The Thai film industry experienced a period of sharp contrasts in the first half of 2025. While international success and production revenue reached unprecedented heights, the domestic box office showed a significant slowdown compared to the historic highs of the previous year.

To understand 2025, it's essential to look back at 2024—a landmark year for Thai cinema. The total box office reached ฿4.48 billion ($138.33M), with domestic films capturing a record 54% market share (฿2.48B / $76.83M). Eight different Thai films surpassed the ฿100 million benchmark. This success was led by blockbusters like Death Whisperer 2 (฿825M / $25.5M ), the highest-grossing Thai film of all time, and How to Make Millions Before Grandma Dies (฿330M / $10.2M), which gained $55M global sales and became the first Thai film shortlisted for an Academy Award.

In the first half of 2025, this domestic momentum cooled considerably. The top 10 films grossed a combined ฿1.14 billion ($35.33M), with Hollywood's Lilo & Stitch leading at ฿211.4M ($6.55M). The slowdown for local films was stark: only one Thai film, the supernatural romantic comedy The Red Envelope (฿100.7M), reached the ฿100 million mark. This is a sharp decline from the first half of 2024, which saw five domestic titles achieve that milestone.

Contrasting the quiet domestic front, Thailand’s global standing soared. The nation solidified its role as a premier production hub, attracting 279 foreign projects that generated ฿2.86 billion ($88.6M) in revenue—more than double the earnings of the entire domestic Top 10. Furthermore, Thai creative IP proved its immense value with a landmark Miramax deal to remake How To Make Millions Before Grandma Dies, while artistic prestige grew as A Useful Ghost won the Grand Prize at Cannes Critics’ Week. Bolstering this, the government launched the THACCA fund, the first major public film grant in over a decade.

The sentiment among industry professionals is one of cautious optimism. While reigniting consistent domestic audience engagement remains a key challenge, the industry is buoyed by powerful global validation, new investment, and a thriving international production sector.

The Thai production landscape in H1 2025 was defined by a cautious domestic strategy, even as new investment began to energize the ecosystem. While 25 domestic features were released, the films that achieved commercial success were not broad, youth-oriented hits, but rather niche genre pieces. Their success relied on leveraging pre-existing fanbases, either from established intellectual property (IP) or the fandom power of stars from the popular "Boys' Love" (BL) genre.

The top-performing local titles clearly demonstrated this trend. The list of successes was dominated by genre fare, including GDH 559’s supernatural BL romantic comedy The Red Envelope (฿100.7M / $3.12M); the action-thriller The Stone (฿97.3M / $3.01M), from Karmanline/M Studio; Mono's Jazz the Racing (฿79.3M / $2.46M); and a pair of horror entries, Panor (฿76M / $2.35M) from Five Star Production and Tomb Watcher (฿55.7M / $1.73M) from Global Ink Studios/M Studio. This reliance on established IP is the defining strategy for the rest of the year, with the most anticipated releases being franchise entries such as Death Whisperer 3, The Undertaker 2, and a new film in the Khun Phan universe.

However, the most significant long-term development is how the new THACCA fund is actively cultivating the country’s next wave of artistic cinema. Beyond backing commercial projects, the fund has allocated a substantial portion of its production grants to a roster of Thailand's most acclaimed festival directors. The list of recipients includes Aditya Assarat (The Thonglor Kids), Phuttiphong Aroonpheng (The Burning Giants), Jakrawal Nilthamrong (Rhizome), and Anucha Boonyawatana (I Like Me Better When I’m With You), a past winner of Busan's Kim Jiseok Award. In a further sign of its prestige, the fund is also backing a project directed by Sompot Chidgasornpongse to be produced by Palme d'Or winner Apichatpong Weerasethakul. This deliberate investment in auteur-driven projects provides a critical counterbalance to the commercial market, ensuring the continued vitality of Thailand's independent creative voices.

The Thai film financing landscape in 2025 is undergoing a strategic revitalization, moving beyond traditional models to a more diversified ecosystem. Mainstream commercial hits, such as those from M Studio and GDH 559, are primarily financed through internal corporate funding and private equity. This vertically integrated "studio model" allows them to de-risk projects by controlling production, distribution, and often exhibition. However, a significant new trend is seeing even these established players leverage public money. Major commercial franchise sequels like The Undertaker 2 are now receiving state support from the new THACCA fund, creating a hybrid model where public grants act as a financial buffer for large-scale private investments.

