Can Nollywood Take Over Hollywood? Captures 50% of Nigerian Box Office Revenue in Early 2024

In the cinema business where Hollywood has long reigned for a long time, the Nigerian Film Industry is set to take over. Nollywood, a homegrown film industry, that began capturing the hearts of Nigerians in the early 1990s, is now making remarkable strides on the global stage. 

As of early 2024, Nollywood has astonishingly grabbed 50% of Nigeria’s box office revenue, indicating its growing dominance and appeal.

Nollywood vs. Hollywood

For the first time in history, Nollywood’s contributions at the Nigerian box office have reached a landmark, slightly surpassing Hollywood’s. As of 2024, both industries garnered N2.32 billion each from Nigerian cinemas, but Nollywood saw higher admissions, selling over 640,539 tickets, which accounts for 53.39% of the total cinema visits.

In contrast, Hollywood’s admissions stood at 559,122, covering 46.61% of the market.

This surge in Nollywood’s popularity can be attributed to several factors. The industry has not only improved in storytelling quality and production value but has also begun to explore themes that resonate more with its audience, reflecting their realities and dreams. 

Moreover, the rise in ticket prices due to economic factors has not deterred movie-goers who prefer Nollywood’s relatable content.

Global recognition and future projections

The success of Nollywood is catching the eye of international markets as well. Recent hits like Bolanle Austen-Peters’ “House of Ga’a” have made it into Netflix’s top 10 in multiple countries, showcasing the industry’s potential to charm global audiences. 

With current trends, industry leaders like Ajayi Opeyemi, President of the Cinema Exhibitors Association of Nigeria (CEAN), a project that Nollywood might experience a 40% growth by the end of 2024, potentially leading the box office revenues to soar to an unprecedented N10 billion.

The resilience of Nollywood in the face of economic challenges, including inflation and increased production costs, speaks volumes about its robustness. Moses Babatope, CEO of Nile Group, points out that despite global downturns, 2023 was Nigeria’s highest-grossing year at N7.3 billion, a figure expected to be dwarfed by 2024’s projections.

A Cultural Shift

Nollywood’s ascent is more than an economic victory; it’s a cultural revolution. The industry is a platform for Nigerian stories, told by Nigerian voices, reflecting the diverse tapestry of the nation’s culture, values, and challenges. 

From its early days with pioneers like Ola Balogun and Hubert Ogunde to today’s dynamic directors, Nollywood has consistently expanded its influence and relevance, becoming a formidable force in global cinema.

As Nollywood continues to grow, both in scale and sophistication, the question isn’t just about whether it can compete with Hollywood—it’s about how it’s redefining what global audiences expect from cinema.