“The industry is ready for a boom”: Hong Kong Filmart set to spotlight opportunities and challenges in Asia

After returning as an in-person event last year following three virtual editions, Hong Kong International Film and TV Market (Filmart) is set to host an increased number of buyers and sellers looking to reconnect with Asia.

The event, which runs March 11-14, comes less than three weeks after the European Film Market (EFM) and many are still catching their breath after a bustling Berlin, which boasted record attendance. But despite the time crunch, it should be worth the hustle for industry looking to discover what Asian companies were holding back from their slates last month.

“We had a busy EFM but told many buyers that we would have a more serious conversation in Hong Kong about our biggest new projects,” says one Asian sales agent, who asked not to be named. “Despite recent challenges, Filmart is still the most important gateway between the Chinese film and TV industries, Asia and the rest of the world.”

Around 750 exhibitors from more than 25 countries and regions will attend alongside more than 7,500 visitors from over 50 territories. This is up on last year, when over 700 exhibitors and more than 7,300 visitors descended on Filmart, but remains down on the 888 exhibitors from 35 territories and close to 9,000 visitors from 52 territories that attended in pre-pandemic 2019.

“The industry is still recovering from the pandemic,” says Candas Yeung, associate director of service promotion at the Hong Kong Trade Development Council (HKTDC), which organises Filmart.

“Many film projects that were delayed as a result of lockdowns are still yet to be launched so some businesses have seen budgets cut. Nevertheless, we feel that the industry is gradually coming back, and the market is filled with opportunities.”

Looking to explore those opportunities is US and UK-based sales, production and financing outfit Palisades Park Pictures, which is attending Filmart for the first time.

“As the main market hub in Asia, Filmart gives us a first-hand, exclusive view with clients and is the exact place to meet with both Asian buyers, and those international buyers that might be hard to catch elsewhere,” says Hannah Atlas, VP of international sales and distribution at Palisades Park Pictures.

The firm is one of a delegation of 11 companies being brought to the market by the Independent Film and Television Alliance (IFTA), which also includes AGC Studios, The Exchange, Lakeshore and Voltage Pictures.

Also returning to the market for the first time since 2019 are exhibitors from the UK including Altitude Film Sales, Hanway Films, Kaleidoscope Film Distribution and GFM Film Sales.

Euro wave

European Film Promotion (EFP) will return for a second consecutive year to open the Europe! Hub umbrella stand, with around 140 features represented by 29 sales agents in attendance (up from 23 in 2023). Most of the companies are from France and include Charades, Goodfellas, Indie Sales, Le Pacte and Luxbox. Others include Germany’s M-Appeal and Picture Tree International, Denmark’s TrustNordisk, Italy’s True Colours and Fandango, and Spain’s Filmax.

Titles include Berlinale Silver Bear jury prize winner The Empire by Bruno Dumont, handled by Memento International; the triple award-winning Norwegian film Sex by Dag Johan Haugerud from M-Appeal; and Eva Trobisch’s debut feature Ivo by Eva Trobisch, winner of the Heiner Carow Prize and represented by Loco Films. Oscar nominees on the slates include Anatomy Of A Fall from mk2 films and Four Daughters from The Party Film Sales.

Susanne Davis, EFP’s head of film sales support, says Filmart will present opportunities for European outfits to reconnect with Asian buyers who have been seen in fewer numbers at other international markets in recent years.

“As buyers from Asia do not necessarily attend the big international markets as they used to – due to rising costs – the European sales industry feels it is important to come to Hong Kong as a follow-up to the EFM and as a springboard ahead of announcements at Cannes,” she says.

This drop-off from Asia outside of the region was evidenced in Berlin last month where just over 100 attendees were from Hong Kong and China combined, compared to more than 870 from the US and around 650 from France and the UK.

Work is underway to greater collaboration with the launch of the Hong Kong-European-Asian Film Collaboration Funding Scheme at the EFM in February, a government-funded scheme handled by the Hong Kong Film Development Council (FDC) that will see selected film projects receive grants of up to $1.1m (HK$9m) each. A panel to discuss the opportunities of this initiative will form part of Filmart’s EntertainmentPulse conference programme on March 12.

Challenges

Meanwhile, challenges remain for sellers looking to deal with China where there is strict censorship, a protectionist policy toward the screening of local films and the resulting limitation of foreign content in the market, leading to an increasing number of Chinese audiences becoming unfamiliar with international titles. The control China has over release dates also presents major obstacles for distributors.

It means that sellers are casting their eye further afield in Asia. “As conditions concerning China have drastically changed over the past years, bringing in stronger restrictions, Filmart will become increasingly important as a place to explore other parts of the region, such as Southeast Asia,” says EFP’s Davis.

There will be plenty to choose from as pavilions representing Southeast Asian companies will be hosted by the Film Development Council of the Philippines (FDCP), back for the first time since 2019; the first umbrella stand of the Indonesian industry, hosted by Indonesia’s Ministry of Tourism & Creative Economy; and a delegation of 26 Thai companies organised by Thailand’s Ministry of Culture.

On the first day of the market, Filmart will host Thai Day, spotlighting companies and content from the country. HKTDC’s Yeung says a MoU will also be signed between the organisation and Thailand’s Department of International Trade Promotion (DITP) to “signify the tight relationship between the two regions on culture and entertainment as well as trade”.

“Films and entertainment are products of the creative industries, which is regarded as a new economic pillar and soft power for many countries and regions, including Thailand,” she adds. “Thai Day will export the vibrant culture and creativity of Thailand to the world via Hong Kong, attracting investment and collaboration.”

Dominant force

Despite a healthy showing of international attendees, the dominant force at Filmart will continue to be mainland China, representing 40% of visitors, while 30% are from Hong Kong and the remaining 30% come from the rest of the world.

Major exhibitors from mainland China include Alibaba Culture and Entertainment, iQiyi, Tencent, CMC Pictures and Huace, alongside a host of pavilions covering regions spanning the country.

Hong Kong companies in attendance include Media Asia, Emperor Motion Picture, Edko, Golden Scene, Mandarin Motion Picture, One Cool, PCCW and Universe Film, many of which are expecting to announce major projects during the market. There will also be the return of Hong Kong’s leading free-to-air broadcaster TVB, notably absent last year.

Further Asian pavilions will be hosted by the Taiwan Creative Content Agency (TAICCA) and both the Korean Film Council (KOFIC) and Korea Creative Content Agency (KOCCA). South Korea, which has faced its own challenges on the box office and production front over the past year, is working to rebound and will see a healthy contingent of exhibitors including Contents Panda, Barunson E&A, CJ ENM, K-Movie Entertainment, Hive Filmworks, Finecut, kt alpha, Plus M Entertainment, Lotte Cultureworks and Showbox among others.

Unijapan will also return to host an umbrella stand for several Japanese outfits including Nikkatsu Corporation and Toei Video Company among others, while sales agents such as Kadokawa, Free Stone Productions, Gaga Corporation, Shochiku and Hakuhodo DY Music & Pictures will be on the market floor.

Together, they will form a picture of where the Asian film industry is headed for the year ahead.

“After witnessing the energy and attendance at EFM, we fully expect Filmart to continue that trend,” adds Palisades Park Pictures executive Atlas. “After a slow second half of 2023, the industry is ready for a boom.”