During the past decade, China has overtaken Japan as the leading film producer in Asia. While Hollywood is a major contributor, Asian faces have been decorating the big screen more often since the early part of the century. The film industry in China has grown 35 percent annually.
Asia is home to a huge population, and the region has been able to create a thriving media and entertainment industry. As a result, a variety of different players have entered the market. The market is projected to experience considerable growth over the forecast period. The market is driven by increasing internet penetration in emerging economies, trade shows, and the construction of amusement parks.
The Asia-Pacific media and entertainment market are also a huge investment opportunity. It is projected to grow at a CAGR of 18.6% during the forecast period. It consists of several players, including Sony Corporation, Columbia Pictures Film Production Asia, and Tsui Hark. These companies have been investing in future technologies, acquiring substantial expertise, and gaining sustainable competitive advantage.
As of 2015, Japan’s film industry earned almost $2 billion. Japan produced 610 films that grossed a total of almost $1.8 billion in box office receipts. However, the film industry has been slow to grow in the past few years, due to the country’s poor economic development. Consequently, the industry has had to face stiff competition from other sectors such as television.
The Korean film industry, however, has made great strides. The country’s film industry grew from 50 million to 217 million ticket sales in a little more than a decade. It also created several genres, such as K-pop and Korean horror, that have been popular worldwide.
