Top 10 fastest growing movie industries in the world

August 14, 2024 Stan

By the end of 2023, the global box office had risen to an estimated $33.9 billion, representing a significant 30.5% increase from the previous year.

However, this figure remains 15% below the average revenue of the three pre-pandemic years (2017-2019).

Projections for 2024 suggest a potential decline to $31.5 billion, largely due to disruptions from ongoing strikes, highlighting the continued challenges in the industry’s recovery. Despite these hurdles, the global film industry, valued at over $250 billion, sees notable growth in various regional markets.

While some regions may contribute less to global revenues, their rapid expansion is evident in their box office performance, international streaming reach, and production output.

These emerging markets are demonstrating year-on-year growth rates of up to 20%, showcasing their increasing influence and global acceptance.

Take a look at the fastest-growing movie industries in the world as of 2023.

Nollywood (Nigeria)

Nigeria’s Nollywood industry remains a cornerstone of African cinema, known for its prolific output and cost-effective production. The industry’s growth is supported by improved production quality, rising demand for African stories, and the proliferation of digital distribution platforms. Producing an average of 2000 films on modest budgets and leverages direct-to-video and digital platforms for distribution.

The Nigerian box office demonstrated substantial growth, with revenues increasing from N4.74 billion($2.9 million) in 2021 to N6.94 billion($4.3 million) in 2022, and further to N7.24 billion($4.5 million) in 2023.
This marks a 46.4% rise from 2021 to 2022, followed by a more modest 4.3% increase in 2023. Projections suggest the box office could hit N10 billion($6.2 million) by the end of 2024, reflecting a 38.1% year-on-year growth.
Despite a 16.6% dip in total admissions in 2023, average ticket prices rose significantly by 27%, reaching N2,759($1.74).
Noteworthy films such as Battle on Buka Street and Avatar: The Way of Water performed well, with cinemas generating N183.02 million during the transition from 2022 to 2023.
The revenue for 2023 was 54% higher than 2021, highlighting a strong recovery from the pandemic’s impact. Nollywood’s box office revenue value was also greatly impacted by naira devaluation.
As of February Nairametrics reported that the Naira had lost about 68% of its value, marking a profound downturn since the implementation of the foreign exchange unification policy, according to data from Nairalytics.

Saudi Arabia & Egypt

Among the fastest-growing sectors is Saudi Arabia’s film industry, which emerged after the 35-year ban on cinemas was lifted in 2018. Despite being just six years old, the industry has already generated SAR3.7 billion ($986.42 million) in revenue. Driven by the government’s Vision 2030 initiative, which seeks to diversify the economy, Saudi Arabia is heavily investing in its entertainment sector, particularly film. With ambitions to become a regional hub, the focus is on developing local talent and infrastructure.

Egypt’s well-established film industry, known for its prolific output and regional influence, plays a significant role in shaping the Saudi market.

Many Egyptian films are popular in Saudi Arabia, helping to drive box office sales and providing a model for local filmmakers.
As Saudi Arabia’s film industry continues to grow, it increasingly looks to the success of its Egyptian counterpart for inspiration.
Saudi Arabia’s cinema landscape has expanded rapidly, with 66 theaters across 22 cities, boasting over 600 screens and 63,000 seats.
The industry’s box office revenue reached $919 million in 2023, reflecting significant growth potential. With 234 films released across 65 theaters, resulting in the sale of 17 million tickets—a 25% increase from 2022. The highest-grossing film in the Kingdom was Oppenheimer, followed closely by the local hit Sattar.

Mexico

The total number of films released in Mexico rose to 433 in 2023, up from 396 the previous year, indicating a gradual return to pre-pandemic levels. This increase in film releases, including a growing number of domestic productions, underscores the resilience of Mexico’s film industry as it recovers from the significant disruptions caused by the COVID-19 pandemic.

In 2023, with a box office revenue went up by 55% increase compared to the previous year. The market grossed an estimated $940 million, although this figure still represents a decline of approximately 9% compared to the three-year pre-pandemic average.
Mexico stands out as one of the few markets to have sustained a strong moviegoing habit throughout the pandemic.
While Hollywood films dominated the box office, the local market also made notable contributions. The film Radical, starring Eugenio Derbez, emerged as a top performer among Mexican productions, grossing over $12 million.

