MUMBAI: SAIF Partners and IDG China Media and Relativity Media have formed a partnership to develop, produce, distribute and acquire Chinese material that possesses worldwide appeal.
Relativity will distribute all of its future films in China, including Immortals, Act of Valor, and Relativity’s Untitled Snow White Project through SkyLand. SkyLand is a film and multimedia production, distribution and financing company, which was jointly owned and controlled by SAIF Partners and IDG China Media, and now is also owned by Relativity. The parties are already working on projects which will bring Chinese folklore and content to the big screen and to audiences worldwide.
Backed by two leading investment firms in China and now co-owned by Relativity Media, SkyLand is on track to grow into a production and distribution entity at the forefront of American and Chinese entertainment and media. SkyLand was formed by SAIF and IDG over two years ago and has been at the forefront of the Chinese film and television business.
“China is the fastest-growing film market in the world, with over 6,000 screens and over $1.5 billion in box office revenue last year, an increase of over 60% last year alone. We’re excited to be entering into this booming market with such great partners in SAIF, IDG and our new strategic partnership with Huaxia. Given the platform created by SAIF and IDG in SkyLand, we believe together we can grow a distribution business in China which brings global product to China, and brings Chinese product to the global market,” said Relativity CEO Ryan Kavanaugh.
IDG China Media and a co-financier of SkyLand founding general partner Hugo Shong said, “We couldn’t be more excited about creating this revolutionary partnership, and entering into a partnership with Huaxia, who has successfully distributed films as Harry Potter, Transformers, Kung-Fu Panda, Fast Five, Prince of Persia: The Sands of Time, 2012, Alice in Wonderland, Sherlock Holmes and many others in China.”