Nigerian Cinemas Earn ₦2.25bn Despite Price Hike in Q1 2024

Nigerian cinemas have generated an impressive ₦2.25 billion from ticket sales in the first quarter of 2024. This remarkable revenue comes despite a significant hike in ticket prices, showcasing the strong and unwavering love Nigerians have for the big screen.

Filmone Entertainment, a leading film distribution and production company, released its Nigerian Box Office Year Book for 2023 on Monday, revealing these figures. The report highlighted a significant improvement in ticket sales compared to the ₦1.5 billion generated in the same period last year.

In the first quarter of 2024, cinemas saw 596,609 people buying tickets, a slight drop from the 620,477 admissions in the same period in 2023. However, the average ticket price this year was ₦3,765, a considerable increase from ₦2,479 last year. This means that even though fewer people visited the cinemas, the higher ticket prices substantially boosted revenue.

Nollywood films dominated the cinemas, accounting for 56% of the box office revenue. The highest-grossing film of the year so far, “A Tribe Called Judah,” brought in 27% of the overall Q1 revenue. Warner Bros.’ “Aquaman and the Lost Kingdom” also made a significant contribution, adding 11% to the total earnings.

In the first quarter alone, 40 new titles were released in Nigerian cinemas, offering moviegoers a wide variety of films to choose from. This variety, coupled with the popularity of local films, has kept the cinemas buzzing despite the higher ticket prices.

Despite the increase in ticket prices, the significant revenue growth in Nigerian cinemas is a positive sign for the industry. It shows that Nigerians are willing to pay more to enjoy their favorite films on the big screen.