Nigerian Cinema Revenues Surge to N2.25 Billion in Q1 2024

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The Nigerian cinema industry reported N2.25 billion in revenue from ticket sales in the first quarter of 2024, reflecting a significant increase compared to the previous year. This information was disclosed in the Nigerian Box Office Year Book for 2023, published by Filmone Entertainment, an independent film distribution and production company.

 

The revenue marks a substantial improvement over the N1.5 billion generated in the first quarter of 2023, representing a 46% increase year-on-year. Despite the higher revenue, the first quarter of 2024 saw a decrease in admissions, with 596,609 tickets sold compared to 620,477 in the same period of 2023, indicating a 4% decline. This suggests a negative correlation between ticket prices and the number of cinemagoers.

 

Nollywood films dominated the box office, contributing 56% of the total revenue. The highest-grossing film for the period was “A Tribe Called Judah,” which alone accounted for 27% of the overall Q1 revenue, while Warner Bros.’ “Aquaman and the Lost Kingdom” made up 11% of the quarterly earnings. The Nigerian market also saw the release of 40 new titles in the first quarter, excluding spillovers from previous periods, highlighting the vibrancy and productivity of the local film industry

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