How do you measure a country’s film industry? Domestic box office receipts? Foreign sales? The number of movies produced annually?
In addition to the above, another way to view each nation’s film business is to see how much of the country’s total stock market value it represents. The U.S. comes out on top by this measure. Even so, the movie and entertainment industry represents only 1.22% of the value of the investable U.S. stock market. (Investable market statistics exclude closely held shares that are not available for trading. In some countries, that means shares held by the government.)
In absolute terms, Turkey’s stock market and its movie and entertainment industry are tiny compared with their U.S. counterparts. Nevertheless, the biz in Turkey reps 0.45% of its stock market. Belgium is third with 0.33%.
Index provider MSCI, which develops recognized benchmarks for global stock markets, screened its universe of developed and emerging markets to generate these numbers. MSCI defines the movie and entertainment industry the same way throughout the world, so the comparisons are apples-to-apples.
The British film industry, described less than a decade ago in a report to Parliament as an “undercapitalized cottage industry,” remains so today, at least in terms of market capitalization. Movies and entertainment make up only 0.02% of the investable U.K. market.