Rupert Murdoch, head of multinational media conglomerate News Corp, urged China to open up its film market during his keynote speech at the Shanghai International Film Festival last week.

Speaking before a panel discussion on film finance attended by the top Chinese film regulator, Zhang Pimin, Murdoch said that, despite rapid growth, the Chinese film market was still underdeveloped.

"The promise of investment is not being fully realised because of market access,” he said.
Murdoch pointed out that Chinese box office revenues surged from $US150 million in 2005 to $US1.5 billion last year and a cinema-building rush is expected to raise the number of film screens in China from the current 6200 to 20,000 by 2016.
"The truth is, there is no more exciting market in the world than this one," Murdoch said.
Murdoch himself has had firsthand experience of the ‘excitement’. In 2009, Avatar - released by Fox a, unit of Murdoch’s Media Corp - brought in $US204 million at the Chinese box office.
China’s import restrictions limit the country to 20 foreign blockbusters a year.

"This presents significant challenges," Murdoch said, adding that limited access to foreign content encourages piracy.

Heavy restrictions on China’s film market have further added to the global shift towards new media platforms as foreign producers turn to mobile and digital productions to bypass such obstacles.  

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