Home CELEBRITY Insights Into Nigerian Cinema Industry: Akindele’s Film Breaks Records, Market Dynamics, And Growth Challenges

Insights Into Nigerian Cinema Industry: Akindele’s Film Breaks Records, Market Dynamics, And Growth Challenges

by inlandtownadmin
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Akindele’s film made 14% of total gross, the first Nollywood film to hit one billion naira in cinemas.

In 2023, Nigerian cinemas earned 7.2 billion naira from 2.6 million admissions, Nollywood had 39% market share.

NAN reports earnings up by 416 million naira from 2022, with a 7% year-on-year market share increase.

However, while 2022 gross was earned from 64 locations, there was a total of 70 locations in 2023. ‘The Industry’ data: ‘A Tribe Called Judah’ made over 14% of Nollywood’s total, the first to hit one billion naira in cinemas.
The journal noted revenue growth due to higher ticket prices, but it’s not matching admissions growth, which remains low. ‘A Tribe Called Judah’ succeeded, but ‘Omo Ghetto: The Saga’ (2020) holds the Nollywood admission record at 449,901.

The project was largely responsible for bringing the audience back to Nigerian cinemas after lockdown and converting new audiences.

If released in the same period as A Tribe Called Judah, with an average ticket price at ₦3,700, it’d have made over ₦1.6bn which raises the question of ticket prices and actual cinema habit growth, despite yearly increase in gross revenues. Ticket prices are at ₦7,000 in most cinemas in city centres.

Black Panther (2018) had 200,000 more admissions than Black Panther: Wakanda Forever.

The film set a West African record, grossing one billion naira with increased ticket prices and more screens.

“The former grossed over 800 million naira at the time. In 2018, there were 48 locations, the number grew to 64 by 2022,” the journal stated.

It also stated that cinemas have been hanging on by raising prices at a wild rate, causing audiences to think through their decisions more intently than before.

NAN reports that nine other films grossed over 50 million naira in the cinemas in 2023. Movies: Malaika, Ada Omo Daddy, Orisa, Merry Men 3, Kesari, Something Like Gold, The Kujus Again, Afamefuna, and A Weekend To Forget.


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