United Kingdom (UK)

The United Kingdom’s film industry remains a prominent force in global cinema, known for its historical epics, iconic franchises like James Bond, and a strong tradition of storytelling.

London continues to serve as a central hub for film production and financing, bolstered by a rich theatrical tradition that enhances the quality of acting. The UK’s cinema landscape is also marked by significant events like the London Film Festival, which showcases both local and international talent.

In 2023, the UK cinema sector took another step towards recovery, with box office revenues reaching £978.5 million($1.25 billion), an 8.3% increase from the previous year.
This growth is part of a broader recovery across the UK and Ireland, which are often considered a single territory for box office analysis. The combined box office revenue for this region in 2023 exceeded £1 billion, the first time since the pandemic, representing a significant milestone in the journey to full recovery.
Admissions also saw a positive trend, with a 5.3% increase from 2022, totaling 123.6 million tickets sold. Despite these gains, the figures are still below the pre-pandemic peak when annual box office revenues consistently surpassed £1.3 billion.
The number of films produced in the UK in 2023 was 207, slightly down from 220 in 2022. However, the total spend on film production fell significantly, from £2.2 billion in 2022 to £1.36 billion in 2023, reflecting the industry’s ongoing adjustments to post-pandemic realities.

France

French cinema, long celebrated for its artistic films and influential cinematic movements such as the New Wave, continues to play a pivotal role in the international film community. France, the birthplace of cinema with pioneers like the Lumière brothers, remains committed to preserving the art form, consistently producing art-house films that gain global recognition.

The Cannes Film Festival, one of the world’s most prestigious, is a testament to France’s enduring influence in global cinema. Held annually, it showcases a diverse array of talent from around the world.

2023 Box Office Performance

Revenue: The French box office grossed an estimated €1.3 billion ($1.4 billion) in 2023, reflecting a 19% increase from the previous year.
Admissions: 181.2 million tickets were sold, up 18.9% from 2022’s 152 million admissions.
The box office success was driven by a mix of U.S. hits like The Super Mario Bros. Movie, Barbie, Avatar: The Way of Water, and popular French films.
Film production in France surged in 2023, returning to pre-pandemic levels with 298 films approved by the CNC (National Centre for Cinema and the Moving Image).
The number of French-initiated films increased to 236, up from 208 in 2022. There were 18 animated films produced, compared to 13 in 2022, while documentary production dipped from 54 in 2022 to 40 in 2023.

South Korea

South Korean cinema has captured global audiences with its innovative storytelling, genre-blending masterpieces, and high production values. Films like Parasite, which won major international awards, highlight the industry’s ability to produce unique narratives that resonate globally.

Known for its psychological thrillers and romantic dramas, South Korean cinema benefits from strong government support aimed at fostering industry development. The Busan International Film Festival serves as a major platform for Asian filmmakers, further elevating South Korea’s profile in the global film industry.

In 2023, the South Korean box office grossed KRW1.261 trillion ($964 million at January 2024 exchange rates), marking a 9% increase from 2022.
However, this revenue remains significantly below the KRW1.91 trillion ($1.46 billion) recorded in 2019, reflecting the ongoing challenges in the industry’s recovery from the COVID-19 pandemic.
Cinema attendance in South Korea also saw improvement, with 125 million admissions in 2023—an 11% increase from the 113 million recorded in 2022. Despite this, attendance is still 45% below the 227 million admissions recorded in 2019, indicating a slower recovery compared to other major markets.

Japan

Japanese cinema is known for its diverse genres, from globally popular anime to traditional samurai epics and avant-garde films. It has produced influential filmmakers like Akira Kurosawa and animation studios such as Studio Ghibli, renowned for their unique storytelling and visual innovation. Anime, in particular, has become a significant cultural export with a dedicated international following. The Tokyo International Film Festival remains a key event for showcasing both Japanese and Asian cinema.

In 2023, Japan held its position as the No. 2 offshore market, with estimated box office revenues of $1.48 billion, remaining essentially flat compared to 2022 and down 6% from the pre-pandemic three-year average.

The Japanese market continued to perform strongly with local titles such as The First Slam Dunk (released in late 2022), Detective Conan: Black Iron Submarine, How Do You Live?, and Godzilla Minus One. These films contributed significantly to Japan’s robust performance in the global film industry, despite the slight decline from pre-pandemic revenue levels.

