Global Film Industry
The global film industry was valued at about $100 billion in 2020. The United States and Canada make up the largest market, worth over $10 billion yearly. India’s Bollywood produces over 1,500 films annually, more than any other country. China also has a major domestic industry that has grown steadily recently. Though Hollywood dominates globally regarding box office revenue, many countries have thriving domestic industries catering to local audiences. Film production happens worldwide, employing millions. From Hollywood blockbusters to independent films, movies generate substantial economic and cultural impact.
International Landscape
China has one of the largest studios globally, and its domestic industry centers around Shanghai. In 1913, the first Chinese screenplay was filmed there. Japan’s industry spans over 100 years as one of the oldest and largest. Known locally as Nihon Eiga, it is the fourth largest by number of films. The South Korean industry has grown recently thanks to Oscar-winning Parasite. It is now fifth-largest globally, earning over $1 billion in 2022. The French industry is known for arthouse films, ranking sixth-largest with over $800 million in 2022 revenue. Its films like The 400 Blows are influential worldwide. Germany’s experimental industry is also notable.
Market Comparison
The gaming industry earned less at $42.5 billion versus movies at $145.7 billion in 2022. The US box office made $5.99 billion, expected to grow 8.3% yearly to 2027. US movie production should be $26.7 billion in 2023 with 3.3% market growth. Globally, European films had 26.5% market share in 2021. Worldwide revenue was $77 billion last year.
Market Size Insights
China became the largest market in 2020 with 536 million tickets sold. Regarding features made, India tops the list with over 2,500 films annually. The UK industry grew with government tax cuts, spending $2.04 billion in 2016. Japan previously led Asia in movies, but slower economic growth stalled production. Still, Japan had 3,472 screens in 2016 compared to China’s 40,000. China’s industry is second globally, earning $6.6 billion in 2016 production, 48% less versus 2015’s growth.
Movie Theater Market
Asia Pacific led the global movie theater market with over 35% share in 2022. The growing middle-class population and rising disposable incomes in the region have increased the demand for entertainment experiences such as movie theaters.