Nigeria’s cinema rakes in N2.25 billion revenue in first quarter of 2024
Nigeria’s cinema generated revenue of N2.25 billion from tickets sold in the first quarter of 2024.
An independent film distribution and production company, Filmone Entertainment, revealed this in its Nigerian Box Office Year Book for 2023, released on Monday.
The period under review had a remarkable improvement from ticket sales compared to N1.5 billion generated in the first quarter of 2023.
According to the details, total admission of persons at the cinemas in the first quarter of this year was 596,609, while the same period in 2023 witnessed 620,477 attendances.
Also, average ticket price in the first quarter of the year stood at N3,765 and N2, 479 for 2023.
The details read, “The box office revenue for Q1 2024 is N2.25 billion, inclusive of spillovers, with 596,609 admissions. Year-on-year, this is a 46 per cent improvement in box office revenues, although ticket prices have indeed gone up by 52 per cent. Nonetheless, despite the huge spike in ticket prices, the admissions rate is down by four per cent year-on-year, which translates to a negative correlation of admissions to ticket prices.
“We have seen Nollywood hold 56 per cent 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.”
(NAN)
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