The Nollywood film industry is on track to surpass Hollywood in Nigerian box office revenue contribution, capturing 50.05% of the market in the first half of 2024.
This is according to data from the Cinema Exhibitors Association of Nigeria, as reported by Nairametrics.
The data reveals that from January to June 2024, the Nigerian box office generated N4.64 billion, marking a 34% increase compared to the same period in 2023, which stood at N3.05 billion.
This follows a 61.6% rise from N2.87 billion in the first half of 2022, underscoring the industry’s robust growth trajectory.
Nollywood films contributed N2.32 billion to the total revenue, with 640,539 admissions, slightly outpacing Hollywood’s N2.32 billion contribution, which accounted for 49.95% of the market.
Hollywood films, however, saw lower admissions, with 559,122 tickets sold, representing a 46.61% share of cumulative admissions, compared to Nollywood’s 53.39%.
Despite this milestone, Nollywood’s admissions growth was marginal, at just 0.01% year-on-year, hovering around 1.1 million tickets. The increase in box office revenue may be partly attributed to the rise in average cinema ticket prices, now at approximately N3,900.
Ajayi Opeyemi, President of CEAN, said, “For the first time, we anticipate Nollywood’s box office contribution to surpass Hollywood’s in 2024, with a projected 40% growth on last year’s figures.”
Projections for 2024 suggest that Nigerian box office revenue could reach N10 billion by year-end, up from N7.34 billion in 2023.
What to know
The upward trajectory of Nollywood films is particularly noteworthy given the challenging economic conditions facing both citizens and producers. This performance signals significant opportunities for both foreign and local investors to engage with the burgeoning sector.
In a previous report, Nairametrics highlighted that Nollywood accounted for 39% of Nigeria’s box office revenue in 2023, up from 30% in 2022.
Moses Babatope, the newly appointed CEO of Nile Group, commented on this trend via Instagram: “Despite the severe challenges that have rocked the global cinema industry, 2023 saw global box office revenue reach approximately $33.9 billion. Nigeria, notably, delivered its highest-grossing year ever at N7.3 billion.”
Babatope further noted that 2024 is poised to witness Nigeria’s first double-digit billion naira figure at the box office, a milestone significantly driven by Nollywood titles, “ and a sector that will be on it’s way to recovery with first attendance growth in 3 years despite substantial ticket price increases forced by inflation.
“These contributions reflect the growing presence of the African cinema market on the global stage and its potential for transformation,” he stated.
Nollywood’s evolution has been laudable since its inception in the early 1990s. Pioneers like Ola Balogun, Hubert Ogunde, Jab Adu, Moses Olayia, and Eddie Ugboma laid the foundation for an industry that has now captivated audiences at home and abroad, shifting the entertainment focus from Hollywood to homegrown Nigerian storytelling.