Back in 2010, Chinese actress Chen Zhixi had a supporting role in a hit period drama alongside Xu Zheng, one of China’s most famous comedy stars. County Magistrate Li Wei. The show was a hit and it was an important role for her, but Chen had become uncomfortable with her acting job and was considering other paths in the industry.
“Being an actor requires you to be a little passive because you can always just hope you get a call-back,” she told THR In a Zoom interview conducted by an interpreter. “I’m not the kind of person who likes to wait to be chosen. I’d rather be the one who makes the rules than the one who follows them.
She said she recognized in Cheng a comedy visionary with untapped potential. She suggested they make a deal: One day, he would not only star in his own production, but also direct it—and she would produce him.
This partnership comes to life in the buddy comedy Lost in ThailandZheng’s directorial debut and Chen’s first film as a producer. The film was released in December 2012 and grossed $208 million, more than any Chinese film at the time, and was one of the first blockbusters of China’s early box office boom era. Chen repeated this feat many times on his way to becoming one of China’s most powerful film executives.
“If you look at the history of the Chinese film industry, you will find that only a handful of filmmakers started their careers as actors and then transitioned into successful directors,” said Li, who lives in Beijing with her husband Guo Sida, a music producer and composer. Chen said. “Identifying and discovering that talent is something I’m really proud of.”
She will go on to produce popular actor Deng Chao’s blockbuster directorial debut (breakup guru US$111.4 million in 2014), Dong Chengpeng (US$111.4 million in 2015 Jian Bing ManUS$187 million) and Chen Sicheng (2015 chinatown detective$126 million). But her talent for casting arguably reached its peak in farce star Jia Ling’s first film as a director, hi mom. The heartwarming comedy grossed an astonishing $841.7 million during the 2021 Chinese New Year holiday and holds the record as the highest-grossing female-directed film worldwide, previously directed by Greta Gerwig. Barbie Arriving two years later.
During this time, Chen was named president of China Ruyi Holdings, an entertainment conglomerate spanning film, streaming and gaming with a market capitalization of $3.4 billion on the Hong Kong Stock Exchange. In late January, she became CEO of Wanda Film, Chinese billionaire Wang Jianlin’s once-famous film studio, after Ruyi, already a majority shareholder, acquired the Beijing-based company by increasing its stake in the company. Full control of the Beijing-based company in a deal valued at approximately $310 million. As the head of one of China’s best-known film brands, Wanda Film, 42-year-old Chen is an extremely rare female film tycoon in a country where many of the country’s big traditional film companies tend to be run by older male founders. Wanda is also China’s largest exhibitor, with 900 cinemas and more than 7,500 screens, and owns Australia’s largest cinema chain, Hoyts (Ruyi’s deal to acquire Wanda Films excludes Wanda Group parent Hollywood film studio Legendary Entertainment). The company earlier this year struck a deal with the head of Legendary Pictures and private equity firm Apollo to spin off the company.
In recognition of these achievements and her astute strategic moves since then, Chen was named hollywood reporterAsian Producer of the Year will attend THRThe annual Women in Entertainment Breakfast hosted by Lifetime was held on December 4 in Beverly Hills.
Ms. Chen continues her strong track record in her first year at the helm of Wanda. “Every project we’ve been involved in this year has been profitable,” she said.
As a producer, Wanda Films is the mastermind behind China’s summer blockbusters. successorCo-directed by Yan Fei and Peng Damo, the comedy tells the story of a wealthy couple who pretend to be poor for years so that their son can develop modest values and the skills needed to take over a business empire. It earned a whopping $469.6 million. Other popular works include Zhang Yimou’s Article 20 ($337.6 million), family animated sequel Bears: Time Warp ($275 million) and crime thriller a place called silence ($192.9 million).
Wanda’s successorThe film, about a wealthy couple who pretend to be poor to develop their son’s character, became this summer’s biggest hit, raking in $469.6 million at the box office.
Pictures provided by Wanda Film
In addition to its mainstays, Wanda has recently tried to take a page from Blumhouse’s playbook, Yuanyang LouAn ultra-low-budget horror film about a group of young people who accept a challenge to live in a spooky mansion in order to win a cash prize. The film is currently in theaters and has grossed nearly $15 million at the box office. “We controlled the budget for this project very carefully, so it turned out to be very profitable,” Chen said.
However, the executive noted that despite Wanda’s winning streak, signs of trouble across China’s film industry have given Wanda a sense of urgency. As of November 25, China’s total movie ticket revenue in 2024 was US$5.6 billion, a 21% decrease compared to the same period in 2023. Cinemas retreated, and moviegoing rates plummeted.
“We are losing young audiences in China,” Chen said. “Watching movies is no longer part of their lifestyle and consumption habits. This is something that has caught my attention a lot lately.
Although Wanda’s performance has been good so far, Chen said she is taking various measures to proactively deal with the headwinds.
“Wanda is a very powerful brand in the Chinese film industry, but when I first came here, many of its operations were quite siled,” she explains. “So the first thing I did was connect the dots and bring together all the resources we have into an all-encompassing integrated ecosystem – from product development all the way to exhibitions and ancillary facilities.”
Chen pointed out that in Hollywood, it is generally believed that box office revenue will not account for more than 50% of a blockbuster’s total revenue, with the rest coming from IP sales and derivative merchandise.
“In China, these derivatives revenue sources are estimated to generate less than 8% of revenue,” she said. “So there’s huge potential there and we’re already actively exploring it.”
Under Chen’s leadership, Wanda has begun developing and marketing merchandise lines for its most suitable film IPs, while also undertaking large-scale renovation projects at many of its theaters. The company plans to add exhibits, games and shopping space to its lobby, as well as improve food and beverage options.
“In short, we want our cinema to become a very attractive cultural center that integrates all aspects of young people’s lifestyles,” Chen said.
critically acclaimed animation bears infested The film series, including Bears: The Secret Winter, has grossed more than $1 billion at the Chinese box office. “Bear Bears: A Time Warp” grossed $275 million at the Chinese box office this year.
polite
The executive said Wanda would continue to produce tentpole, star-led films, but recent market trends suggested the company needed to be bold.
In September, Wanda partnered with Chinese gaming company HoYoverse on a location-based entertainment collaboration to celebrate the fourth anniversary of the globally popular fantasy role-playing game Genshin Impact. As part of the activation, some Wanda cinemas were transformed into Genshin Impact A role-play area, selling limited-edition merchandise, and live concert performances of the game’s popular soundtrack in the theater’s Imax theater. Wanda said the project was piloted in only a handful of theaters but exceeded the company’s expectations, with concert screenings bringing in more than $1.4 million in ticket sales. Perhaps more importantly, the event went viral on social media, boosting the share of tickets sold to Gen Z customers—from the usual single digits to more than 40 percent.
“One of our most important priorities now is to continue developing initiatives to drive young audiences back to movie theaters,” Chen said. “This is the future of our business.”
In September, some Wanda Cinemas were expanded into role-playing areas to celebrate the fourth anniversary of the popular role-playing game. Genshin Impact Influence.
Photo courtesy of Wanda Movies
This story appears in the Dec. 4 issue of The Hollywood Reporter magazine. Click here to subscribe.
