Nigerian Box Office set to hit N10bn milestone by 2024
By Seun Johnson
The Nigerian box office has been projected to rake-in 10 billion naira in revenue through the sales of ticket and movie releases by end of 2024.
This was disclosed on Monday by Filmone Entertainment, a leading West African movie distribution company.
According to the report, the projection is driven by a strong lineup of new titles from both Hollywood and Nollywood that promise to increase content and cinema admissions.
Some of the key factors expected to contribute significantly to the targeted 10 billion naira revenue include new cinema openings, higher ticket prices, foreign investment in local productions, a growing middle class, and the availability of premium formats.
The report further revealed that the projected revenue is a 42% increase from N7.4 billion in 2023, with an admission rate of 3 million.
It noted that 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 was also said to have made remarkable contributions to the lineup, with major titles such as “The Beekeeper,” “Dune 2,” “Kung Fu Panda 4,” and others which are already grossing.
Similarly, New releases like “Inside Out 2,” the upcoming “Mufasa,” and “The Lord of the Rings” are set to boost admissions, 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.
Box Office is the section in a cinema or theatre where tickets are sold.
In the first quarter of 2024, the Nigerian cinema industry generated N2.25 billion in ticket sales. This marks a significant improvement over the N1.5 billion recorded in Q1 2023, representing a 46% year-on-year increase.
Some of the top-performing Nollywood films that drove revenue in 2023 imcluded “A Tribe Called Judah, Malaika, Orisa and Ada Omo Daddy.”
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