According to a recent report, Nigerian cinemas recorded a gross revenue of more than 7.2 billion naira in 2023, with over 2.6 million admissions. Nollywood contributed significantly, averaging a 39% market share. This represents a 7% year-on-year increase in market share compared to 2022.
The earnings in 2023 were over 416 million naira higher than the previous year, with 70 locations contributing to the revenue, compared to 64 locations in 2022. Data insights from The Industry, a film insights publication, revealed that Funke Akindele’s ‘A Tribe Called Judah’ accounted for over 14% of the total gross, becoming the first Nollywood film to surpass one billion naira in cinema earnings.
Despite the success of ‘A Tribe Called Judah,’ the report noted that the growth in revenue is primarily attributed to increased ticket prices, and actual cinema habit growth is still relatively low. The report highlighted the impact of ticket prices on audience decisions, with the average ticket price at ₦7,000 in most city center cinemas.
The report also drew comparisons with previous successful films, such as ‘Omo Ghetto: The Saga’ in 2020, which holds the record for the most admissions recorded for a Nollywood film at 449,901. The findings raise questions about the correlation between ticket prices and cinema habit growth.
The cinema industry in Nigeria continues to adapt, with efforts to engage audiences and maintain growth. The report listed nine other films that grossed over 50 million naira in cinemas in 2023, contributing to the overall success of the industry during the year.