When it comes to blockbusters our minds associate them with massive Hollywood productions, but there are several other countries with a booming film industry in the world. Ever since technology became more accessible in developing nations, the creative workforce has increased its global presence by writing scripts, filming, and editing movies in their homelands. And while not every one of these countries has really gained economic success from the film business, some of the newcomer markets will certainly surprise you.
In a previous article we analysed the world’s 15 fastest growing economies and which sections of their economy were really boosting the GDP figures. Although the film industry may not gather as much economic power as agriculture or industrial production, it does employ thousands of people each year and can be a great source of income for a country. So, apart from Hollywood, which nations are appearing on the scene as the newest superstars and what do they have to offer? These are the countries with a booming film industry that we haven’t been paying much attention to.
3. South Korea
It seems like the golden rule for successful film industries is to make sure your country’s population consumes more national than international entertainment. This trend has certainly helped increase the business’s growth in the 90’s, especially after the movie Shiri (1999) caught the attention of financial sponsors and local producers.
Furthermore, over the past ten years Korea has passed a law dictating that 40% of all shown films be domestic, in order to promote the industry’s growth. And the truth is that Korean storylines can be more interesting that foreign ones, given the country’s political history and cultural depth. Thus in 2012, foreign movies accounted for $35 million in box office revenue, while domestic films reeled in a total of $44 million.