Hollywood
American digital companies make Asian gains at Hong Kong’s FILMART
MUMBAI: US film and digital companies did brisk business at the recent Hong Kong International Film & TV Market (FILMART), signing several deals to take American content to the Chinese mainland and Asia.
The Chinese film industry grew 27.5 per cent to finish 2013 on $3.5 billion, while cinema admissions surged to a new high of 610 million, up from 470 million. A total of 3,627 new screens were added in 2013, approximately 10 new screens per day.
This year’s FILMART drew a record number of more than 7,100 buyers to the event, the largest of its kind in Asia. The four-day show ended 26 March, and gathered more than 780 exhibitors from over 30 countries and regions. It was organised by the Hong Kong Trade Development Council (HKTDC).
Representing the US were nearly 50 exhibitors, including 26 organised by the US Independent Film & TV Alliance. On the sourcing side, the US Commercial Service brought 11 missions comprising over 200 buyers from across Asia to FILMART to do business with US exhibitors.
“Each year I discover new clients and new opportunities at Hong Kong FILMART. This year, the buyers in the Philippines and Malaysia had a stronger presence than in years past. FILMART is not only useful for sales agent/distributor meetings. We were able to meet up with production partners from Singapore as well,” said US-based Fortitude Films vice president, international division Katie Irwin.
Announcements from US companies started appearing on the eve of the annual fair. 21st Century Fox will invest in a Hong-Kong-themed mini-series called Guilty as Sin set to begin production shortly.
Additionally, India’s JDR Films purchased Hollywood’s Arclight Film’s Jungle Nest, while Vietnam’s Galaxy Studios also acquired the title. US company Shoreline Entertainment clinched its first deal in Asia when it sold The Incident, an acclaimed science fiction thriller, to Japan’s Zazie Films on day-two of FILMART. US-based Film Financial Services signed a cooperation agreement with Citic Guoan, the movie unit of China conglomerate Citic Group, to produce a $40 million 3D fantasy called An’shu.
FILMART is one of several international trade events that will be held in Hong Kong ahead of the 10 June Think Asia, Think Hong Kong (TATHK) promotional event in Chicago. A TATHK event will also be held in Toronto on 8 June.
Hollywood
Disney to cut 1,000 jobs in major restructuring drive
Layoffs span ESPN, studios and tech as company pivots to growth
MUMBAI: The magic isn’t disappearing but it is being reorganised. The Walt Disney Company has announced plans to cut around 1,000 jobs as part of a sweeping restructuring effort aimed at sharpening its edge in an increasingly unpredictable entertainment landscape. The move, led by CEO Josh D’Amaro, reflects a broader internal reset as the company rethinks how it operates, allocates resources and competes in a fast-evolving industry. In a memo to employees, D’Amaro acknowledged the difficulty of the decision but framed it as a necessary step to ensure Disney remains “efficient, innovative, and responsive” to rapid shifts in consumer behaviour and technology.
The layoffs will span multiple divisions, including marketing, film and television studios, ESPN, technology teams and corporate functions. Notifications have already begun, signalling that the restructuring is not a distant plan but an active transition underway.
Importantly, the company has clarified that the cuts are not performance-driven. Instead, they form part of a wider transformation strategy aimed at building a leaner, more agile organisation, one better equipped to respond to streaming dynamics, digital disruption and evolving audience expectations.
The timing is telling. The global entertainment industry is in the middle of a structural shift, with traditional television revenues under pressure and box office returns becoming increasingly volatile. Meanwhile, streaming platforms and digital-first competitors continue to redraw the rules of engagement, forcing legacy players to rethink scale, speed and storytelling formats.
For Disney, long synonymous with blockbuster franchises and timeless storytelling, the pivot is both strategic and symbolic. The company is doubling down on technology, direct-to-consumer services and content ecosystems that align with modern viewing habits, where audiences expect immediacy, personalisation and cross-platform experiences.
Even as the restructuring unfolds, D’Amaro struck a note of optimism, reiterating Disney’s commitment to creativity and long-term growth. Support measures for affected employees are expected as part of the transition, though details remain limited.
In essence, this is less about cutting back and more about reshaping forward. As Disney redraws its organisational map, the message is clear, in today’s entertainment world, even the most magical kingdoms must evolve or risk being left behind.
