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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read Strauss-Kahn lawyers see alibi in sex case: report 11:25am EDT Strauss-Kahn sex case throws open French election 11:25am EDT Analysis: Palestinian "Arab Spring" confronts Israel on borders 8:36am EDT Sex, lies and the reckless choices of the powerful 15 May 2011 Senator Kerry warns Pakistan on frayed U.S. ties | 11:41am EDT Discussed 132 Son says bin Laden sea burial demeans family: report 89 Texas county official says ”stupid” feds sparked fire 74 Israel-Palestinian violence erupts on three borders Watched Fire ants form rafts to defy floods Tue, Apr 26 2011 Strauss-Kahn shockwave hits France Sun, May 15 2011 Boot camp for rebels in Libya Sun, May 15 2011 Film business booms at Cannes amid flurry of deals Tweet Share this By Nick Vinocur and Mike Collett-White CANNES, France (Reuters) - The business of cinema is roaring back to life at Cannes after a prolonged bout of gloom, finding renewed strength in money from China, the return of Hollywood studios and the pulling... Email Print Related News Long wait over as Terrence Malick film hits Cannes Sun, May 15 2011 Silent "Artist" will beguile 1920s-era cinephiles Sun, May 15 2011 "Thor" hammers away at box office competition again Sun, May 15 2011 Woody Allen film charms Cannes, Lady Gaga surprises Thu, May 12 2011 Film "Too Big To Fail" is a financial horror flick Thu, May 12 2011 Analysis & Opinion She’s armed with a good quote… Freudian take on Vatican life makes Cannes film festival smile Related Topics Entertainment » Fashion » Film » China » By Nick Vinocur and Mike Collett-White CANNES, France | Mon May 16, 2011 10:00am EDT CANNES, France (Reuters) - The business of cinema is roaring back to life at Cannes after a prolonged bout of gloom, finding renewed strength in money from China, the return of Hollywood studios and the pulling power of A-list stars. Movie executives at the Riviera festival, which doubles as a huge market for films from around the world, say distributors are spending more freely on new projects now that a period of tight financing due to the global financial crisis has eased. Among the signs of renewed health are the presence of artists like Kanye West and Lady Gaga at the festival's glitzy after-work parties, as well as the willingness of big studios to splash out on lavish entertainment for their customers. Leaving austerity behind, U.S. studio Miramax has hired a fleet of speedboats to ferry executives from the Cannes film festival to a private beach at nearby Cap d'Antibes, to meet company chiefs and actor Rob Lowe, also a film investor. "I am sensing this optimism because people are starting to realize that opportunities are growing," Mike Lang, chief executive of Miramax, the studio behind films including "Trainspotting" and "No Country For Old Men," told Reuters. "Over the next 10 years I think you will see something much bigger than what we saw over the last 20 years," Lang added. "There are more pay TV channels, emerging markets etc, and we have not even talked about China." He said Miramax had more than 70 new projects to tout, in addition to its existing library. "Things are so strong in that area (library) that we've been able to talk about new product quicker than we were thinking." Hollywood studios are leading the charge in terms of buying, with The Weinstein Co. snapping up rights to Meryl Streep's biopic on Margaret Thatcher "The Iron Lady," a French silent movie called "The Artist" and Chinese martial arts epic "Wu Xia," Variety magazine reported in its daily edition. Amid a flurry of other deals Lionsgate Entertainment has also bought North American distribution rights for "The Hunters," a French suspense movie, while Sony Pictures Classics has bought North and Latin American rights for Israeli competition entry "Footnote." JAPAN, MIDDLE EAST SITTING OUT But Hollywood studios only account for a small portion of deals struck at Cannes, where hundreds of film studios from Bollywood to Puerto Rico converge to network, flog their wares and soak up the heady atmosphere. Much of the nitty gritty action takes place under the festival's main venue in a sprawling warren of stalls where film executives advertise their latest -- movies with titles like "Dear Friend Hitler," "Supreme Champion: Vengeance is Bloody" -- and watch movies in individual booths. Alice Coelho, a saleswoman at Bollywood studio Eros films, said interest for their top feature "Ra One" was strong and had no doubts it would find a buyer. "We are only showing a 30 second trailer but people are willing to close deals," she said. For U.S. studio Fabrication Films, which produces small and medium budget genre films, the biggest windfall this year has come from Chinese buyers willing to snap up entire film libraries that they market online, avoiding state censorship. "China has really exploded this year," said Miriam Elchanan, senior vice president of sales. "They're buying big -- numbers like we have never seen before ... The Internet has a lot to do with it." However, few deals were struck with buyers from Japan, usually a big client for genre movies, or the Middle East, where political instability has induced caution on the part of potential buyers, she added. "The Middle East is a disaster ... When you have all this unrest, that market becomes very difficult," she said, adding: "The buyers are here, but they are not buying." Some customers steer clear of movies altogether. "In Turkey, it's about telenovellas" -- syrupy television serials produced in Latin America -- "They are all addicted," Elchanan said. (Editing by Paul Casciato) Entertainment Fashion Film China Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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