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.
Nigeria’s Nollywood industry remains a cornerstone of African cinema, known for its prolific output and cost-effective production.
Nollywood films, which explore themes such as family and corruption, resonate widely both within Africa and internationally. The industry produces a high volume of films annually, often on modest budgets, and leverages direct-to-video and digital platforms for distribution.
Italian cinema, with its deep roots in movements such as neorealism, has been a significant force in global art cinema. The country’s picturesque landscapes and iconic cities also attract international film productions. The Venice Film Festival, the oldest in the world, remains a prestigious platform for showcasing global cinema talent.
Italian productions, including co-productions, accounted for 24.3% of box office revenue and 25.9% of admissions. It has over 350 films produced annually, including co-productions, which exceeds pre-pandemic production levels.
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.
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 storytelling tradition.
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 local and international talent.
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.
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.
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.
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 experienced a 36% decline compared to 2021, totalling 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.
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.
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 theatres.
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.
