Film tourism, also known as popular culture tourism, is tourism in the wake of film shows. Research literature contains no established and accepted method for measuring the economic effects of film tourism. This paper takes the first step to evaluate the overall economic impacts of film tourism, with a particular focus on the Lord of the Rings and the Hobbit filmed in New Zealand. A new approach that combines both econometric and computable general equilibrium modeling techniques is used in the impact assessment. The preliminary results show that the Lord of the Rings did not bring any significant impacts on the tourism and economy of New Zealand mainly due to its lack of appropriate marketing strategies. The Hobbit film, on the other hand, was found to have brought significant positive impacts on the New Zealand economy through film induced tourism.