The movie industry in China has been growing by leaps and bounds. Some analysts even say that China will surpass the U.S. as the largest movie market in the world in a couple of years.
Many movie companies like Disney with its Marvel franchise and animated films have taken advantage of the lucrative billion dollar movie business in Asia's largest economy.
Another entertainment giant, Sony Pictures saw the opportunity as well and has taken steps to enter the market too.
According to reports, Sony Pictures, the company that produced the upcoming films "Jumanji" and "Passengers," has established a partnership with "China's Cinema King" Dalian Wanda Group to distribute and adapt "Jumanji" and "Passengers" for Chinese audiences along with other forthcoming Sony films.
Their partnership would involve Wanda marketing Sony's movies all over China and sometimes providing 10 percent to 15 percent of financing in producing films.
Reports further said that the other movies included in the deal are rebooted versions of "Smurf" and "Barbie."
Sony has been striving hard to remake itself as a film powerhouse with global reach similar to what Disney has remarkably accomplished with its Marvel and "Starwars" franchise.
Sony is betting on the fast growing movie industry in China which is why its partnership with Wanda is a great strategic decision.
Wanda owns 18 percent of movie theaters in all of China and has just recently made a deal with "Imax" which will only strengthen its competitive advantage effectively fending off competitors.
Wanda founder and CEO Wang Jianlin's ambition to take over China's entire movie industry ties in well with Sony's rich portfolio of movies.
"My goal is to buy Hollywood companies and bring their technology and capability to China," Wang said.
With Sony and Wanda working together, more Chinese audiences can enjoy Hollywood films that possibly may have more scenes located in China or Chinese actors taking parts in the storyline, similar to what happened in "Iron Man 3" and "Avengers: Age of Ultron."
