Nigerian cinemas grossed more than N7.2 billion in 2023 from over 2.6 million admissions, with Nollywood averaging a 39 per cent market share, according to a new report.
The earnings are over N416 million more than in 2022 with a seven per cent year-on-year increase in market share.
However, while 2022 gross was earned from 64 locations, there was a total of 70 locations in 2023.
According to data insights from The Industry, a journal by film insights publication, In Nollywood, over 14 per cent of the total gross was earned by Funke Akindele’s `A Tribe Called Judah’, which has become the first Nollywood film to hit N1 billion in the cinema.
The journal noted that the revenue growth, mostly hinged on increased ticket prices, is not happening at the same pace as admissions growth, which is still significantly low.
Inspite of the success of ‘A Tribe Called Judah’, Akindele’s previous film, Omo Ghetto: The Saga (2020) currently holds the record for the most admissions recorded for a Nollywood film at 449,901.
The project was largely responsible for bringing the audience back to Nigerian cinemas after lockdown and converting new audiences.
“If released in the same period as A Tribe Called Judah, with average ticket price at N3,700, it’d have made over N1.6bn which raises the question of ticket prices and actual cinema habit growth, despite yearly increase in gross revenues.
Ticket prices are at N7,000 in most cinemas in city centres.
“In a similar context, the first Black Panther movie, released in 2018, had over 200,000 admissions more than Black Panther: Wakanda Forever.
“The latter went on to break the record for the first film to gross one billion naira in West Africa, a feat aided by increased ticket prices and more screening locations.
“The former grossed over N800 million at the time. In 2018, there were 48 locations, the number grew to 64 by 2022,” the journal stated.
It also stated that cinemas have been hanging on by raising prices at a wild rate, causing audiences to think through their decisions more intently than before.
Nine other films, grossed over N50 million in the cinemas in 2023.
They are Malaika, Ada Omo Daddy, Orisa, Merry Men 3, Kesari, Something Like Gold, The Kujus Again, Afamefuna and A Weekend To Forget.