The most transformative development is the role of this new "soft money" from the government. After a decade without major public grants, the Thailand Creative Culture Agency (THACCA) fund is not merely subsidizing films but actively re-engineering the industry. By injecting ฿220M ($6.82M) across 86 projects, it provides a crucial structural balance. For producers, the fund serves as a powerful new leverage point to attract further private capital and de-risk ambitious projects that might otherwise be considered too challenging for the domestic market alone.

For independent filmmakers, however, financing remains a complex, multi-year puzzle solved through international co-production. The journey of the 185 Films’ Cannes-winning A Useful Ghost serves as a powerful case study. The project was rejected numerous times domestically and relied on a "patchwork" of international support—including grants from France (CNC), Singapore (IMDA), and Germany (WCF) —pieced together over several years. Crucially, the production was only greenlit after securing last-minute private equity from Thai investors (CINEMA 22, N8, Kliff Capital) and was finally completed with post-production support from the THACCA fund, cumulating in ฿30M ($0.92M) total budget. This demonstrates that for non-studio projects, co-production is not an alternative, but the primary path to viability.

Finally, a powerful new revenue stream is emerging through the aggressive monetization of intellectual property. The landmark Miramax remake deal for How To Make Millions Before Grandma Dies established Thai stories as a bankable global asset. This is expanding beyond film into other media, as evidenced by the "Death Whisperer" haunted house attraction at Universal Studios Singapore, proving that a successful Thai film can become a globally recognized brand with a long and lucrative financial life.

The Thai distribution climate in H1 2025 reflects a highly concentrated and vertically integrated market, which saw a significant rebalancing between local and foreign content. Following a historic 2024 where domestic films captured an unprecedented 54% of the box office, the first half of 2025 saw Hollywood blockbusters reclaim the top chart positions while domestic films claimed the 4th, 5th, and 10th place. This demonstrates the ongoing competition and the challenge for local films to maintain momentum year-on-year.

The market is powerfully shaped by its largest exhibitors. The top distributor for the past two years has been M Studio, the production and distribution arm of Major Cineplex, the nation's dominant cinema chain. This integration gives M Studio significant leverage in scheduling and screen allocation for its strong slate of commercial Thai films. Similarly, leading studio GDH 559 typically handles its own distribution, ensuring prime placement for its high-profile releases while experimenting with importing edgy film like The Substance.

Distribution for foreign films is clearly segmented. Hollywood majors like Walt Disney Pictures and Universal directly handle their own tentpole releases. Meanwhile, established independent distributors such as Sahamongkolfilm International (through its Mongkol Film Company label) play a key role in bringing in major non-studio foreign films, such as the 2025 action film Ballerina.

On the international front, major Thai distributors are pursuing an aggressive global sales strategy. At the H1 2025 European Film Market (EFM), M Studio was actively selling its upcoming franchise keystone, Death Whisperer 3, to international buyers months ahead of its planned October release. This proactive approach at major industry markets signals a clear strategy to build a global footprint for its most valuable IP, leveraging the success of its prequel, which scored more than ฿825M ($25.5M) in 2024.

The Thai theatrical market in the first half of 2025 continued its post-pandemic recovery, though audience attendance has yet to return to pre-2019 levels. The total box office for 2024 (฿4.4 billion / $136.31M) remained significantly below 2019’s high watermark of ฿8 billion ($247.83M), providing crucial context for the sharp slowdown experienced in H1 2025 (฿1.1 billion / $34.08M). After a banner first half in 2024 that saw five local films cross the ฿100 million ($3.1M) threshold, H1 2025 produced only one: GDH's The Red Envelope. The market was instead dominated by Hollywood tentpoles like Lilo & Stitch (฿211.4M / $6.55M), How to Train Your Dragon (฿188M / $5.83M), and Mission: Impossible - The Final Reckoning (฿110.1M / $3.41M), highlighting the challenge for local films to consistently capture audience attention. The domestic, regional, and global political landscape also plays a big part in this slowdown.

The exhibition landscape is a near-duopoly controlled by two major chains that command approximately 95% of the market. Major Cineplex is the clear leader with 863 screens nationwide, followed by SF Cinema with around 400 screens. This high concentration defines the theatrical infrastructure. Ticket prices remain quite high compared to the national minimum wage of approximately $12/day, typically ranging from $5 to $10 USD for a standard admission. However, to stimulate attendance, exhibitors frequently employ aggressive discount campaigns that can lower the effective ticket price to as little as $2-3, particularly during non-peak periods or campaigns targeting students.

