In 2017, North American theatrical admissions fell to 1992 levels. Admissions in the U.S and Canada dropped 6% to 1.23 billion tickets sold.
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Sony Pictures’ co-financing partner, LStar Capital, informed the studio at the last minute that they would no longer invest in Sony’s slate.
Mismanagement of Sony’s film unit over the years has propelled the studio into a downward spiral. Sony is under pressure by investors to sell the film unit.
Since launching in 2010, iQiyi has accumulated the most paid SVOD subscribers in China, however, calculating an accurate subscriber base is challenging.
China’s iQiyi online video service entered into a streaming output agreement with Warner Brothers.
After $1 billion writedown Sony Corp. announced that it does not plan to sell Sony Pictures. The company is under pressure to sell after mounting losses.
Lionsgate entered into a long-term content licensing agreement with iQiyi in November 2016 for upcoming features and select library films.
iQiyi, a Chinese online video site owned by Baidu, announced in December that the company is coproducing a three-part local-language series with Sony.
Wanda’s CEO Jianlin is in Hollywood to purchase more media properties. The acquisition of Legendary for $3.5 billion was the biggest Hollywood-China tie-up.