Nigerian Cinemas Report Record-Breaking Revenue in 2023

Ikenna ChurchillFebruary 8, 20241 Mins read646

In 2023, Nigerian cinemas raked in over 7.2 billion naira, drawing over 2.6 million admissions and marking a notable increase from the previous year, a new report reveals. The Nollywood industry claimed a significant portion, averaging a 39% market share, showcasing its enduring influence in the local film scene.

According to insights from The Industry, a film insights publication, the revenue surge was largely propelled by higher ticket prices, although the growth in admissions still remains relatively modest. Notably, Funke Akindele’s “A Tribe Called Judah” emerged as a standout performer, becoming the first Nollywood film to surpass one billion naira at the box office.

Despite its success, Akindele’s previous project, “Omo Ghetto: The Saga,” holds the record for the highest number of admissions for a Nollywood film. This underscores the resilience of Nigerian cinema in attracting audiences, especially following the pandemic-induced lockdowns.

The report also highlights the impact of ticket pricing on audience behavior, noting that higher prices have led viewers to scrutinize their cinema choices more carefully. With ticket prices reaching as high as N7,000 in urban centers, there’s a growing conversation around affordability and accessibility in the cinema experience.

Additionally, the journal points out the trend of cinemas expanding their footprint and raising ticket prices, reminiscent of the trajectory seen with blockbuster releases like “Black Panther: Wakanda Forever.” Despite these challenges, nine other films managed to gross over 50 million naira in 2023, indicating a diverse range of cinematic offerings in the Nigerian market.