Supply: techcrunch.com – Tuesday, March 12, 2013
Gary Wang, the founding father of China’s greatest on-line video website Tudou.com , now plans to launch a Beijing-based totally animated film studio that the Wall Boulevard Journal calls “China’s answer to Pixar” on April 1. Wang says he has already secured “tens of tens of millions of greenbacks” in funding from an undisclosed global group of investors–and he’s looking to personnel his studio with experts from the U.S. so his films can compete with Hollywood imports. Wang mentioned he has already long past on a two-week scouting trip to San Francisco and Los Angeles for senior animators, directors, and storyboard artists. The studio will produce films mostly for the native market, but as Tech In Asia notes , only some motion pictures from out of the country are accredited get entry to to Chinese cinemas each and every year. China’s movie business, which used to be value $2.74 billion, continues to be rather small, however rising rapidly, so Wang has a good chance of creating blockbusters. After founding Tudou in 2005, Wang served as CEO, steering the corporate to a merger with rival Youku in a $1 billion inventory deal that was dubbed China’s greatest-ever tech deal . Remaining yr, Wang announced his retirement from Tudou and mentioned he’d be chasing his “next fascinating dream” (and now we see what Wang was once dreaming about). Wang believes it’s the precise time to open a film studio in China as a result of an making improvements to setting for film distribution, advertising and copyright in that us of a, as well as an uptick in movie theater monitors

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