According to a recent report, Nigeria’s cinemas generated N7.2 billion in revenue in 2023 from over 2.6 million admissions, with Nollywood accounting for a 39% market share. This represents an increase of over N416 million compared to the previous year, with a seven percent rise in market share. The report, which was published in The Industry, a film insights publication, revealed that over 14% of the total gross was earned by Funke Akindele’s ‘A Tribe Called Judah’, making it the first Nollywood film to surpass one billion dollars in the cinema.
The report also highlighted that the growth in revenue was primarily driven by higher ticket prices, which did not align with the rate of increase in admissions. Despite the success of ‘A Tribe Called Judah’, Akindele’s previous film, Omo Ghetto: The Saga (2020), currently holds the record for the most admissions recorded for a Nollywood film at 449,901. The report also noted that cinemas have been raising prices at a rapid rate, causing audiences to think more carefully about their decisions.
Nine other films grossed over N50 million in the cinemas in 2023, including Malaika, Ada Omo Daddy, Orisa, Merry Men 3, Kesari, Something Like Gold, The Kujus Again, Afamefuna, and A Weekend To Forget. The findings underscore the evolving landscape of the Nigerian film industry, particularly in the context of rising ticket prices and their impact on audience behavior.
