Nollywood’s film industry rakes in several billions in box office with “Battle on buka street”, “Avatar” and “Born again stripper” amongst others making waves.

Nollywood’s film industry rakes in several billions in box office with “Battle on buka street”, “Avatar” and “Born again stripper” amongst others making waves.

Nigeria’s box office generated a cumulative revenue totalling N19 billion over the past three years. This achievement is attributed to a combination of prolific film releases and a surge in ticket sales nationwide between 2021 and 2023.

The box office revenue captures the gross earnings of Nollywood titles over the last three years from ticket sales.

In 2023 alone, the Nigerian box office amassed N7.24 billion, following the trajectory of N6.94 billion in 2022 and N4.74 billion in 2021, aggregating approximately N19 billion.

Despite a slight dip in total admissions by -16.6% in 2023, the average ticket price saw a significant upswing of 27% compared to the previous year, reaching N2,759.
A further breakdown of activities for 2023 showed that total admissions stood at 2.63 million. This was, however, a -16.6% decrease from 2022.

Average Ticket price for the year, N2,759 a 27% increase from 2022. 2023 figures were influenced by higher ticket prices and the quality of movies in cinema.

Noteworthy was the weekly average cinema attendance for Nollywood, which stood at 19,733 in 2023, 19,376 in 2022 and as much as 30,895 in 2021. The quality of movies played a pivotal role in sustaining audience interest.
December 2023 emerged as a pivotal month for the Nigerian box office year, the highest post-pandemic, significantly bolstering the overall revenue. Releases such as Funke Akindele’s “A Tribe Called Judah” garnered an impressive N1 billion within three weeks of its December 15 debut.
More insight
The Nigerian film industry emerges as a global titan in film production, showcasing resilience and a pivotal role in contributing approximately 1.1% to Nigeria’s real GDP. Its tangible value surpasses N780 billion in real terms, according to 2022 estimates.

In recent years, an upswing in investments by producers has thrust Nigerian blockbuster movies into the global limelight. This trend underscores a dedicated commitment to delivering high-caliber, cinema-worthy productions.
A prevailing strategy in the worldwide film landscape involves unveiling cinema movies, especially during festive periods. This calculated timing leverages the heightened availability of free time for individuals, positioning cinemas as an alluring choice for relaxation and entertainment.
During the transition from 2022 to 2023, Nigerian cinemas generated a notable sum of N183.02 million between December 30, 2022, and January 1, 2023.

Topping the list was “Battle on Buka Street,” “Avatar: The Way of Water,” and “Ijakumo: The Born-Again Stripper.”

Reflecting on a broader timeline, the revenue figures for 2023 surpassed those of 2021 by an impressive 54%. This surge in revenue signals a significant comeback for Nigerian cinemas, especially considering the challenging circumstances of 2020.
What you should know
In 2020, amidst the global COVID-19 pandemic, Nigerian cinemas faced substantial setbacks, accumulating a modest N2.1 billion.

The subsequent years marked a resilient rebound, with revenues soaring to N6.4 billion in 2019 and N5.98 billion in 2018. This substantial growth represents a remarkable 244% (between 2020-2023) resurgence for Nigerian cinemas, showcasing the industry’s resilience in the face of adversity.
As the film industry navigated the challenges posed by the pandemic, the subsequent recovery underscores the enduring appeal of cinema for Nigerian audiences.
The industry’s steadfast growth not only mirrors a robust economic resurgence but also symbolizes the collective resilience and adaptability of the cultural landscape.

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