2023 Box Office Performance

Ticket Sales: 155 million admissions, a 2% increase from 2022’s 152 million.
Gross Revenue: JPY221 billion (approximately $1.5 billion), up 4%, influenced by the weak yen.
Despite growth, the 2023 box office remains 20% below the 2019 admissions of 195 million and 15% below the 2019 gross total of JPY261 billion. This indicates a continued struggle to return to the record-breaking levels before the pandemic.
Number of Titles Released: 1,232 films were released in 2023, slightly up from 1,143 in 2022 but slightly below the 1,278 titles released in 2019.
Local vs. Imported Films: The balance of imported and local films returned to near-normal levels in 2022, and 2023 saw 676 local and 556 imported titles.

China

In 2023, domestic films dominated the Chinese box office, capturing all top ten positions with theatrical revenues, reaching RMB54.9 billion ($7.73 billion), an 83% increase from 2022. Despite this strong rebound, the box office remains 14.5% below the pre-COVID level of RMB64.3 billion recorded in 2019.

This performance represents the fourth highest annual box office total on record, reflecting a notable recovery from the pandemic.
However, the 2023 figures are somewhat skewed by the severe disruptions of 2022, which included extensive lockdowns and capacity restrictions. In contrast, China had largely avoided such restrictions in 2020 and 2021, becoming the world’s largest movie market during those years.
In 2022, China’s box office had experienced a 36% decline compared to 2021, totaling just over RMB30 billion ($4.35 billion). The revenue was largely driven by local films, with The Battle at Lake Changjin II leading the market.
China’s movie industry growth is fueled by a rapidly expanding middle class, increased disposable income, and a strong appetite for both domestic and Hollywood films. China’s box office revenue has consistently been among the highest in the world, often competing with or surpassing the U.S.

Bollywood (India)

Bollywood, renowned for its musical dramas and epic love stories, continues to captivate global audiences, with stars like Shah Rukh Khan and Priyanka Chopra holding substantial international appeal. Despite pandemic-driven disruptions and the growing dominance of streaming platforms, Bollywood has rebounded robustly.

In 2023, India’s Hindi-language film industry achieved a remarkable $1.3 billion in box office revenue, marking one of its highest-grossing years.
This follows a significant recovery from a pandemic low of $238 million in 2020 and an uptick to $455 million in 2021.
The 2022 box office revenue was $1.28 billion (Rs106 billion), almost equaling the record set in 2019. Although cinema admissions fell from 1.03 billion in 2019 to 892 million in 2022, average ticket prices rose by 12% to $1.44 (Rs119). K.G.F: Chapter 2 led in 2022, while Brahmastra: Part 1 – Shiva topped Hindi films.

Hollywood (USA)

Hollywood remains the pinnacle of the global film industry, renowned for its blockbuster productions, technological innovations, and cultural impact. Based in Los Angeles, it continues to set industry standards and trends, housing major studios and driving advancements in film technology, special effects, and animation. Hollywood also hosts high-profile awards ceremonies, including the Oscars, and exerts substantial influence on global culture.

The 2023 domestic box office surpassed $9 billion, marking the highest revenue since the pandemic, according to Comscore. Nevertheless, this figure remains $2 billion short of the pre-pandemic annual ticket sales.

While the fall season saw a lukewarm performance at the box office, the viral “Barbenheimer” phenomenon provided a significant boost. Greta Gerwig’s Barbie earned approximately $636 million domestically, while Christopher Nolan’s Oppenheimer grossed $326 million, as reported by Box Office Mojo.

Disney holds the top three highest-grossing films of all time worldwide: Avengers: Endgame, Avatar, and The Lion King.
Hollywood studios typically retain around 60% of domestic box office revenue, with the remaining 40% allocated to theaters. In 2023, 504 films were released in the U.S. and Canada, up from 456 in 2022 but still below the 792 titles released in 2019.
Box office revenue more than tripled from 2020 to 2022, reaching nearly $7.4 billion, yet it remains significantly below the pre-pandemic peak of $11.3 billion. The Hollywood industry is valued at over $100 billion. It accounted for 26.8% of the worldwide result, down from 28.9% in 2022.

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