Russia to provide funds to boost homegrown movies
(4 months ago)
Los Angeles, Jan 13 : The Russian government has decided to provide funds to boost homegrown movies on an international level in a bid to improve their overall financial performance.
"Money will be provided through the cinema fund, the country's main agency in charge of administering state cash for filmmakers, and could be spent on dubbing, subtitling, marketing and advertising of homegrown movies outside Russia," said Anton Malyshev, the cinema fund's executive director, reports hollywoodreporter.com.
However, it is not yet clear, how much exactly the cinema fund intends to spend on boosting Russian movies abroad.
According to Malyshev, successful exhibition abroad would allow producers to collect extra cash, making a larger proportion of local releases profitable.
Russia sees China as the most promising foreign market as in 2017, it accounted for the lion's share of homemade movies' foreign gross -- $12 billion.
Although the scheme mainly aims at local producers, it may also be beneficial for Hollywood majors choosing to produce Russian-language movies and later exhibit them elsewhere.