Nigerian Cinemas Achieve Record ₦7.2 Billion Gross Revenue in 2023: Akindele’s Film Makes Historic Contribution
In a landmark year for Nigeria’s cinema industry, total gross revenue soared to an unprecedented ₦7.2 billion in 2023, fueled by over 2.6 million admissions. Notably, Nollywood films commanded a significant 39% market share, marking a remarkable milestone for the homegrown entertainment sector.
A key highlight of the year was the monumental success of Funke Akindele’s ‘A Tribe Called Judah,’ which emerged as the first Nollywood film to surpass the one billion naira mark in cinema earnings, contributing over 14% to the total gross revenue.
This groundbreaking achievement underscores the growing influence of Nigerian cinema on the global stage and reaffirms its position as a powerhouse in African entertainment.
Despite the challenges posed by the global pandemic, the cinema industry witnessed a 7% year-on-year increase in market share, reflecting resilience and adaptability in the face of adversity.
According to insights from The Industry, a leading film publication, the surge in revenue was partly attributed to the expansion of cinema locations, with a total of 70 venues operating in 2023 compared to 64 in the previous year.
However, while revenue growth was buoyed by increased ticket prices, the pace of admissions growth remained relatively low, prompting scrutiny into cinema habits and consumer behavior.
The success of ‘A Tribe Called Judah’ served as a catalyst for rejuvenating audience interest in Nigerian cinemas, signaling a resurgence in post-lockdown attendance and attracting new demographics.
Nevertheless, the journal highlighted the disparity between ticket prices and actual cinema habit growth, underscoring the need for strategic pricing strategies to align with consumer preferences and market dynamics.
Furthermore, the comparison drawn between blockbuster releases such as ‘Black Panther’ and its sequel sheds light on the impact of ticket pricing on audience turnout and revenue generation.
Despite these challenges, Nigerian cinemas continue to thrive, with nine other films grossing over 50 million naira in 2023, further diversifying the cinematic landscape and offering audiences a diverse array of entertainment options.
As the industry navigates evolving trends and consumer preferences, stakeholders remain optimistic about the future prospects of Nigeria’s burgeoning cinema sector, poised for continued growth and innovation.