It was recently announced by DreamWorks Animation that they plan to build a $3.2 billion entertainment complex in Shanghai, China. The main reason is that the US film giant, sensing the booming Chinese market, wants to bolster its presence there and take advantage of the literally millions of people who now have the financial ability to benefit from their entertainment products and also bet online using portals such as M88 Vietnam and Sbobet Asia.com. It is remarkable how many people now go online to bet.
Oriental DreamWorks, their newly formed joint venture with China, has set its sights on opening their first attraction in 2016. DreamWorks is the studio that has brought a number of excellent films to the family market, including Shrek, How to Train your Dragon (which has a sequel coming this summer) and Kung Fu Panda.
In a recently announced statement DWA said that their new project, called the Dream Center, will be in Shanghai’s Xuhui district and be comprised of a number of entertainment facilities, animation exhibitions and commercial developments such as hotels and shopping areas. Their announcement comes on the heels of Disney breaking ground in Shanghai in 2013 on a $3.7 billion theme park that’s scheduled to open in 2015.
The questions about their competition with the Disney have all been denied however, as the company callstheir new project an “entertainment zone” rather than a theme park.”It’s different from any other large cultural project in China, including Disneyland,” Li Ruigang, chairman of China Media Capital was quoted as saying by the official Xinhua news agency.
Back in February the entertainment giant announced that they had plans for a joint venture with three Chinese partners, including China Media Capital, Shanghai Media Group and Shanghai Alliance Investment. All four companies have invested $330 million to cooperate on film production, and the recent statement posted on Dream Works website backed up that fact and stated that the joint venture is now officially recognized. The three Chinese firms, which are all state-backed, will hold a 55% majority stake in the company.
The new venture will see Oriental DreamWorks making the next movie in the Kung Fu panda franchise in China for a release in 2016, and the statement said that, with his first global release in 2017 (an animated feature-length film), the new joint venture will release upwards of three major films every year.