Top 10 Fastest Growing Movie Industries in the World

The global box office closed 2023 with an estimated revenue of $33.9 billion, marking a strong 30.5% growth from the previous year. Despite this rise, the figure remains about 15% below the average revenue of the pre-pandemic years (2017-2019).

Forecasts for 2024 anticipate a potential decline to $31.5 billion, primarily due to ongoing strike disruptions, underscoring the film industry’s ongoing recovery challenges.

However, the global industry, valued over $250 billion, shows growth in regional markets, where some are expanding rapidly in box office performance, international streaming reach, and production output, often with growth rates of up to 20% annually.

Below are some of the fastest growing movie industries in the world.

Top 10 Fastest Growing Movie Industries in the World

1. Hollywood (USA)

Hollywood continues to lead the global film industry, renowned for its blockbuster productions, advanced technology, and immense cultural impact. It is home to high-profile events like the Oscars, cementing its influence worldwide. The 2023 domestic box office grossed over $9 billion, the highest since the pandemic, though still $2 billion short of pre-pandemic levels.

2. Bollywood (India)

Known for musical dramas and epic tales, Bollywood remains globally popular. In 2023, the Hindi film industry grossed $1.3 billion, achieving one of its top-grossing years. This follows recovery from a pandemic low of $238 million in 2020. Despite decreased admissions, average ticket prices rose, with films like K.G.F: Chapter 2 leading the box office.

3. China

China Dominated by local films, the Chinese box office reached RMB54.9 billion ($7.73 billion) in 2023, an 83% increase from 2022. Though still below pre-COVID levels, the performance marks significant recovery, driven by a strong domestic market and an expanding middle class.

4. Japan

Japan Known for diverse genres and a significant anime industry, Japan ranked as the No. 2 offshore market with box office revenues of $1.48 billion in 2023. Though growth was modest, local titles like The First Slam Dunk performed well. Admissions rose by 2%, though still 20% below pre-pandemic levels.

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5. South Korea

South Korea South Korean cinema continues to captivate audiences with high-quality storytelling. The industry grossed KRW1.261 trillion ($964 million) in 2023, a 9% increase from 2022, though still below pre-pandemic levels. Admissions rose to 125 million, indicating steady recovery.

6. France

French cinema, celebrated for its art-house films, saw box office revenues of €1.3 billion ($1.4 billion) in 2023, up 19% from 2022. The Cannes Film Festival remains a global showcase for French and international talent. Admissions hit 181.2 million, driven by a mix of U.S. and local hits.

7. United Kingdom

A major player in global cinema, the UK’s 2023 box office revenues reached £978.5 million ($1.25 billion), an 8.3% increase from the previous year. The UK and Ireland box office topped £1 billion, signaling post-pandemic recovery. Admissions increased by 5.3%, totaling 123.6 million.

8. Mexico

Mexico’s box office demonstrated resilience in 2023 with revenues up 55% from the previous year, totaling an estimated $940 million, though still 9% below pre-pandemic averages. With a high moviegoing rate, Mexico’s film market continues to grow, with notable local successes like Radical by Eugenio Derbez, which grossed over $12 million.

9. Nollywood (Nigeria)

Nigeria’s Nollywood remains a mainstay of African cinema, recognized for its high-volume, budget-friendly productions and significant growth in demand for African stories on digital platforms. Box office revenue surged from N4.74 billion ($2.9 million) in 2021 to N7.24 billion ($4.5 million) in 2023, a 52.74% increase over two years. Projections for 2024 estimate box office revenue could reach N10 billion ($6.2 million), despite challenges such as the recent 68% devaluation of the naira.

10. Saudi Arabia & Egypt

Saudi Arabia’s movie industry has seen rapid growth since lifting a 35-year cinema ban in 2018. In just six years, the sector has generated SAR3.7 billion ($986.42 million), largely fueled by the Vision 2030 initiative aimed at economic diversification. The industry has expanded to 66 theaters across 22 cities, hosting over 600 screens and 63,000 seats. In 2023, Saudi box office revenue hit $919 million, driven by hits like Oppenheimer and the local success Sattar. Egypt’s established film industry, known for its regional influence, continues to shape the Saudi market as Egyptian films remain popular among Saudi audiences.