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29 Jan, 2008 04:01

Russia’s film industry gasps for finance

Russian film making is increasingly becoming big business, with domestic movies accounting for 27% of the film distribution market. But a lack of finance appears to be holding back further growth.

Film making in Russia is still undergoing a revival with more and more entrepreneurs looking at the attractions of the big screen.

“I was thinking about working in the film industry for a long time. But at that time there was no such profession as a producer. But at some point I understood that the market is ready and I decided to give it a try. I have never regretted it,” Irina Smolko, the head of producer center, said.

Russian films are still struggling to compete with European or American movies.

A key issue is the lack of financing. This is changing however with the potential profitability of the local players starting to get greater investor interest.

“I think films in Russia just started to bring money to the investors. And now it’s the time to wait for foreign capital,” Aleksandr Semyonov, chief editor of Film Business, said.