Nollywood ranked 10th fastest growing movie industry globally

• Published On: 14 August 2024 at 17:18

The global box office is expected to reach $33.9 billion by the end of 2023, up 30.5% from the previous year.

However, this amount is 15% less than the average revenue from the three years preceding the pandemic (2017-2019).

Forecasts for 2024 indicate that the industry's recovery may still be difficult, with a potential drop to $31.5 billion, owing primarily to prolonged strike disruptions. Despite these challenges, the estimated $250 billion global film industry continues to grow strongly in a number of regional markets.

While some regions contribute less to global revenue, their rapid growth is visible in box office performance, international streaming reach, and production output.

With growth rates of up to 20% per year, these emerging markets are demonstrating their growing power and popularity on a global scale.

The following are the world's fastest-growing movie industries as of 2023.

Nollywood (Nigeria

Nigeria's Nollywood industry, known for its high production values and prolific output, remains a mainstay of African filmmaking.

Nollywood films, which address issues such as corruption and family, are widely popular in Africa and around the world. The industry distributes its large number of films through digital and direct-to-video methods, many of which are produced on a shoestring budget.

The Nigerian box office experienced significant growth, with revenues rising from N4.74 billion ($2.9 million) in 2021 to N6.94 billion ($4.3 million) in 2022, and then to N7.24 billion ($4.5 million) by 2023.

Italy

Italian cinema has played an important role in international art cinema, drawing heavily on trends such as neorealism. The country's well-known cities and beautiful scenery also attract foreign film crews. The world's oldest film festival, Venice, remains a prestigious venue for showcasing international filmmaking talent.

2023 Box Office Performance:

Revenue: €495.6 million ($542 million), up 61.6% from 2022.
Cinema admissions: 70.6 million tickets were sold, up 58.6% from the previous year.

Italian productions, including co-productions, accounted for 25.9% of admissions and 24.3% of box office revenues. It makes over 350 films per year, including co-productions, which is more than it did prior to the pandemic.

Mexico

In 2023, there were 433 films released in Mexico, up from 396 the previous year, indicating a slow but steady return to pre-pandemic levels. This surge in film releases, which includes an increasing number of local films, demonstrates Mexico's film industry's tenacity as it recovers from the major disruptions caused by the COVID-19 pandemic.

The United Kingdom (UK)

The British film industry, known for its historical epics, enduring franchises such as James Bond, and rich storytelling heritage, continues to have a significant impact on the world of cinema.

With a rich theatrical heritage that elevates acting talent, London remains a major hub for film production and funding. The London Film Festival is an important part of the UK film scene, showcasing both domestic 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 over the previous year.

French cinemas

French cinema, which has been praised for its artistic productions and significant cinematic trends such as the New Wave, remains extremely important to the global film industry. France, home to the Lumière brothers and other cinematic pioneers, is committed to preserving the art form and continues to make internationally acclaimed art-house films.

The Cannes Film Festival, one of the world's most prestigious, demonstrates France's enduring influence in global cinema. It is held annually and features a diverse range of talent from all over the world.

Revenue: The French box office earned an estimated €1.3 billion ($1.4 billion) in 2023, up 19% from the previous year.

South Korean cinema.

South Korean cinema has captivated global audiences with its inventive storytelling, masterful genre blending, and superior production standards. Movies like Parasite, which won numerous international awards, show how the industry can tell unique stories that appeal to audiences all over the world.

South Korean cinema, which is well-known for its romantic dramas and psychological thrillers, receives significant government support in order to promote industry growth. By providing a significant platform for Asian filmmakers, the Busan International Film Festival raises South Korea's profile in the international film industry.

Japan

Japanese cinema is known for its diverse range of genres, including avant-garde films, classic samurai epics, and popular anime. It gave rise to notable directors such as Akira Kurosawa and animation studios such as Studio Ghibli, which are known for their inventive visuals and unique storytelling. Anime, in particular, has grown to be a major cultural export, with a devoted global following. The Tokyo International Film Festival continues to be one of the most important platforms for presenting Asian and Japanese films.

Japanese cinema is known for its diverse range of genres, including avant-garde films, classic samurai epics, and popular anime. It gave rise to notable directors such as Akira Kurosawa and animation studios such as Studio Ghibli, which are known for their inventive visuals and unique storytelling. Anime, in particular, has grown to be a major cultural export, with a devoted global following. The Tokyo International Film Festival continues to be one of the most important platforms for presenting Asian and Japanese films.

Japan remained the second-largest offshore market in 2023, with estimated box office revenues of $1.48 billion, essentially flat from 2022 and 6% lower than the pre-pandemic three-year average.

Ticket sales: 155 million admissions, a 2% increase over 2022's 152 million.

Gross Revenue: JPY221 billion (approximately $1.5 billion), a 4% increase due to the weak yen.

China

Domestic films dominated the Chinese box office in 2023, taking the top ten spots and grossing RMB54.9 billion ($7.73 billion) in theatres, an 83% increase from 2022. Despite this strong recovery, the box office remains 14.5% lower than the RMB64.3 billion pre-COVID total from 2019.

This performance marks the fourth-highest annual box office total on record, indicating a significant recovery from the pandemic. However, the 2023 figures are skewed by the severe disruptions of 2022, which included widespread lockdowns and capacity constraints. In contrast, China largely avoided such restrictions in 2020 and 2021, becoming the world's largest film market during that time.

Bollywood (India)

Bollywood, known for its epic love stories and musical dramas, never fails to captivate audiences all over the world. Stars like Shah Rukh Khan and Priyanka Chopra are particularly popular abroad. Despite pandemic-related disruptions and the growing dominance of streaming platforms, Bollywood has recovered strongly.

In 2023, India's Hindi-language film industry earned an astonishing $1.3 billion in box office receipts, making it one of its most successful years.

Hollywood (US)

Hollywood remains the pinnacle of the global film industry, known for its blockbuster productions, technological advancements, and cultural impact. Based in Los Angeles, it continues to set industry standards and trends by housing major studios and driving advances in film technology, special effects, and animation. Hollywood also hosts high-profile award ceremonies, such as the Oscars, and has a significant impact on global culture.

According to Comscore, the domestic box office for 2023 surpassed $9 billion, the highest revenue since the pandemic. Nonetheless, this figure is $2 billion lower than the pre-pandemic annual ticket sales. While the fall season was underwhelming at the box office, the viral "Barbenheimer" phenomenon provided a significant boost. According to Box Office Mojo, Greta Gerwig's Barbie earned around $636 million domestically, while Christopher Nolan's Oppenheimer grossed $326 million.

Disney has produced three of the highest-grossing films in the world: Lion King, Avatar, and Avengers: Endgame