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HomeEntertainmentNigeria’s cinema records N2.25bn in Q1 2024 — 46% YoY increase

Nigeria’s cinema records N2.25bn in Q1 2024 — 46% YoY increase

FilmOne Entertainment says Nigerian cinemas generated a revenue of N2.25 billion from tickets sold in the first quarter of 2024.

The independent film distribution and production company revealed the figure in its Box Office Year Book for 2023 on Monday.

Filmone said the first quarter of 2024 had a remarkable improvement from ticket sales compared to N1.5 billion generated in the same period last year.

It said the total number of people at the cinemas in the first quarter of this year was 596,609, while the same period in 2023 witnessed 620,477 attendance.

The company said the average ticket price in the first quarter of the year was N3,765 and N2,479 for 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 percent of the Q1 overall revenue, and Warner Bros. Aquaman and the Lost Kingdom with 11 percent.

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

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