Prime Minister Promises Industry Support

The Tokyo International Film Festival got underway Monday, just hours after a general election delivered a reduced parliamentary mandate for the ruling Liberal Democratic Party. But if Japanese voters once again demonstrated their political apathy, there are signs that Japanese audiences have maintained their appetite for the entertainment industry – and further signals that the Japanese screen industry is coping well with sector disruption.

After a strong recovery in 2023, moderate further growth of the theatrical box office is predicted for this year. One forecast put the year end total at $1.88 billion, cementing Japan as the world’s third largest cinema market.

More importantly for the overall health of the industry, local films continue to dominate. So far this year, Japanese movies account for nine of the top ten titles, headed by the $103 million-grossing “Detective Conan: The Billion Dollar Pentagram.” But what is good for Japanese producers has become a tougher market for Hollywood to penetrate. To date, “Inside Out 2,” with $34.4 million, is the only Hollywood contender to crack the top ten.

“Encouragingly, the number of theatrical releases [in Japan] has recovered back to pre-COVID levels and local movies continue their dominance at home with roughly 70% share of gross box office,” said Vivek Couto, executive director at research and consultancy firm Media Partners Asia.

A recent report by his company’s said that that total video industry revenues will grow from $31.8 billion in 2024 to $34.1 billion by 2029, with the online segment, newly invigorated and set to grow at an annual 7% over the next five years – that is far faster than inflation or the sluggish overall economy that Japanese voters have become used to.

TIFFCOM, the rights, projects and content market that accompanies the festival, is on course to be a lively affair. Japanese companies including Fuji Television and Tokyo Broadcasting…