Thai Films Surpass Hollywood at the Box Office, Ushering a ‘Tollywood’ Era
Thai cinema claims 54% market share in 2024, reflecting a growing trend of local film industry prominence over global giants.
In a surprising turn of events, Thai films have eclipsed their Hollywood counterparts in the Thai box office for the first time, capturing a 54% market share in 2024. Traditionally, Hollywood films dominated the box office with a 70-80% share.
However, the tide has shifted since 2022 when Thai films started gaining ground, with revenues moving from a 35:60 to a 44:50 ratio against Hollywood by 2023. In 2024, Hollywood movies totalled 12.4 million tickets out of 36.7 million, emphasizing the growing popularity of local productions dubbed as 'Tollywood'—a fusion of Thailand and Hollywood.
The year saw 54 Thai films released with eight achieving box office success, each earning over 100 million baht.
These included 'Theeyod 2' from M STUDIO grossing 815 million baht, 'Grandma’s Boy' from GDH 559 at 339 million baht, and 'Phii Nhaa 4' from Five Star at 178 million baht.
In contrast, only four Hollywood films surpassed the 100 million baht mark, including 'Dune: Part Two' and 'Deadpool & Wolverine.'
Surachet Assawaruenganon, CEO of M STUDIO, attributes the success of Thai films to the expansion of theaters across the country, making them more accessible.
He also notes a decrease in blockbuster Hollywood releases may have contributed to the rise of local films.
He highlights that the quality of Thai cinema has improved significantly, with increased creativity and alignment with audience tastes.
Thai films are not only gaining traction domestically but are also reaching international markets, extending beyond Southeast Asia to over 30 countries globally, including Russia and Brazil.
The CEO's enthusiasm is shared within the industry, likening the current momentum to the rise of South Korean cinema, with Thai films becoming key content players in Asia.
Thai film booths, alongside Korean ones, are reportedly some of the most visited at international markets.
Moreover, international interest, including from China, is burgeoning to collaborate with Thai studios for global releases.
M STUDIO is committed to fostering this growth, planning a 1 billion baht investment in collaborations with major partners including Channel 3 and PLAN B, aiming to produce over 20 more films in 2024. Some anticipated titles include 'Theeyod 3' and 'Anong 2'.
The studio's prolific output has positioned it as the country's leading film producer, with expectations of a 30-40% business growth in the coming year.
Industry experts anticipate the continued expansion of the Thai film industry, underlining the vital role of government support to ensure a sustainable future.
Supporting filmmakers of all sizes, enhancing market access, and providing educational avenues for new entrants into the industry are needed to nurture this cultural and economic renaissance of ‘Tollywood’ in Thailand.
However, the tide has shifted since 2022 when Thai films started gaining ground, with revenues moving from a 35:60 to a 44:50 ratio against Hollywood by 2023. In 2024, Hollywood movies totalled 12.4 million tickets out of 36.7 million, emphasizing the growing popularity of local productions dubbed as 'Tollywood'—a fusion of Thailand and Hollywood.
The year saw 54 Thai films released with eight achieving box office success, each earning over 100 million baht.
These included 'Theeyod 2' from M STUDIO grossing 815 million baht, 'Grandma’s Boy' from GDH 559 at 339 million baht, and 'Phii Nhaa 4' from Five Star at 178 million baht.
In contrast, only four Hollywood films surpassed the 100 million baht mark, including 'Dune: Part Two' and 'Deadpool & Wolverine.'
Surachet Assawaruenganon, CEO of M STUDIO, attributes the success of Thai films to the expansion of theaters across the country, making them more accessible.
He also notes a decrease in blockbuster Hollywood releases may have contributed to the rise of local films.
He highlights that the quality of Thai cinema has improved significantly, with increased creativity and alignment with audience tastes.
Thai films are not only gaining traction domestically but are also reaching international markets, extending beyond Southeast Asia to over 30 countries globally, including Russia and Brazil.
The CEO's enthusiasm is shared within the industry, likening the current momentum to the rise of South Korean cinema, with Thai films becoming key content players in Asia.
Thai film booths, alongside Korean ones, are reportedly some of the most visited at international markets.
Moreover, international interest, including from China, is burgeoning to collaborate with Thai studios for global releases.
M STUDIO is committed to fostering this growth, planning a 1 billion baht investment in collaborations with major partners including Channel 3 and PLAN B, aiming to produce over 20 more films in 2024. Some anticipated titles include 'Theeyod 3' and 'Anong 2'.
The studio's prolific output has positioned it as the country's leading film producer, with expectations of a 30-40% business growth in the coming year.
Industry experts anticipate the continued expansion of the Thai film industry, underlining the vital role of government support to ensure a sustainable future.
Supporting filmmakers of all sizes, enhancing market access, and providing educational avenues for new entrants into the industry are needed to nurture this cultural and economic renaissance of ‘Tollywood’ in Thailand.
