See How Nigerian Film Industry Hits N5 Billion Revenue Milestone in 2024

In the first quarter of 2024, the Nigerian box office grossed over N5 billion. Amidst a backdrop of economic challenges, this achievement not only reflects a growing public interest in cinema but also a robust resilience within the industry 

With an ambitious year-end target of N10 billion, let’s see how this remarkable feat was achieved and what it spells for the future of Nollywood and its audience.

How it started

In stark contrast to the macroeconomic hurdles, the film industry kicked off 2024 with a bang. By July, over 1.3 million tickets had been sold, each fetching an average price of N3,900. 

This pricing strategy significantly contributed to the revenue surge, despite a slight decline in admissions compared to the previous year. 

This data, released by the Nigerian box office on July 20, 2024, suggests a strong consumer willingness to engage with cinema, illustrating the value placed on entertainment even in tighter economic times.

The strength of Nigerian cinema this year has been bolstered by an array of blockbuster hits from both Hollywood and Nollywood.

Leading the pack, Funke Akindele’s “A Tribe Called Judah” not only captured audiences but also raked in an impressive N609.1 million. “Bad Boys 4” followed closely, proving that international franchises still resonate with Nigerian audiences. 

Nollywood’s commanding share

Despite the international allure of Hollywood blockbusters, Nollywood films have not been overshadowed. 

Accounting for 56% of the total box office revenue in the first quarter alone, local productions continue to thrive. 

Films like Kayode Kasum’s “Ajosepo” and Eniola Ajao’s “Ajakaju: Beast of Two Worlds” have not only performed well financially but have also showcased the creative depth and storytelling prowess of Nigerian filmmakers.