In a groundbreaking achievement, Nigerian cinemas amassed a staggering 7.2 billion naira in revenue throughout 2023, drawing over 2.6 million admissions, with Nollywood commanding a formidable 39 percent market share, as revealed by a comprehensive report.
These earnings represent a notable surge, exceeding the previous year’s figures by over 416 million naira, accompanied by a seven percent year-on-year escalation in market dominance.
Despite a slight increase in locations from 64 to 70 in 2023, the exponential growth in revenue and admissions remained evident, marking a significant milestone in the Nigerian film industry’s trajectory.
According to insights extracted from The Industry, an esteemed film analysis journal, Funke Akindele’s masterpiece, `A Tribe Called Judah’, claimed over 14 percent of the total gross, making history as the first Nollywood film to surpass one billion dollars in cinema revenue.
Reflecting on the revenue trajectory, the journal points out, “The revenue growth, largely fueled by augmented ticket prices, is not commensurate with admissions growth, which remains relatively subdued.”
In juxtaposition, Akindele’s previous endeavour, Omo Ghetto: The Saga (2020), retains the record for the highest admissions recorded for a Nollywood film, boasting 449,901 admissions, signifying its pivotal role in revitalising cinema attendance post-lockdown and attracting new audiences.
The journal further scrutinises the correlation between ticket prices and actual cinema attendance habits, raising pertinent questions about the sustainability of current pricing models. It posits, “Ticket prices at N7,000 in urban cinemas prompt a reevaluation of cinema-going patterns despite annual revenue upticks.”
Highlighting parallels, the journal draws on the contrasting performances of the two Black Panther movies, emphasising the impact of ticket prices and expanded screening locations on revenue generation.
Furthermore, the report underscores a concerning trend of escalating ticket prices deterring audiences from spontaneous cinema outings, prompting more deliberate decision-making processes.
In a comprehensive overview, NAN discloses that nine additional films, including Malaika, Ada Omo Daddy, Orisa, and Merry Men 3, grossed over 50 million naira in cinemas throughout 2023, attesting to the vibrancy and diversity of Nigeria’s burgeoning film landscape.
The robust performance of Nigerian cinemas in 2023 signals a promising trajectory for the nation’s film industry, underscoring Nollywood’s enduring influence and the dynamic interplay between audience engagement and revenue generation. (Source: NAN)
