With the recent press from the Palm Springs International Film Festival and the Sundance Film Festival underway, there has been quite a bit of buzz for the film industry in the past few months. But an especially good sign for those involved in the movie business comes from new research that has found that global movie spending has increased in the past year, after years of declining.
According to the Los Angeles Times, global movie spending grew by 2 percent in 2012, adding $1.3 billion to the industry. IHS, the research firm that conducted the study, expects growth at similar rates for the next few years, which is becoming increasingly likely as we move away from the recent recession. Compared to declines in 2008 and 2009 and an increase of just 0.9 percent in 2011, these new findings show tremendous strides in the movie business.
Most of the spending was on movie theater tickets and showings, with fewer people buying DVDs, instead opting for internet-based viewings. However, home video revenue did increase by 0.23 percent in 2012.
The article also noted that the Asia-Pacific region showed huge growth, going through a movie-theater frenzie in the past year, as movie spending in China, Japan and India increased by 12 percent in 2012. This region is expected to be third in movie spending by 2016 behind North America and Western Europe, according to the news source.
This news may increase the number optimistic attitudes concerning movie theaters and producers around the globe, as well as encourage those interested in entering the movie industry. And for those looking for entertainment possibilities, the newfound attention on movie theaters may inspire using outdoor movie screens for events as popularity in movie theaters grows.