Lionsgate Bows Local-Language Movie Joint Venture2 May, 2016 By: Erik Gruenwedel
Lionsgate May 2 announced it is launching Globalgate Entertainment, a joint venture with three international entertainment executives to produce, distribute and co-finance local-language movies.
Working with partners Paul Presburger, William Pfeiffer and Clifford Werber, Globalgate aims to identify third-party properties in the United States. and internationally for development and production as local-language films. These movies will be distributed by the joint venture's partners and co-financed by the Globalgate Fund.
The market share of local-language films is expanding globally, topping 90% in India; representing nearly 60% of China's box office; 60% in Turkey; 55% in Japan; and 50% in Korea. Local-language films comprise more than 40% of the box office in France, 30% in Denmark and 27% in Germany.
Globalgate claims to be the first to apply such a distributor-aligned, equity financing structure to local-language film production on a global scale. Partners include Belga (Benelux), Gaumont (France), Kadokawa (Japan), Lotte (Korea), Nordisk Film (Scandinavia), Televisa/Videocine (Mexico), TME (Turkey) and Tobis (Germany).
Additionally, Globalgate expects additional partners to join in territories such as China and India going forward.
"By aligning ourselves with some of the top content companies in the world, Globalgate provides us with an opportunity to grow our presence in local-language films, leverage the content in our library and further mine exciting new IP and talent around the world,” Lionsgate CEO Jon Feltheimer said in a statement.
Werber, Pfeiffer and Presburger previously spearheaded local-language film strategies for Fox, Warner Bros., Disney, Sony, Celestial and Pantelion.
Their local-language films include the Mexican remake of German comedy Fack Ju Goehte; remakes in China, France, and other territories of Mexican comedy Instructions Not Included; remakes of Brazilian comedy Se Eu Fosse Voce; and Germany's Funf Freunde.
Presburger will continue as CEO of Pantelion Films and will focus on intellectual property to be produced for Latin America, the Latino market in the U.S. as well as with Globalgate. Pfeiffer will meld his senior advisor position at Lionsgate with his Globalgate responsibilities.