Literature Review Of The Movie Industry

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Literature Review Much research has been undertaken into predicting movie box office revenue and success. Although the literature covers a varied range of research, this review will focus on the collection of movie data, techniques used to predict box office revenue and success, findings and results that have been found and benefits of movie box office revenue and success. 3.1 Movie industry The movie industry has grown massively over the last few decades. Worldwide, the movie industry is one of the most rapidly rising (Kim et al. 2015). The number of movies that are produced every year and the box office revenue generated is increasing globally. Simonoff and Sparrow (2000) stated the the motion picture industry is a business with…show more content…
2010). The reviews on the sites range from expert reviews from movie critics who have viewed the movie before the release date to personal views from the public after the release date. The information on these sites covers many areas and contain potential data for research. Specific movie data and critics’ opinions on movies can be collected from these sites. Many sites have information on movie titles, genre, number of actors and so much more. Everything relies upon what sort of film information a researcher needs to gather. Data is available after the release date of the movie. Hur et al. (2016) found that once a movie was released, data on audiences and weekly box office total were made available. It is clear that, after a movie has been released, there is some data that can be collected. It would make sense to use data that is released before a movie as it gives enough time to movie studios to plan and decide on marketing budgets. There may be plenty of data available after the release of a movie but it would be too late for movie studios to do anything with that information. It would be best to stick with pre-release data. 3.3 Techniques used to predict box office revenue Regression is a popular technique to use when it comes to predicting movie box office revenue. Liu et al. (2016) state that they used linear and non-linear regression models to predict box office revenue
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