Photo by Ronald Hennessy
Yet again, the US movie industry’s overall revenues are up substantially from the previous year. Revenue for movie studios went up four percent globally in 2013 to $35.9 billion, according to a report released yesterday by the Motion Picture Association of America (MPAA) during CinemaCon in Las Vegas.
While the US/Canada box office for the year was $10.9 billion (an uptick of just 1 percent from 2012), led by blockbusters like The Hunger Games: Catching Fire and Iron Man 3, the meteoric rise of the international marketplace has driven the industry’s massive profitability. The international market now constitutes 70 percent of all revenue, up from 64 percent in 2009.
The newest figures show that the industry remains healthy despite continued and over-simplistic rhetoric by the MPAA that the sky is falling for the movie business due to the effects of online piracy (see its figures for how much money piracy “costs” the US annually).
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