By the end of 2023, the world earned about $33.9 billion from movies, which is 30.5% more than last year.
But this is still 15% less than the usual money made before the pandemic (2017-2019).
In 2024, people think movie earnings might drop to $31.5 billion because of strikes. But overall, the movie world is growing, with some places getting better each year.
Even if some areas aren’t earning much, they are making more movies and reaching more people online.
These growing places are seeing up to 20% more growth each year, showing they are becoming more important.
Let’s look at some of the fastest-growing movie industries in 2023.
Nollywood (Nigeria)
Nigeria’s Nollywood is a big deal in Africa. They make a lot of movies cheaply. Nollywood is growing because better quality films, more people wanting African stories, and more digital distribution. They make about 2,000 movies each year, mostly on small budgets.
- Nigerian box office money went up from N4.74 billion ($2.9 million) in 2021 to N7.24 billion ($4.5 million) in 2023.
- This is a 46.4% rise from 2021 to 2022, but only 4.3% more in 2023. They think it might reach N10 billion ($6.2 million) in 2024, showing 38.1% more growth.
- Even though fewer people went to theaters in 2023, ticket prices went up by 27% to N2,759 ($1.74).
- Movies like Battle on Buka Street and Avatar: The Way of Water did well, bringing in N183.02 million.
- In 2023, earnings were 54% more than in 2021, showing a strong comeback from the pandemic. But the value of their money, Naira, went down a lot.
- Naira lost 68% of its value by February, making a big impact on the economy.
Saudi Arabia & Egypt
Saudi Arabia’s film industry is growing fast since removing a 35-year cinema ban in 2018. By 2023, they earned SAR3.7 billion ($986.42 million). The government supports this growth with its Vision 2030 plan.
Egypt’s old and influential film industry helps Saudi Arabia.
- Many Egyptian movies are very popular in Saudi Arabia, boosting sales and helping local filmmakers.
- Saudi Arabia now has 66 theaters with over 600 screens and 63,000 seats in 22 cities.
- In 2023, they made about $919 million, a big growth. They released 234 movies, selling 17 million tickets, 25% more than in 2022. The best movie was Oppenheimer.
Mexico
Mexico released 433 movies in 2023, more than last year’s 396. This shows they are bouncing back after COVID-19 disruptions.
- Their box office made 55% more money in 2023, grossing $940 million, though still less than before the pandemic.
- Mexico kept people going to movies even during the pandemic.
- Hollywood movies did well, but local films like Radical earned a lot, $12 million for example.
United Kingdom (UK)
The UK is known for big historical movies and famous series like James Bond. London is a big place for making and financing films.
- In 2023, UK box office made £978.5 million ($1.25 billion), 8.3% more than last year.
- UK and Ireland together made over £1 billion, a big step towards recovery after the pandemic.
- Ticket sales also went up 5.3% with 123.6 million tickets sold. It’s better, but still less than the £1.3 billion before the pandemic.
- In 2023, 207 movies were made in the UK, a bit less than 220 in 2022. Money spent on making films dropped from £2.2 billion in 2022 to £1.36 billion in 2023.
France
France is famous for artistic movies and big film movements like the New Wave. They have great film festivals like Cannes.
2023 Box Office Performance
- French box office made €1.3 billion ($1.4 billion) in 2023, 19% more than last year.
- They sold 181.2 million tickets, 18.9% more than in 2022.
- Big hits in 2023 included The Super Mario Bros. Movie and French films.
- In 2023, France approved 298 new movies, getting back to pre-pandemic numbers.
- There were 236 French-made movies and 18 new animated films. Documentary movies, however, dropped from 54 to 40.
South Korea
South Korea is known for its exciting stories and high-quality films like Parasite. Their movies are supported by the government.
- In 2023, South Korean box office made KRW1.261 trillion ($964 million), 9% more than 2022.
- But it’s still less than the KRW1.91 trillion ($1.46 billion) in 2019 before COVID-19.
- People went to cinemas more, with 125 million tickets sold in 2023, 11% more than 2022. But that’s still 45% less than the 227 million tickets in 2019.
Japan
Japan has many types of movies, from anime to samurai films. They have famous filmmakers like Akira Kurosawa. Anime is very popular worldwide.
In 2023, Japan was the second-largest movie market outside the US, making $1.48 billion. This is about the same as last year.
2023 Box Office Performance
- Ticket Sales: 155 million tickets sold, 2% more than last year.
- Gross Revenue: JPY221 billion ($1.5 billion), up 4%, with help from a weak yen.
- Even with the growth, it’s 20% less than the 195 million tickets sold in 2019, and 15% below the JPY261 billion earned in 2019.
- Number of Titles Released: 1,232 movies released in 2023, slightly more than 1,143 in 2022 but less than 1,278 in 2019.
- Local vs. Imported Films: In 2023, there were 676 local and 556 imported films, getting back to normal levels.
China
In 2023, Chinese films did really well, earning RMB54.9 billion ($7.73 billion), 83% more than 2022. But this is still 14.5% less than the RMB64.3 billion in 2019, before COVID-19.
- This is the fourth highest year for earnings in China, showing recovery from the pandemic.
- In 2022, earnings were low due to lockdowns and restrictions, making only RMB30 billion ($4.35 billion).
- China’s movie growth comes from more people having more money and enjoying both local and Hollywood movies. China’s box office often competes with or beats the US.
Bollywood (India)
Bollywood is famous for musical and love story movies. Stars like Shah Rukh Khan are known worldwide. Despite COVID-19 and more streaming, Bollywood is doing well.
- In 2023, Bollywood made $1.3 billion, one of its best years.
- This is a big jump from $238 million in 2020 and $455 million in 2021 after the pandemic.
- In 2022, Bollywood made $1.28 billion, close to the 2019 record. Even though fewer people went to the cinema, ticket prices went up by 12% to $1.44.
- Big hits included K.G.F: Chapter 2 in 2022 and Brahmastra: Part 1 – Shiva for Hindi films.
Hollywood (USA)
Hollywood is the top of the global movie industry, with big blockbusters like Avengers and Avatar. It leads in movie technology and special effects, and hosts the Oscars.
In 2023, Hollywood earned over $9 billion, the most since the pandemic, but still $2 billion less than before.
The “Barbenheimer” trend helped a lot, with Barbie making $636 million and Oppenheimer $326 million.
- Disney has the top three highest-grossing movies: Avengers: Endgame, Avatar, and The Lion King.
- In 2023, 504 films were released in the US and Canada, more than 456 in 2022, but less than 792 in 2019.
- Box office revenue tripled from 2020 to 2022, reaching $7.4 billion, but still lower than $11.3 billion before the pandemic. Hollywood makes up 26.8% of global earnings, down from 28.9% in 2022.