The Cinema Exhibitors Association of Nigeria (CEAN) announced that cinemas across the country generated ₦4.6 billion in revenue during the first half of 2024.
This marks a significant increase compared to the ₦3 billion generated in the same period in 2023.
Ope Ajayi, Chairman of CEAN, reported that cinemas welcomed 1,199,661 visitors in the first half of the year. Ajayi highlighted the nearly equal revenue generated by Nollywood and Hollywood films, with Nollywood films raking in ₦2,325,930,952 and Hollywood films generating ₦2,321,273,174. This parity represents a positive trend for the Nigerian film industry.
Despite the increase in revenue, total admissions remained flat compared to the previous year. Ajayi expressed optimism for the future, projecting that Nollywood could surpass Hollywood in box office revenue by 2025 and expecting a 40% growth in total box office revenue compared to the previous year.
For August, anticipated Hollywood releases include “Alien Romulus,” “It Ends with Us,” “Trap,” “Blink Twice,” “Afraid,” “The Crow,” and “Borderlands.” Nollywood films set to be released are “Betrayed,” “Move Like a Boss,” “The Weekend,” and “Force Empire.”
Ajayi noted that this growth in the cinema industry is a positive indicator of Nollywood’s potential to continue rising and contributing significantly to the entertainment sector.
