Nigeria’s cinema industry has achieved a significant milestone, generating ₦2.25 billion in revenue from ticket sales in the first quarter of 2024, as revealed by Filmone Entertainment in its Nigerian Box Office Year Book for 2023, released on Monday, May 20, 2024.
This marks a remarkable improvement compared to the ₦1.5 billion generated in the first quarter of 2023. According to the report, the total number of admissions in the first quarter of 2024 was 596,609, compared to 620,477 in the same period in 2023. The average ticket price also saw a substantial increase, standing at ₦3,765 in 2024, up from ₦2,479 in 2023.
“The box office revenue for Q1 2024 is ₦2.25 billion, inclusive of spillovers, with 596,609 admissions,” the report detailed.
It highlighted a 46% improvement in box office revenues year-on-year, despite a 52% increase in ticket prices. However, this increase in prices correlated with a 4% decrease in admissions.
“Nollywood has held 56% of the box office over the period, with the highest-grossing film of the year, ‘A Tribe Called Judah,’ responsible for 27% of the Q1 overall revenue, and Warner Bros.’ ‘Aquaman and the Lost Kingdom’ contributing 11%,” the report noted.
Additionally, a total of 40 new titles were released in the territory during the first quarter, excluding spillovers.
