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Nigerian Box Office set to hit N10 billion revenue in FY2024

The Nigerian box office is expected to reach N10 billion in revenue from cinema ticket sales and movie releases by the end of 2024.

This projection is driven by a strong lineup of new titles from both Hollywood and Nollywood, promising increased content and cinema admissions.

Key factors contributing to the N10 billion target include new cinema openings, higher ticket prices, foreign investment in local productions, a growing middle class, and the availability of premium formats – according to a report by Filmone Entertainment, a leading West African movie distribution company.

The 2024’s projected revenue is a 42% increase up from N7.4 billion in 2023, with an admission rate of 3 million.

Already, Nollywood is set for a profitable year, with high-profile releases from Box Office Queen Funke Akindele (“Finding Me”), Toyin Abraham, Odunlade Adekola, and various production studios driving significant interest.

Hollywood also contributes to the lineup, with major titles such as “The Beekeeper,” “Dune 2,” “Kung Fu Panda 4,” and others already grossing.

New releases like “Inside Out 2,” the upcoming “Mufasa,” and “The Lord of the Rings” are set to boost admissions further, adding to the anticipation for a record-breaking year.

“We are projecting a strong finish to the year and estimating a box office for the year of N10 billion and 2.6 million admissions for the territory,” the report stated based on ticket prices at an average of N4,000.

Backstory

In 2023, the top-performing Nollywood films driving revenue included “A Tribe Called Judah,” “Malaika,” “Orisa,” and “Ada Omo Daddy.”

Hollywood titles also performed strongly, with “John Wick: Chapter 4,” “Fast X,” “Aquaman and the Lost King,” “Mission Impossible,” “Barbie,” “Avatar: The Way of Water,” “Creed III,” “The Little Mermaid,” “Ant-Man and the Wasp,” and “The Equalizer” leading the box office.

December 2023 recorded the highest Gross Box Office (GBO) of N1.6 billion, with admissions rising to 467,985, compared to 384,435 in December 2022. “A Tribe Called Judah” became the highest-grossing film of all time in Nigeria.

What you should know

The Nigerian cinema industry generated N2.25 billion in ticket sales in the first quarter of 2024, according to Nairametrics.

  • This marks a significant improvement over the N1.5 billion recorded in Q1 2023, representing a 46% year-on-year increase.
  • Notable films contributing to this surge include the Nollywood biopic “Funmilayo Ransom Kuti,” which earned N131.4 million after four weeks in theatres, and “Furiosa: A Mad Max Saga,” which grossed N105.9 million after three weeks.
  • Additionally, the Nollywood crime thriller “Criminal” secured fourth place at the box office, with a total gross of N32.3 million, including N8.9 million in the past week, reflecting its steady performance since its release.
  • The comedy-drama “Ajosepo” has also shown resilience, consistently ranking within the top 10 at the box office. Initially released from April 10 to April 14, “Ajosepo” accumulated N50.4 million in its first five days.
  • Currently, it holds the eighth spot with a weekly gross of N2.4 million, bringing its total earnings to N251.4 million.

Source: TheTimes.com.ng.

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