Hong Kong’s Phoenix Waters Productions and South Korea’s Studio Target have signed a memorandum of understanding (MOU) to strengthen cross-border collaboration between Hong Kong, Korea, and the U.K., marking a significant milestone in the international film industry.
Announced at Hong Kong FilMart, the partnership aims to jointly develop, finance, and produce a variety of media content, including films, television series, and microdramas. Microdramas, short-form digital content that has become increasingly popular in Asia, serve as key tools for engaging audiences and integrating brands effectively.
At the forefront of this collaboration is the action thriller Shashou, which blends classic Hong Kong cinematic elements with Western influences. The highly anticipated project is set to begin production later this year, featuring a global cast. It has already secured backing from Berkeley Media Group and Ostara Pictures, with SC Films International managing worldwide sales and MAD Solutions handling distribution rights in the MENA (Middle East and North Africa) region.
Doyeon Julia Kim, CEO of Studio Target, emphasized the significance of the partnership in an ever-evolving industry. “In the face of numerous challenges confronting the global film and media industry, I believe our collaboration and innovation will be key to illuminating the future,” Kim said. “Through this partnership, we will maximize diverse investment resources and production capabilities from each region, aiming to produce commercially successful content and expand into global markets.”
The announcement comes amid the ongoing challenges within the film sectors of both Hong Kong and Korea. Hong Kong’s film industry is actively seeking new pathways for growth and global reach, while Korea is addressing issues related to sustainability, escalating production costs, and stagnant budgets.
As part of the MOU, Studio Target will oversee the South Korean release of Tape later this year, reflecting the increasing synergy between the two companies.
Phoenix Waters Productions, known for fostering East-West collaborations, has played a pivotal role in revitalizing Hong Kong cinema with projects like Tape, Forensic Psychologist, and The Audition. On the other hand, Studio Target has solidified its position as a leader in South Korean film production, recently producing the hit film Hitman 2.
Bizhan Tong, CEO of Phoenix Waters Productions, expressed confidence in the future of the alliance. “This partnership is more than just a business deal; it’s a commitment to building a sustainable future for Hong Kong and Korean cinema,” Tong said. “By combining our creative and production strengths, we aim to produce films and series that resonate globally, showcasing the incredible talent and storytelling traditions of these regions.”
The collaboration is also looking to engage global investors, distributors, and industry leaders as they continue to develop and expand their slate of projects.
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