Nigerian cinemas grossed more than N7.2 billion in 2023 from over 2.6 million admissions, with Nollywood averaging a 39 per cent market share.
The data insights from The Industry, a journal by film insights publication, say in Nollywood, over 14 per cent of the total gross was earned by Funke Akindele’s `A Tribe Called Judah’.
The film was the first Nollywood film to hit one billion dollars in cinema.
The News Agency of Nigeria (NAN) reports that the earnings are over 416 million naira more than in 2022, with a seven per cent year-on-year increase in market share.
However, while 2022 gross was earned from 64 locations, there were 70 locations in 2023.
The journal noted that revenue growth, mostly hinged on increased ticket prices, is happening at a different pace than admissions growth, which still needs to be significantly higher.
More insight
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.
After the lockdown, the project primarily returned the audience to Nigerian cinemas and converted new audiences.
“If released in the same period as A Tribe Called Judah, with an average ticket price at N3,700, it’d have made over N1.6bn, which raises the question of ticket prices and actual cinema habit growth, despite the yearly increase in gross revenues.
Ticket prices are at N7,000 in most cinemas in city centres.
“In a similar context, the first Black Panther movie, released in 2018, had over 200,000 admissions more than Black Panther: Wakanda Forever.
“The latter went on to break the record for the first film to gross one billion naira in West Africa, a feat aided by increased ticket prices and more screening locations.
ALSO READ: MOVIE REVIEW: ‘A Tribe Called Judah’: Funke Akindele’s masterpiece of drama with comedy
“The former grossed over 800 million naira at the time. In 2018, there were 48 locations, and the number grew to 64 by 2022,” the journal stated.
It also stated that cinemas have been hanging on by raising prices at a wild rate, causing audiences to think through their decisions more intently than before.
NAN reports that nine other films grossed over N5 Million in 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.
(NAN)
Support PREMIUM TIMES’ journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
Donate
TEXT AD: Call Willie – +2348098788999
