The film industry is one of the largest sources of entertainment in the world. The industry produces thousands of films annually and rakes in billions of dollars in revenue. Hollywood is the largest, oldest, and most profitable film industry in the world. It is responsible for producing some of the most thrilling and captivating films. This article looks at the largest film industries.
Largest Film Industries in the World
The United States and Canada
In 2016, the film industry in the United States and Canada generated approximately $11.4 billion, making it the most profitable industry in the world. The industry experienced a 2% growth from $11.1 billion in 2015. Two thirds of the American and Canadian population attended a cinema at least once in 2016. The increase in profit is attributed to frequent attendants who accounted for 48% of tickets sold. Of the income generated, Hollywood accounted for $10 billion. Major players in the US and Canadian film industry include Metro-Goldwyn-Mayer, Paramount Pictures, 20th Century Fox, and AMC.
The film industry of China is the second largest film industry in the world after the United States and Canada, generating $6.6 billion in 2016. For the past decade, the film industry in China has been experiencing an annual average growth of a whopping 35% but experienced a meagre 3.7% in 2016 compared to 48% it experienced in 2015. Hollywood fared better in China and accounted for 41.7% of the total box office in 2016. China is also set to produce 1,612 cinemas between 2016 and 2017. The most notable film studio in China is Hengdian World Studios
In 2016, the film industry in the UK generated $6.5 billion, slightly lower than China. The industry is receiving a massive boost from the government which includes reduction of taxes on film production through tax reliefs. Some notable film studios in the UK include the Pinewood Studios. The industry spent an estimated $2.04 billion in 2016 to produce films.
The film industry in Japan generated about $2 billion in 2016. Until 2012, Japan was Asia’s largest film producer, but slow economic growth and the high cost of film production resulted in a stagnating industry that was finally surpassed by China. There were 3,472 film screens in Japan compared to over 40,000 in China. The industry produced 610 films and 180.2 million admissions. Imported films accounted for 36.9% while locally made films accounted for 63.1%. The Cinema of Japan is one of the oldest industries in the world and began production in 1987.
India is the largest producer of films in terms of quantity and in 2016 film production in the country generated $1.9 billion. Most of the films produced in India are in Hindi or English ensuring that they can be exported. Bollywood produces films in Hindu and is the largest film producer in India. Despite a large population and the production of many films, India has few film screens compared to other major film producers. India has a screen ratio of 1 screen per 96,300 compared to 1 screen per 7,800 residents in the US. Film theaters are also sub-par compared to other countries. Unlike the US and Canada where films are created in one language, films in India are created in about 20 languages limiting the film to a particular group of people.
Global Box Office
The global box office generated $38.6 billion in 2016, a one percent increase from the previous year. United States and Canada generated the highest revenue of $11.4 billion. The global box office industry was adversely affected by the drop in the Chinese industry that plunged from a 48% growth to a growth of 3.8%. The global number of cinema screens grew by 8% or 164,000 screens.