Russian cinema industry’s decline is history now. The business is booming. Film insiders say, the box office this year is likely to reach up to $US 0.5 BLN. Russian movies take up about a third of the market.

Russian filmmakers have come up with quite a few noticeable movies recently, some of them are a success both at home and overseas.

Valery Todorovsky is one of Russia’s A-list directors. He has his own production company, the Red Arrow. He says it’s a risky, yet challenging business.

“I hope our production company will be shaping the personality of the Russian cinema. And in this sense all of us are doing one and the same thing – we’re boosting the domestic film industry,” Mr Todorovsky said.  “Weary of recession, Russia’s cinema has turned into a multi-million dollar industry. And, although Russian movies are taking baby steps to Hollywood, some of the recent productions have already proved competitive in the West and successful at home,” he added.  

One of the biggest hits this year is likely to be the Apocalypse Code. It has guns, women, and martinis as well as the Russian 007 agent. The shooting of the Russian Bond-esque is taking place all over the world, including some scenes in Moscow. 

Russian action movies have already proved to speak to the Russian audiences better than foreign blockbusters including Hollywood productions. Not only they are making money, but also enjoy what the industry insiders call “legs” – profitable and long runs in theatres.  

Fyodor Bondarchuk is one of the breed of young Russian film directors. His war epic “The 9th Company” has been named for the foreign-language Oscar in 2007.  

Another Russian filmmaker striving for success is Fillip Yankovsky. His drama “Statsky Sovetnik”, featuring Oscar winner Nikita Mikhalkov, has met favourable reviews both at home and oversees.  

But no other Russian movie has ever matched the success of “Night Watch”. The thriller raised $US 16 MLN, setting a record in Russia. It was bought by 20 Century FOX and released in the USA. “Day Watch” managed to beat its predecessor’s box office bonanza.   

Nick Holdsworth, Eastern Europe correspondent, comments: “Films being made in Russia today are mostly for the home audiences because they are so strong now. Ten years ago nobody went to the cinema. Today everyone is back at the cinema, the multiplexes are mushrooming. Film is a very profitable business in Russia now”. 

However, as always, there are some who are not as optimistic about the issue as others. Sergey Chlyants, one of leading Russia’s film producers, insists the country’s film industry is  very unstable and many filmmakers live from hand to mouth. “I myself had to sacrifice many things to stay in business. I have no family, no dacha, and no private jet,” he says.  “But I don’t want to be making films aimed at Western audiences. I don’t want to because I can’t. And the other way round: I can’t because I don’t want to. My films will always be aimed at home audiences.” 

Nevertheless, with the country’s cinema industry becoming a good bet, a lot of bookmakers in Russia predict: by 2010 Russian films will wind up on top of the domestic market, holding about 50%.