- A Tribe Called Judah Leads the Pack
CEM REPORT, ENTERTAINMENT | Nigeria’s thriving film industry, often referred to as Nollywood, continues to make waves. The cinema subsector in the first quarter of 2024 witnessed a remarkable 46% increase in box office revenue compared to the same period in 2023.
This translates to a significant jump from ₦1.5 billion to ₦2.25 billion, according to the recently published Nigerian Box Office Year Book for 2023 by Filmone Entertainment.
However, a closer look reveals interesting dynamics. While revenue soared, admissions experienced a slight decline.
“We’ve seen a remarkable improvement in ticket sales compared to the previous year,” said a representative for Filmone Entertainment, as reported by the News Agency of Nigeria.
“However, it’s important to note that this growth is accompanied by a decrease in admissions.”
Cinema Ticket Prices Drive Revenue, But Deter Attendance
The report attributes the revenue increase partly to a significant rise in ticket prices. The average cost of a movie ticket in Q1 2024 jumped to ₦3,765, a 52% increase compared to the ₦2,479 average price in Q1 2023.
This price hike seems to have impacted attendance. Cinemas recorded a total of 596,609 admissions in Q1 2024, a 4% decrease from the 620,477 admissions recorded during the same period in 2023. This suggests a potential price sensitivity among moviegoers, with higher ticket prices deterring some from attending cinemas.
A Tribe Called Judah Leads the Pack
Despite the decline in admissions, the report highlights the continued dominance of Nollywood films. Local productions accounted for a whopping 56% of the total Q1 revenue, solidifying their hold on the Nigerian audience.
The undisputed champion of the quarter was “A Tribe Called Judah,” a Nigerian film that raked in a staggering 27% of the overall revenue. This success story underscores the enduring appeal of Nollywood productions and their ability to resonate with local audiences.
The highest-grossing film for the period was “A Tribe Called Judah,” which alone contributed 27% of the overall Q1 revenue. In contrast, Warner Bros.’ “Aquaman and the Lost Kingdom” accounted for 11% of the quarterly earnings.
Read Also: Nigeria’s FX Market Soars in Q1 2024
If You Ask Me: Balancing Revenue and Accessibility
The findings from the Nigerian Box Office Year Book paint a complex picture of Nigeria’s cinema landscape. While rising ticket prices contribute to revenue growth, it’s crucial to find a sustainable balance that doesn’t alienate price-conscious moviegoers.
The continued success of Nollywood productions is a positive indicator for the local film industry. As the industry evolves, finding ways to cater to diverse tastes while maintaining affordability will be key to ensuring the long-term growth of Nigerian cinema.
The influx of new Nollywood titles (40 in Q1 2024) further emphasizes the industry’s vibrancy. With a focus on engaging content and a strategic approach to pricing, Nigerian cinema is poised for continued success.
