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Box Office Booms Abroad as Hollywood Expands

Better pic Even though ticket prices seem to have skyrocketed in U.S. cinemas, the real money is coming from foreign markets. TheWrap reported that the international box office is accumulating higher percentages of overall film revenues than ever before.

According to the Motion Picture Association of America, last year the U.S. and Canada only raked in $10.6 billion in revenue, while the global market reached $31.8 billion. The foreign box office also generated a groundbreaking 67 percent of all revenue, a number that is expected to climb.

“It’s the one area of the business that is continuing to grow,” Ashok Amritraj, CEO of Hyde Park Entertainment, told TheWrap.

The declining value of the American dollar also plays a role in the domestic vs. international box office outcome. As the U.S. currency weakens, foreign revenue translates at a higher value. Even films that have disappointed domestically are flourishing in the foreign market. For example, “Kung Fu Panda 2” earned $437 million abroad, despite only reaching $160 million in America.

Part of this overseas success can be attributed to the film industry’s effort to appeal to foreign audiences.  Studios are considering the cultural norms of other countries when marketing films, such as Paramount’s decision to release the new Captain America flick as “The First Avenger” in South Korea and Russia. Both Universal and Paramount took advantage of the Australian holiday in the spring, releasing “Fast Five” and “Thor” in that continent before the U.S.

Photo Credit: Shutterstock

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Comments

For that reason, they should cast more Asian actors. Almost everyone say it's about money and market - there you have it, the money and market this article.

Now cast me as the Asian Peter Parker, like 50 Cent said, "watch the money piled up."

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