A Peep Into The Biggest Industry – Film Industry
Movies are the biggest source of entertainment. An outing that includes a movie in a theatre is always an exciting thought for many. With technology in the forefront, you have plenty of other options to watch a movie in the comforts of your home. It can be from a channel or an OTT platform like Amazon or Netflix. This is probably the reason why the film industry is one of the largest revenue generators in the world. The film industry makes billions of dollars in revenue each year. Let us take a look at the world’s top 5 best performing film industries based on the box office revenues.
Largest Film Industries In The World
The North American film industry that comprises of Canadian film industry and the popular Hollywood is the most profitable and highest revenue generating film industry in the world. The major companies that produce movies include Paramount Pictures, Metro-Goldwyn-Mayer, AMC, 20th Century Fox, and Walt Disney. It is the oldest industry and has been in operation for over 120 years. The largest film industry in the world generates approximately 10.24 billion dollars of which 10 billion dollars is from Hollywood. Chinese film industry takes second place after the United States and Canada. The Chinese film industry has an approximate annual average revenue of 8.59 billion dollars and there is a steady rise every year. The average annual growth of the film industry in China is 35 to 48%.
The Indian film industry is the largest producer of films in terms of quantity. But as per box office reports, the Hindi film industry popularly known as Bollywood is the largest film industry in India and ranks third worldwide in terms of revenues. The fourth biggest film industry is Japan. The Japanese film industry generates a revenue of around $2.5 billion. Until 2012, Japanese film industry was the largest film producer in Asia. The Chinese film industry overtook Japan. High cost of film production and slow economic growth stagnated the film industry in Japan which has only over 3,472 film screens. The Japanese film industry started production in 1987 and it produces around 600 movies per year. The UK film industry stands in fifth place in terms of revenue generated. The UK film industry generates an approximate annual revenue of 1.73 billion dollars. The UK government supports the film industry with tax reliefs and reduction of taxes.
Indian Film Industry
The Indian film industry is a mix of several regional language film industries out of which the Hindi film industry is the largest producer. The Indian film industry generates an annual revenue of around $2.39 billion approximately. Though India is the largest producer of movies and also has the largest population, due to less number of film screens where Indian movies can be showcased it stands only in the third place in terms of revenues. Unlike English movies, that can be released across the globe in all countries, regional Indian movies can be released only in the particular state and a few film screens outside the state and country.