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A proliferation of exchanges between film industries in the United States, Europe and Latin America are redefining the Latin American film industry in the twenty-first century. This article considers how these cross-border and cross-cultural flows may inform new ways for understanding national and regional cinemas. In the following discussion, I analyse emerging industrial practices and producers' responses to the new transnational alliances. I follow this by examining the critical debates over the effects that such structural changes may be having on the diversification of narratives and their contribution in the articulation of transforming national and regional identities.