Nigeria’s Cinema Records N2.25bn in Q1 2024 — 46% YoY Increase

According to FilmOne Entertainment, Nigerian cinemas produced N2.25 billion in revenue from ticket sales in Q1 2024.

The independent film distribution and production firm announced the amount in its 2023 Box Office Year Book on Monday.

According to Filmone, ticket sales increased significantly in the first quarter of 2024 compared to the same period last year, with N1.5 billion generated.

It stated that the overall number of persons attending cinemas in the first quarter of this year was 596,609, while the same time in 2023 saw 620,477 attendance.

The business stated that the average ticket price in the first quarter of the year was N3,765 and N2,479 in 2023.

“The box office revenue for Q1 2024 is N2.25 billion, inclusive of spillovers, with 596,609 admissions,” the company said.

“Year-on-year, this is a 46 percent improvement in box office revenues, although ticket prices have indeed gone up by 52 percent.

“Nonetheless, despite the huge spike in ticket prices, the admissions rate is down by 4 percent year-on-year, which translates to a negative correlation of admissions to ticket prices.

“We have seen Nollywood hold 56 percent of the box office over the period, with the highest grossing film of the year: A tribe called Judah, responsible for 27 per cent of the Q1 overall revenue, and Warner Bros. Aquaman and the Lost Kingdom with 11 per cent.

“There have been a total of 40 new titles released in the territory already in Q1 excluding spillovers.”

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