Like many global markets, Thai exhibitors are grappling with audience habits fundamentally reshaped by the dominance of streaming. Viewers have become more selective, reserving theatrical visits for high-impact "event" films, whether they be Hollywood spectacles or highly anticipated local genre pictures like the Death Whisperer series. To compete with the convenience of at-home viewing, cinema chains are heavily investing in differentiating the theatrical experience. This strategy is centered on expanding their footprint of premium formats—including VIP cinemas with luxury seating, immersive 4DX auditoriums, and IMAX screens—and upgrading technology to laser projection and advanced sound systems like Dolby Atmos, focusing on an experience that cannot be replicated in the living room. To go even further, SF brought Omazz’s ฿0.7M ($21,685) queen-size massaging beds to the cinema for the most cozy watching experience, with a ฿2,000 ($61.96) duo ticket price tag.

However, it is crucial to note that Thailand still lacks an official, centralized organization for box office tracking. The industry relies on figures provided directly by cinema chains, which have become more comprehensive nationwide since 2015 but remain estimates rather than unified national data. This underscores the need for the state to provide systemic data for the truest reflection of market health.

Thailand’s production services sector was the undisputed star of its film industry in H1 2025, proving its capacity to handle the world’s largest and most demanding productions

The prime example was the new Jurassic World film, directed by Gareth Edwards, which spent ฿400M ($12.39M) for the production in Thailand and employed a remarkable 2,245 Thai nationals during its month-long shoot in the country’s southern provinces. According to the Thailand Film Office, the production’s budget had a direct and widespread local impact, with 34% spent on wages for the Thai crew, 22.5% on accommodation, and 19% on local equipment rental. This case study provides concrete evidence of both a deep, skilled labor pool and a robust equipment and logistics infrastructure capable of supporting a global blockbuster.

The country’s allure is powered by a combination of stunning locations and a highly skilled workforce. In H1 2025, 279 foreign productions filmed in Thailand, bringing significant cashflow injection to local industries, facilitated by top-tier service companies like Living Films (FX’s Alien: Earth - ฿2.8B / $86.74M) and Indochina Productions (HBO’s The White Lotus - ฿2.5B / $77.45M). The decision for the massive sci-fi series Alien: Earth to film in Thailand underscores this evolution, utilizing three major local soundstages—The Studio Park, Moon Star Studio, and Green Park Studio—to construct complex interstellar sets, marking the biggest production in Thailand's history. This proves that international producers are now choosing Thailand not just for its natural scenery, but for its robust, high-tech studio infrastructure capable of handling the most demanding productions.

The post-production ecosystem is mature and globally competitive, with a deep roster of specialized facilities. Full-service post-production is led by major players like Kantana Post Production, Hong Kong’s One Cool Group, and G2D, who offer comprehensive picture and sound services. Dedicated world-class sound facilities include the renowned Ramindra Sound Recording Studios. The critical post-production for the Cannes-winning A Useful Ghost was handled by the boutique White Light Post, showcasing the sector's depth. The visual effects landscape is equally robust, with top-tier companies like Human Farm VFX and Chaya Picture delivering high-quality CGI for both domestic blockbusters and international clients, including Netflix.

A significant leap forward has been made in virtual production (VP). The most notable development is the launch of Figment Studio, a ฿193.68M ($6 million) facility billed as the nation’s most advanced VP stage. A joint venture involving The Studio Park, the studio features state-of-the-art ROE Visual LED walls and has already completed projects for Netflix and FX Networks. Figment Studio joins other key players in this growing sector, including Kantana Virtual Production Studio and Studio X Beyond, signaling a major industry-wide investment in this cutting-edge technology. This commitment, coupled with the government’s powerful 30% cash rebate, ensures Thailand’s production services sector remains a critical engine of growth for the entire creative economy.

Data on platform reach is sourced from the Cross-Platform Ratings report, a collaboration between The Association of Digital Television Broadcasting (ADTEB) and Nielsen. According to their H1 Data on platform reach is sourced from the Cross-Platform Ratings report, a collaboration between The Association of Digital Television Broadcasting (ADTEB) and Nielsen. According to their H1 2025 findings, streaming has become the central axis of daily content consumption in Thailand, fundamentally reshaping production pipelines and audience behavior. The market is intensely competitive, with a unique landscape where local and regional players successfully challenge global giants. As of H1 2025, the platforms with the widest reach are not global streamers, but services backed by Thailand's powerful telecommunication companies. TrueID leads the market with a unique reach of over 12.3 million, followed by AIS Play at 7 million. These services leverage their vast mobile and internet subscriber bases to offer bundled content, making them the primary digital gateways for a large portion of the population.

