Top 10 Fastest Growing Movie Industries in the World

As of the close of 2023, the global box office hit an impressive $33.9 billion, marking a 30.5% increase from the previous year. Despite this growth, the figure still trails 15% behind the average revenue of the pre-pandemic years from 2017 to 2019. 

Looking ahead to 2024, the film industry faces potential setbacks with projections estimating a decline to $31.5 billion, largely due to disruptions from ongoing strikes. Yet, the global film sector, now valued at over $250 billion, continues to see robust growth across 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 impressive year-on-year growth rates of up to 20%, showcasing their increasing influence and global acceptance.

Here is a look at the fastest growing movie industries in the world as of 2023:

1. Nollywood (Nigeria)

Nigeria’s Nollywood remains a pillar of African cinema with its prolific output and cost-effective production strategies. The industry produces a high volume of films annually on modest budgets, exploring themes such as family and corruption, resonating widely within Africa and beyond.

 In 2023, the Nigerian box office saw an increase, with revenues climbing from N4.74 billion ($2.9 million) in 2021 to N7.24 billion ($4.5 million) in 2023, and projections suggesting it could hit N10 billion ($6.2 million) by the end of 2024.

2. Italy

Italian cinema continues to be a major force in global art cinema, known for its rich history in movements like neorealism. The picturesque landscapes and iconic cities of Italy also attract international film productions. In 2023, the Italian box office soared to €495.6 million ($542 million), representing a 61.6% increase from the previous year, though it still remains below pre-pandemic levels.

3. Mexico

Mexico’s film industry is showing signs of a robust recovery post-pandemic, with the total number of films released reaching 433 in 2023. The box office revenue in Mexico saw a 55% increase from the previous year, grossing an estimated $940 million.

4. United Kingdom (UK)

The UK’s film industry is known for its historical epics and iconic franchises like James Bond. In 2023, the UK cinema sector’s box office revenues reached £978.5 million ($1.25 billion), an 8.3% increase from the previous year, marking a continued recovery across the region.

5. French Cinema

France, the birthplace of cinema, remains influential with its art-house films and major events like the Cannes Film Festival. The French box office grossed an estimated €1.3 billion ($1.4 billion) in 2023, up 19% from the previous year.

6. South Korea

South Korean cinema, known for its innovative storytelling and high production values, continues to capture global audiences. The South Korean box office grossed KRW1.261 trillion ($964 million at January 2024 exchange rates) in 2023, a 9% increase from the previous year.

7. Japan

Japanese cinema, famous for its diverse genres including anime, maintained its position as the No. 2 offshore market in 2023, with box office revenues of $1.48 billion.

8. China

In 2023, domestic films dominated the Chinese box office, with theatrical revenues reaching RMB54.9 billion ($7.73 billion), an 83% increase from the previous year.

9. Bollywood (India)

Bollywood’s Hindi-language film industry rebounded strongly in 2023, achieving $1.3 billion in box office revenue, one of its highest-grossing years following a significant recovery from the pandemic.

10. Hollywood (USA)

Hollywood remains the pinnacle of the global film industry, with 2023 domestic box office surpassing $9 billion, marking the highest revenue since the pandemic.