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.
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.
Egypt’s well-established film industry, known for its prolific output and regional influence, plays a significant role in shaping the Saudi market.
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 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 tradition of storytelling.
The UK’s cinema landscape is also marked by significant events like the London Film Festival, which showcases both 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.
2023 Box Office Performance
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.
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, 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.
2023 Box Office Performance
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.
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. 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.
