A Ph.D. student named G. Paksiutov published a research paper titled ‘Transformation of The Global Film Industry: Prospects for Asian Countries’ in the April/June 2021 edition of Russia In Global Affairs. It detailed the changes taking place in the Asian film industry. For example, between 2010 and 2018, the box office revenues generated in the Asia-Pacific region spiked from $8.5 billion to $16.7 billion in just eight years.
Equally important is the share of Asian Pacific region countries’ revenue as a percentage of the global film industry. That rose from 26.9% in 2010 to 40.6% in 2018. Of particular significance is the rampant growth of the Chinese market. Now, it is second only to the United States as the world’s biggest TV and film industry.
By 2019, China-generated content made up 22% of the global market. Overall, there is tremendous diversity in terms of Asian TV and film. Many countries are leading the way, notably India, Japan, South Korea, and China.
A big change has occurred in terms of the digital transformation of the TV and film industry for the world. The same trends are evident across Asia. Consider, for example, the number of subscribers to Netflix outside the US between 2015 and 2020 and their percentage of the global Netflix viewership:
|2015||27.4 million||38.7% of global users|
|2016||41.2 million||46.2% of global users|
|2017||57.8 million||52.3% of global users|
|2018||80.8 million||58.0% of global users|
|2019||106.1 million||63.5% of global users|
|2020||129.8 million||63.7% of global users|
Source: Statista Netflix numbers 2020/2021
Many top-tier Asian streaming services exist, notably the popular Asian dramas app, Viki Rakuten. The service is readily available to viewers worldwide via the Google Play Store. It commands a 4.4/5 rating from 879K reviews and 50 million+ downloads. Viewership of Asian dramas and movies is growing at a steady clip.
How the Asian TV & Film Industry Compares to Hollywood
Hollywood has long been the dominant player in the global film industry, but its share of the pie is shrinking. In 2010, Hollywood films accounted for 46.5% of the worldwide box office. By 2018, that figure had dropped to 36.6%. Several factors are driving Asia’s rise as a film industry force.
Asian countries are producing more films than ever before. Second, Asian films are becoming increasingly popular with international audiences. Finally, Asian countries are investing heavily in their film industries, building world-class infrastructure and attracting top talent from around the globe. As a result of these trends, Asia is poised to become the world’s largest film market within the next decade.
∙ China is already the second-largest film market in the world, and it is expected to overtake the United States as the largest market by 2025.
∙ India is also a major force in the film industry, and it is expected to become the third-largest market by 2030.
∙ Japan is home to some of the most successful anime franchises in the world, and its live-action films are gaining popularity with international audiences.
∙ Taiwan has a thriving independent film scene, and its films have been nominated for Academy Awards.
∙ South Korea has been a major player in the global film industry for many years. In 2010, South Korean films accounted for 4.4% of the worldwide box office. By 2018, that figure had risen to 5.7%. South Korea is home to some of the most successful independent filmmakers in the world, and its films have won prestigious awards at international festivals.
The country is also home to a thriving anime industry, and its live-action films are gaining popularity with international audiences. As a result of these trends, South Korea is poised to become one of the leading markets for Hollywood studios within the next decade. South Korea offers significant growth potential for Hollywood studios, and competition from Korean filmmakers is intensifying.
The rise of Asia as a major player in the global film industry presents both opportunities and challenges for Hollywood. On one hand, Asian markets offer significant growth potential for Hollywood studios. On the other hand, competition from Asian filmmakers is intensifying, and Hollywood will need to continue to adapt to survive in this new landscape.