The global film industry has not only entertained the masses over the past decades, but has also provided employment for people of all backgrounds. The industry isn't just about the actors, producers, directors and screenplay writers; make-up artists, technicians, musicians and a whole bunch of backstage staff also come into play. It is incredible to see how this segment of the entertainment industry has evolved from silence to sound; from black and white to color. Over a period of time, the art of filmmaking has evolved greatly, and with the emergence of big studios, the box office market has changed as well.
Part of the broader media and entertainment sector, the film industry is one of the fastest growing industries in the entertainment domain and is expected to grow at a CAGR of around 7% by 2020. Though a highly fragmented market with the presence of several small and large vendors, the film industry is primarily driven by innovations that improve the overall film viewing experience.
As per the analysis of industry experts at Technavio, here are some of the major changes that the film industry has undergone recently:
International collaboration in film making
Globalization has certainly impacted the Box Office Market. Technological advancements, better communication facilities, knowledge sharing, and expertise exchange have shrank the gap between small and large-scale film industries. Additionally, with better international travel facilities, there has been an increase in the migration of skilled workers in the film industry across the globe. Today, actors work in films from different countries, the Indian actress Priyanka Chopra being one of the most famous examples of this current trend in the global box office market.
Top Countries in the Box Office Market (2015)
Digital movie screens
Rise in disposable income, more so in the case of the emerging economies, coupled with the emergence of movies from across the world in different languages and genres, is the key reason behind the large investments being made on digital movie screens. In fact, the number of digital movie screens is increasing at a fast pace in the developing world. While in 2010 there were close to 35,000 digital movie screens worldwide, in 2015 the number stood at more than 141,000. This increase in the number of movie screens has a direct impact on the growth of the global box office market.
Enhanced theatre experience has fueled technological developments in the film making process. Today, most film makers strive to provide their viewers with better movie experiences in terms of both audio and video quality. For instance, 4D has emerged as a popular technology to screen international films in the South Korean box office market. Kung Fu Panda and Avatar are some of the movies screened using this technology, and the revenue that they have generated has further enhanced the collections at the box office.
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The 2016-2020 Report on the Global Online Movies Market
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