on't believe the hype. That used to be the mantra of cinema enthusiasts overseas who just couldn't buy into the renewed promise of the Asian movie industry, despite the unquestioned success of what had to be the breakthrough story of 2001, Crouching Tiger Hidden Dragon.
Crouching Tiger, of course, was the darling of indie film fests and art theatres for several months during 2000, that is until over-the-top, often gushing reviews came along. One critic referred to it with almost child-like glee as "a magnificently-crafted hybrid of Chinese historical epic, F/X-enhanced martial arts spectacular, mystical romantic tragedy and live-action anime." Talk about filling a niche for new-millennium filmgoers.
Shortly thereafter, the American mainstream caught on to the movie, followed by the Academy of Motion Picture Arts and Sciences. The rest, we all know, is history. The film scooped up a few Oscars, plus a whole lot of publicity around the world, and probably more screenings (or revenues, for that matter) than it ever needed.
The inevitable backlash came next. North American audiences grew tired of the movie's runaway success, in the same way they eventually soured on bona fide homegrown movie hits like Titanic and Forrest Gump. But there was a backlash in Asia, also - one that had trouble accepting Crouching Tiger's unique success in America, while superior movie exports from Asia went unnoticed by the rest of the world.
A year later, there's probably enough distance between the present and the movie's zenith to make an accurate assessment of its impact. And impact there was, not only for the effect it had on Hollywood's deal-makers and financiers, but also for its influence on the self-confidence of Asia's upstart filmmakers.
Fact is, the movie hit a sweet spot at a time when audiences were beginning to turn sour on stale plots and performances from the Hollywood machine.
Crouching Tiger was fresh and foreign, a film more concerned with legend and magic than the ills of modern society. The theatre crowds, not surprisingly, couldn't get enough. In fact, the Mandarin-language Crouching Tiger surpassed Roberto Benigni's Oscar-winning Life is Beautiful as the highest-grossing foreign-language film ever in North America. According to director Ang Lee, the movie was made for a lean US$15 million - compared with global box office receipts of a sizzling US$208 million.
The movie isn't the sole catalyst for a revived interest in Asian films, mind you. There's also the emergence of Jackie Chan as a global film phenomenon. The success of the 1998 buddy-flick Rush Hour, which cast Chan as a fish-out-of-water cop in Los Angeles, came as another shocker to Tinseltown. While Chan himself admits the original Rush Hour was essentially geared towards American audiences, two of his more recent American-geared comedies - Shanghai Noon and Rush Hour 2 - seem far more comfortable with showcasing the talents and styles of Hong Kong cinema.
And there are more blockbuster stories out there. During 2000, the John Woo-directed Mission Impossible 2 brought in revenues substantial enough to see the movie ranked 27th all-time, right between Saving Private Ryan and Back to the Future.
Asia's independent moviemakers are flocking to film festivals such as the Tokyo Film Festival and are flogging their wares overseas as well. Pan-Asian films are staples at Cannes, Berlin and Venice. Last summer, 38 Asian films were shown at the Toronto Film Festival, an industry love-in that serves as a magnet for heavy-hitting studios and distributors. Movies included Monsoon Wedding from Indian director Mira Nair (of Kama Sutra fame), Lan Yu, from renowned Hong Kong director Stanley Kwan, and the latest from Japanese filmmaker Hirokazu Kore-Eda (of After Life fame), called Distance. Chances are these filmmakers are hoping to emulate the recent successes of smaller-scale productions such as the Hong Kong-made (and widely acclaimed) In The Mood For Love, and Japanese comedy Shall We Dance.
A few years ago, cutting distribution deals with Hollywood heavyweights was a tough business for these productions. Nowadays, they're often the focal points for the agents, journalists and cinephiles working these festivals.
Of course, the movie-going masses will continue to line up for the latest martial arts comedies from screen legend Chan, as well as Crouching Tiger-wannabes like Iron Monkey.
But the bottom line is this: Asian movie exports have newfound staying power, and Crouching Tiger was not a one-shot deal. Like it or not, it has already gone down in the books as the movie that permanently altered Hollywood's relationship with Asia.
Derek Moscato is a Vancouver-based journalist and economic commentator