The Nigerian film industry is preparing for a record-breaking year, with box office sales expected to exceed N10 billion by the end of 2024.
Nollywood artists such as Funke Akindele, who recently released her smash single “Finding Me,” as well as Toyin Abraham and Odunlade Adekola, drew large crowds around the country with a mix of local and foreign blockbusters.
Hollywood has not been left behind, with huge pictures such as “The Beekeeper,” “Dune 2,” and “Kung Fu Panda 4” having already made significant effects.
The projected releases of “Inside Out 2,” “Mufasa,” and “The Lord of the Rings” are likely to drive ticket sales even higher, building on the popularity of these previous films.
The strategic development of cinemas and the introduction of premium watching formats are also major drivers of this growth, making movies more accessible and improving the viewing experience for moviegoers.
According to Filmone Entertainment, the strong lineup and increased ticket pricing are critical factors in meeting this year’s revenue target. “We are projecting a strong finish to the year, with an estimated N10 billion in box office revenue and 2.6 million admissions,” according to a business report.
This growth is more than just a forecast. The first quarter of 2024 saw a spectacular 46% gain in income over the previous year, thanks to exceptional results from films like the Nollywood drama “Funmilayo Ransom Kuti” and the Hollywood adventure “Furiosa: A Mad Max Saga.”
According to Nairametrics, ticket sales in Nigeria’s cinema business increased significantly in the first quarter of 2024, totaling N2.25 billion. This marks a huge 46% increase over the N1.5 billion reported during the same period in 2023.
The Nollywood biopic “Funmilayo Ransom Kuti,” which earned N131.4 million in four weeks, and “Furiosa: A Mad Max Saga,” which earned N105.9 million in three weeks, were the top earners.
Furthermore, the Nollywood crime thriller “Criminal” performed well, finishing fourth at the box office with a total gross of N32.3 million, indicating consistent demand since its launch.
The comedy-drama “Ajosepo” also had tremendous audience appeal, consistently ranking in the top ten at the movie office. It was released from April 10 to April 14 and immediately garnered N50.4 million in its first five days. It currently ranks seventh, with a weekly gross of N2.4 million, increasing its total to N251.4 million.
