Nollywood is poised to overtake Hollywood in box office earnings by the end of 2024.
Data from the Cinema Exhibitors Association of Nigeria (CEAN) indicates that from January to July 2024, the local film industry captured 50 per cent of the Nigerian cinema to bit N4.64 billion revenue, which is about 34 per cent increase from 2023 earning which stood at N3.05 billion, and 61.6 per cent rise in 2022 which translated to N2.87.
“Nollywood films contributed N2.32 billion total revenue, with 640, 539 ticket sales, slightly outpacing Hollywood’s N2.32 billion contribution, which accounted for 49.95 per cent of the market.
Hollywood films, however, saw lower admissions with 559, 122 tickets sold, representing a 46.61 per cent share of cumulative admissions, compared to Nollywood’s 53.39 per cent,” reported Nairametrics.
This growth trajectory is key considering the harsh economic times and the increase in film ticket prices which is averaged at N3,900.
CEAN president, Ajayi Opeyemi, said, “for the first time, we anticipate Nollywood’s box office contribution to surpass Hollywood’s in 2024, with a projected 40 per cent growth on last year’s figures.
“2024 may witness Nigeria’s first double digit billion-naira revenue at the box office, that is significantly driven by Nollywood titles, and a sector that will be on its way to recovery with first attendance growth in three years despite substantial ticket price increases forced by inflation.”
Projections for 2024 suggest that Nigerian box office revenue could reach N10 billion by year end, up from its N7.34 billion revenue in 2023.
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