Hollywood Producer: 'We Are Making Our Movies Basically for Russia and China'

June 11 (Bloomberg) -- Hollywood movie producer Lynda Obst discusses how the downfall of the DVD severely impacted the business of Hollywood, from film profits to studios willing to go with their gut and take a risk on a movie. She speaks on Bloomberg Television's "Bloomberg Surveillance."

To find where Hollywood is headed, go east, young man.

China is the second-largest movie market, and is on pace to become the biggest in the world by the end of the decade, according to Lynda Obst. The Hollywood producer, whose film credits include "Contact" and "Sleepless in Seattle," is the author of "Sleepless in Hollywood: Tales From the New Abnormal in the Movie Business."

"So much of the enormous talent that used to populate the movie business, which is the people who made our best dramas, the people who made our best comedies, have sort of been frozen out of the blockbuster market that is feeding China, which really wants our 3-D and our IMAX," Obst said in an interview today on Bloomberg Television. "We are making our movies, basically, for Russia and China -- which means you will never see a Russian and Chinese bad guy again. Thank God for the North Koreans."

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