Nigerian Nollywood Industry has been named the number ten fastest-growing movie industry in the world.
Nollywood movies, which tackle issues like corruption and family, are very popular in Africa and around the world. The industry uses digital and direct-to-video methods to distribute its large number of films, many of which are made on tight budgets.
The global box office reached an anticipated $33.9 billion by the end of 2023, a notable 30.5% gain from the year before, according to Nairametrics.
This amount is still 15% less than the three pre-pandemic years’ average revenue, though (2017-2019).
Forecasts for 2024 indicate that the industry’s recovery may still face difficulties, with a possible drop to $31.5 billion, mostly as a result of prolonged strike disruptions. Despite these obstacles, the estimated $250 billion worldwide film business continues to develop significantly in a number of 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.
With growth rates of up to 20% year-on-year, these emerging markets are proving their growing power and popularity on a worldwide scale.
Below are the fastest-growing movie industries in the world as of 2023.
Nollywood (Nigeria)
Nigeria’s Nollywood industry, renowned for its high production values and prolific output, continues to be a mainstay of African filmmaking.
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.
Italy
Italian cinema has played a major role in international art cinema, drawing heavily from trends like neorealism. The nation’s renowned cities and gorgeous scenery draw in foreign film crews as well. The world’s oldest film festival, Venice, continues to be a distinguished venue for exhibiting international filmmaking talent.
2023 Box Office Performance:
Revenue: €495.6 million ($542 million), representing a 61.6% increase from 2022.
Cinema Admissions: 70.6 million tickets sold, up by 58.6% from the previous year.
Italian productions, including co-productions, brought in 25.9% of admissions and 24.3% of box office money. It produces more than 350 films a year, including co-productions, which is more than it did before the pandemic.
Mexico
In 2023, there were 433 films released in Mexico overall, up from 396 the year before, suggesting a slow but steady reversion to pre-pandemic levels. The tenacity of Mexico’s film industry as it rebounds from the major disruptions caused by the COVID-19 pandemic is highlighted by this upswing in film releases, which includes an increasing number of local movies.
United Kingdom (UK)
The British film industry, which is renowned for its historical epics, enduring franchises like James Bond, and rich storytelling heritage, continues to be a major influence in the world of cinema.
With a great theatrical heritage that raises the caliber of acting, London remains a major centre for cinema production and funding. An important feature of the UK film scene is the London Film Festival, which presents both domestic and foreign 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
French Cinemas
French cinema, which has been praised for its artistic productions and significant cinematic trends like the New Wave, is still very important to the global film industry. France, home of the Lumière brothers and other cinematic pioneers, is dedicated to maintaining the art form and continues to produce internationally-acclaimed art-house films.
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.
Revenue: The French box office grossed an estimated €1.3 billion ($1.4 billion) in 2023, reflecting a 19% increase from the previous year.
Cinema of South Korea (South Korea)
Global audiences have been captivated by South Korean cinema due to its inventive storytelling, masterful blending of genres, and superior production standards. Movies like Parasite, which took home significant international accolades, demonstrate how the business can create original stories that appeal to audiences all over the world.
Strong government assistance is provided to South Korean cinema, which is well-known for its romantic dramas and psychological thrillers, with the goal of promoting industry development. By providing a significant platform for Asian filmmakers, the Busan International Cinema Festival raises South Korea’s profile in the international cinema business.
Japan
Japanese cinema is renowned for its wide range of genres, which include avant-garde films, classic samurai epics, and the widely watched anime. It gave rise to notable directors like Akira Kurosawa and animation companies like Studio Ghibli, which are recognized for their inventive visuals and distinctive storytelling. Anime in particular has grown to be a major cultural export with a devoted global fan base. One of the most important platforms for presenting Asian and Japanese films is still the Tokyo International Film Festival.
Japanese cinema is renowned for its wide range of genres, which include avant-garde films, classic samurai epics, and the widely watched anime. It gave rise to notable directors like Akira Kurosawa and animation companies like Studio Ghibli, which are recognized for their inventive visuals and distinctive storytelling. Anime in particular has grown to be a major cultural export with a devoted global fan base. One of the most important platforms for presenting Asian and Japanese films is still the Tokyo International Film Festival.
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.
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.
China
Domestic movies ruled the Chinese box office in 2023, taking home all ten top spots and grossing RMB54.9 billion ($7.73 billion) in theaters—an 83% rise over 2022. Even with this robust recovery, the box office is still 14.5% less than the RMB64.3 billion pre-COVID total from 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.
Bollywood (India)
Bollywood, known for its epic love stories and musical dramas, never fails to enthrall audiences around the world. Stars such as Shah Rukh Khan and Priyanka Chopra are particularly well-liked abroad. Bollywood has recovered strongly in spite of disruptions caused by the pandemic and the increasing hegemony of streaming platforms.
India’s Hindi-language film industry recorded one of its highest-grossing years in 2023 with an astounding $1.3 billion in box office receipts.
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.
The three highest-grossing movies ever made globally are all from Disney: The Lion King, Avatar, and Avengers: Endgame
