The National President of the Cinema Exhibitors Association of Nigeria, Opeyemi Ajayi, said that last month Nigerian cinemas generated N1.2 billion at the box office across the country. On a year-on-year basis this is a 46.5 percent increase when compared to N819 million recorded last January. He added that 322,833 tickets were sold in the same period.
He said the substantial revenue and attendance figures not only reflect the strength of the cinema industry but also underscore the enduring appeal it holds for the Nigerian audience.
“For January 2024, we had total sales of N1,202,195,706 with total admission of 322, 833,” Ajayi said, adding that the revenue generated across cinemas in 2023 stood at N7.35 billion with 2,606,891 admissions.
Ajayi conceded that there was a noticeable drop in admissions in cinemas in 2023, but the revenue increased due to a hike in average ticket sales.
According to him, the highest-grossing Nollywood films for 2023 included A Tribe Called Judah, Malaika, Orisa, Ada Omo Daddy, Merry Men, Kesari, Something Like Gold, The Kujus Again, Afamefuna, and A Weekend to Forget.
For the highest-grossing Hollywood films in 2023, the list included John Wick, Chapter 4, Fast X, Aquaman and the Lost King, Mission Impossible, Barbie, Avatar: The Way of Water, Creed III, The Little Mermaid, Ant-Man and the Wasp, and The Equalizer.
Ajayi said December 2023 saw ticket sales of 467,985 compared to December 2022, which had 384,435. A Tribe Called Judah became the highest-grossing film of all time in the territory.
The increase in average ticket prices led to revenue growth in 2023, while admissions into cinemas declined by 18.4 per cent in 2023.
Eight new cinemas were opened in 2023, while two cinemas were shut down due to the increasing cost of operations.