According to industry reports, Nigerian cinemas have witnessed a substantial increase in revenue in the year 2023, grossing over US$5 million from more than 2.6 million admissions, with Nollywood films dominating the market with a 39% share.
As per a recently released report, the earnings from 2023 represent an increase of US$295,444 compared to the previous year, with a 7% year-on-year rise in market share.
BMA understands that the revenue growth was majorly due to increased ticket prices, while admissions growth was still lower. Furthermore, the success of Funke Akindele’s ‘A Tribe Called Judah’ contributed to over 14% of the total gross, becoming the first Nollywood film to cross US$700,000 in the cinema.
Despite its success, Funke Akindele’s previous film, Omo Ghetto: The Saga (2020), still holds the record for the highest admissions recorded for a Nollywood film at 449,901. It was responsible for returning the audience to Nigerian cinemas after lockdown and attracting new audiences.
The report also compared the performance of the first Black Panther movie with the sequel, stating that the latter became the first film to gross one billion naira in West Africa, primarily due to increased ticket prices and more screening locations.
Apart from ‘A Tribe Called Judah,’ nine other films grossed over 50 million naira in Nigerian cinemas in 2023, including Malaika, Ada Omo Daddy, Orisa, Merry Men 3, Kesari, Something Like Gold, The Kujus Again, Afamefuna, and A Weekend To Forget.
Overall, the report suggests that while cinemas have been able to increase their revenues by raising prices, the audiences have become more cautious in their decisions, leading to a slower growth in admissions.