billion yuan) to the country's economy and supported 909,000 jobs in 2011, according to a report in April by the Motion Picture Association (MPA) and the China Film Distributors and Exhibitors Association (CFDEA).

The industry generated tax revenues of $3.4 billion (22 billion yuan) in 2011 and last year overtook Japan to became the second biggest movie market in the world.

"We actually think the future is to be on the ground floor of making great content here in China for China," Katzenberg said, adding that Dreamworks has had success with homegrown content as well as imports like "The Croods" which is the number one animated original film in China.

(Read More: Is Disney's Animation Back on Track?)

DreamWorks Animation has released a total of 23 animated feature films, including popular franchises such as Shrek, Madagascar and Kung Fu Panda. But like all studios the issue of piracy just won't go away, with Katzenberg telling CNBC that it's an international problem rather than an issue for one particular market.

"I think the issue of piracy...that'll get addressed, I'm very optimistic about that," he said.

(Read More: Will 'Oz' Yield Magical Opening for Disney?)

"I believe in the leadership here, I think that this new administration is very progressive in their thinking about this...they understand that to succeed in this they are going to have to respect for themselves the issue of piracy and copyright."

By CNBC.com's Matt Clinch. Follow him on Twitter @mattclinch81.

Entertainment

Television

  • BOSTON— Peggy Charren, the founder of Action for Children's Television who waged a decades-long fight to improve the quality of children's programming has died. Charren, who had vascular dementia, died Thursday in Massachusetts, Sugarman-Sinai Memorial Chapel in Providence, Rhode Island, said in an obituary posted on its website. But the grassroots...

  • Jan 21- U.S. television network NBC will post all Super Bowl commercials that air on TV to a Tumblr page moments after they air on TV, providing another way for brands to reach viewers with ads that cost up to $4.5 million for 30 seconds. The page on social media site Tumblr is a way for those viewers to see all of the TV ads, NBC said in a statement on Wednesday.

  • Kevin Spacey in Netflix's "House of Cards"

    BTIG media and tech analyst Rich Greenfield told CNBC that Netflix has full control over its pricing power.