Despite the impact of the economic downturn in 2016, Nollywood; the Nigerian Movie Industry, recorded an impressive performance grossing about N1 billion at the box office from top movies last year.
By the end of December 2017, the burgeoning movie industry will be raking over N1.2 billion gross earnings at box office takings due to several top movies that are topping charts and recording impressive turnouts.
The improvement in the quality of production and distribution of Nigerian films, according to Eddy Egwim, a movie critic and copyright lawyer, has encouraged record keeping and better tracking of income in the sector.
The development, according to him, has encouraged the corporate world to be in more sponsorships and partnerships with Nigerian filmmakers.
“Unlike before, the bulk of N2 billion box office grossing expected this year would have come from foreign movies. But Nigerian movies control over 60 percent of the revenue while foreign movies and other business activities share the rest. It is impressive,” Egwim said.
Egwim encouraged film distribution companies to encourage all filmmakers to embrace the cinema and modern distribution platforms in order to truly capture data and progress of the industry as small filmmakers shy away from them due to high cost and logistics.
The N1.2 billion gross figure is expected to increase with additional revenue from special screenings, DVD sales and online streaming.
Leading the pack of the highest grossing movies in 2017 is Ayo Makun’s 10 Days in Sun city, which grossed N177,000,000 by September and is expected to reach N250 million by the end of December.
Next is Alakada Reloaded. The movie produced by Toyin Abraham made N25 million in its first week in the cinema in May, N75 million before October and expected to make at least N100 million by December.
Other top movies that are swelling box office revenue in 2017 include; Slow Country, an action movie by Eric Aghimien, Isoken, a movie sponsored by Bank of Industry, Hanatu, sponsored by Sahara Group, Roti, and Omugwo by Kunle Afolayan.
Others are; Bariga Sugar by Ifeoma Nkiruka Chukwuogo, Hell or Higher Water by Asurf Oluseyi, Through Her Eyes, and Dare Olaitan’s Ojukokoro, which have all crossed box office earnings of N50 million each since release on cinema.
“I am grateful for the astonishing success recorded by Alakada Reloaded movie. It has grossed a total of N75 million since its cinema debut,” Toyin Abraham, the producer said.
Given credit to fans and mostly film distribution companies for the feat, Abraham said, “We have made N75million and this sale is not just limited to Yoruba speaking states despite the movie’s predominant language being Yoruba. The way the movie was received by everyone in spite of language barrier for some is just mind blowing. I am thankful to God, to all my fans and to all Nigerians.”
Speaking on the growing revenue earnings of Nigerian movies, especially at the box office, Moses Babatope, group executive director/COO, FilmOne Distribution, said the quality of Nollywood films are improving and so is the audience and by extension the revenues.
OBINNA EMELIKE
