Movies are today an essential part of many people’s lives. For this reason, successful movies enhance the lives of all stakeholders. The production, marketing, and distribution of movies also require high investment, making it critical to know the factors that would contribute to the success of released movies. Researchers have generally tried to identify these factors, but they often find it difficult to conclude that a single factor would principally influence the success of a film. As such, there are multiple factors, that support and contribute to the success or failure of a movie.
The budget of a movie plays a significant role in determining its success. In an empirical study by the Institute of Economics at the Ilmenau University of Technology, researchers found out that the budget, alongside factors such as the franchise, and audience rating contributes to the success or failure of movies (Gaunssle, Budzinski & Astakhavo, 2018). Proper budgeting means that the teams, for example, creative and marketing teams, use resources efficiently, and the franchise would make returns. Also, factors, for instance, planning and strategically scheduling the release time play a crucial role in the success of movies.
In another study, there was a categorization of factors influencing the success of movies into social and classical factors. Classical factors included the script, release date, cast, and directors of the film. The social factors, the study identified include audience and critic reviews and the current trends in society (Sood & Balamurugan, 2017). Understanding that these factors will impact the levels of success of movies helps support decisions, such as investing in the production of a specific film. The investors will want to ensure there is attention to factors influencing success. Accordingly, evaluating these factors of movie success contributes to knowledge, skills, and research on methods of ensuring movie success.
Gaenssle, S., Budzinski, O., a& Astakhova, D. (2018). Conquering the Box Office: Factors influencing Success of International Movies in Russia. Ilmenau Economics Discussion Papers, Vol. 24, No. 113, Retrieved from, https://core.ac.uk/download/pdf/224744592.pdf
Sood, N., & Balamurugan, J. (2017). Factors Affecting the Success of Movies- A Case Study
of Twin Movies. International Journal of Innovative Science and Research Technology; 2:11, Retrieved from https://ijisrt.com/wp-content/uploads/2017/11/Factors-Affecting-the-Success-of-Movies-A-Case-Study-of-Twin-Movies-1.pdf