CEM REPORT, FINANCE | Cinema revenue for the month of July has experienced a 14.98 per cent decline to ₦482 million from ₦567 million in June.
This is according to the Chairperson of the Cinema Exhibitors Association of Nigeria (CEAN), Opeyemi Ajayi while speaking with the News Agency of Nigeria (NAN) in Lagos.
While cinema attendance across the nation increase by 3.85% from 210,299 in June to 218,395 in July, as a result of public holidays in the month, this strangely did not increase the revenue.
“We recorded a total sales of N482,528,117 for July with 218,395 viewers in the cinemas.
“The cinemas are not doing bad, but we encourage more Nigerians to cultivate the habit of visiting the cinemas.”
However, Ajayi encouraged more Nigerians to consider visiting the cinemas during their leisure to unwind.
The fall in revenue for the entertainment sub-sector can be attributed to the dial-down in spending by Nigerians to meet up with the current market prices of goods and services.
Nigerians cannot predict the change in the price of goods as it is determined by several forces hence a meticulousness in spending not to be caught unaware.
With the dollar hitting over ₦900/$, the landing cost of petroleum products also increasing which will invariably further send the price of fuel higher it is safe to say easier economic times are still in the clouds.
This will result in spending less on leisure and readjustment of the scale of preference.