Nigerian Cinemas grosses #7.2 Billion in 2023 and Funke Akindele’s Film contributes 14%.

Nigerian Cinemas grosses #7.2 Billion in 2023 and Funke Akindele's Film contributes 14%.

2023 gross in Nigerian theaters is ₦7.2 billion, of which 14% comes from Akindele’s picture.

Akindele’s film took home more over 14 percent of the total revenue, making it the first Nollywood production to gross one billion naira at the box office.

In 2023, ₦7.2 billion is made in Nigerian theaters; 14% of that amount comes from Akindele’s film (The Guardian Nigeria).

According to a recent assessment, Nigerian cinemas made over 7.2 billion naira from over 2.6 million admissions in 2023, with Nollywood averaging a 39% market share.

According to the News Agency of Nigeria (NAN), earnings have increased by over 416 million naira from 2022, and market share has increased by 7% annually.

But although 64 locations generated revenue in 2022, there were 70 locations in 2023. Data insights from The Industry, a journal by film insights publishing, state that Funke Akindele’s “A Tribe Called Judah,” which became the first Nollywood film to collect one billion naira at the box office, made up almost 14% of the overall revenue in Nollywood.

The journal pointed out that the growth in income was mostly dependent on higher ticket prices and was not occurring. At the same rate as the growth in admissions, which is still quite low Omo Ghetto: The Saga (2020), notwithstanding. The box office triumph of “A Tribe Called Judah,” is now the Nollywood film with the highest number of admissions. (449,901) ever recorded Akindele’s last feature was released in 2020.

After the lockdown, the initiative played a major role in attracting viewers back to Nigerian theaters and winning over new. Ones.

“Despite yearly increases in gross revenues, the topic of ticket pricing and actual growth in cinema habits is raised by. The fact that, had it been released during the same period as A Tribe Called Judah, with an average ticket. Price of ₦3,700, it would have made almost ₦1.6bn in most city center cinemas, tickets cost ₦7,000.

Comparatively speaking, Black Panther Wakanda Forever saw fewer admissions than the original Black Panther film, which debuted in 2018.

“With the help of higher ticket pricing and more showing venues, the latter went on to smash the record for. The first film in West Africa to gross one billion naira.

In addition the time, the former brought in over 800 million naira the journal said that there were 48 locations in 2018 and 64 by 2022.

It also said that moviegoers are considering their choices more carefully than they used to since theaters have been holding. Onto their business by rising ticket prices at an astronomical rate.

Nine more movies made over 50 million naira at the box office in 2023, according to NAN. Malaika, Ada Omo Daddy, Kesari, Something Like Gold, The Kujus Again, Afamefuna, Merry Men 3, Orisa, and A Weekend To Forget are among them.

Source: africanworldentertainment.com

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