In this crowded field, global powerhouse Netflix holds a strong third position with a reach of nearly 5 million, distinguishing itself through significant investment in high-budget "Thai Original" productions. The company has boasted a ฿6.46 billion ($200M) investment in Thai content from 2020-2024, with nine titles releasing throughout 2025. These exclusive films and series provide a crucial alternative funding and distribution channel for local creators, exemplified by the highly successful limited series The Mad Unicorn. Directed by Nottapob Boonprakob and produced by GDH, the series ranked #4 globally for non-English content on Netflix, reaching 1.6 million households worldwide. The ecosystem is rounded out by strong regional players like Tencent’s WeTV (2.64M unique reaches), Baidu’s iQIYI, and PCCW’s Viu, which have carved out significant niches by specializing in Chinese-language dramas and content from the globally popular 'Boys' Love' (BL) genre. The MONOMAX platform also remains a strong local non-telco competitor with 1.68M unique reaches. It is worth noting that HBO's Max, which launched in Thailand in late 2024 and is growing quietly, still lags behind its competitor Netflix in producing premium Thai content after its lengthy merger with Discovery, despite HBO's early entry into Southeast Asia.

The impact on local content creation is profound. The decline of the traditional television industry has prompted a migration of established talent toward creating premium, binge-worthy series for these OTT services. Popular content trends reflect this shift, with high demand for locally-produced series ranging from 'Boys' Love' and 'Girls' Love' to horror, romantic comedies, and dramas. The Thai government has recognized this structural change, with the new THACCA fund explicitly including "series" and "animation" in its mandate, signaling a new era where premium episodic content for streaming is now considered as vital to the nation's creative economy as theatrical film.

This profound shift from linear broadcasting to on-demand streaming is now forcing a structural reckoning across Thailand's entire media ecosystem. The scale of the audience migration is stark: according to industry data, traditional terrestrial viewing has plummeted to just 15% of its former audience. The vast majority have migrated to online video, where social and user-generated content platforms now command the largest audiences, led by YouTube (37.3M unique reaches), Facebook (33.5M), and TikTok (31.9M). This has prompted urgent discussions between industry bodies and regulators like the National Broadcasting and Telecommunications Commission (NBTC) to develop a new national roadmap. The core challenge extends beyond broadcasting licenses; it addresses how all Thai content creators, including film producers, can compete and secure value in a digital-first landscape where global streaming giants and social media platforms are the new gatekeepers. This move will fundamentally shape the future of Thailand’s entire creative economy.

The government's cash rebate incentive is the country's key public tool for international collaboration and has been instrumental in securing global blockbusters. This model is also visible in commercial collaborations like the Japanese "Boys' Love" (BL) film Kadokawa’s Love Song, which hired Thai director Weerachit Thongjila to leverage the Thailand’s world-leading genre expertise.

Simultaneously, a more nuanced trend of creative co-production is emerging, particularly in the independent sphere. This is exemplified by auteur-driven projects like the Cannes-winner A Useful Ghost, which was structured as a multi-national co-production that secured vital funding from partners in France, Singapore and Germany. This collaborative spirit is also evident in the financing of Nawapol Thamrongrattanarit’s Venice-selected Human Resource; produced by the director's own Happy Ending Film, it is backed by a diverse consortium including domestic commercial giant GDH, Hongkong’s One Cool Connect, Jai Studios, and the contemporary art gallery Bangkok CityCity Gallery, showcasing a hybrid model for funding artistic cinema.

Looking ahead, the private sector is leading the push to establish Thailand as a regional financial leader. Private initiatives like the Writer Lab International Film Fund and the established Purin Pictures grant are specifically designed to co-finance projects across the ASEAN bloc. For Thailand's public funds to maintain a competitive edge, many in the industry believe they must also adopt this regional vision, especially as hubs like Singapore have had a multi-year head start in fostering Southeast Asian co-productions. This strategic shift will be crucial in cementing Thailand's status not just as a premier service location, but as the creative and financial center of the region's film ecosystem.

To analyze the Thai film industry in H1 2025 is to map the source code of a culture in powerful transition. The preceding sections have detailed the flow of capital, the channels of distribution, and the shifting habits of consumption, but beneath these mechanics lies a more profound story. This is the moment where the core tensions of the nation's creative soul—local versus global, commercial versus artistic, tradition versus disruption—are being exported as globally resonant narratives. The success of its genre films, the acclaim of its festival darlings, and the demand for its production services all serve as a foundation for what comes next. For a region poised to define its own futurity, this deep understanding of the present is not just an analysis; it is the essential groundwork for championing the bold, genre-bending, and speculative fictions that will shape the Southeast Asian narrative for the next generation.