Saturday, February 24, 2024

Nigerian Cinemas Grossed ₦7.2 Billion In 2023

Nigerian cinemas grossed more than 7.2 billion naira in 2023 from over 2.6 million admissions, with Nollywood averaging a 39% market share, according to a new report.

According to reports, the earnings are over 416 million naira more than in 2022 with a 7% 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% of the total gross was earned by Funke Akindele’s ‘a Tribe Called Judah’, which has become the first Nollywood film to hit one billion naira 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. Despite 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.

According to reports, nine other films grossed over 50 million naira 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.

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