The Nigerian film industry experienced a remarkable surge in box office revenue in 2024, with a total of N11.58 billion generated, according to a report by FilmOne Entertainment. This is a 60 percent increase from the N7.35 billion recorded in 2023 and a 460 percent jump from 2020 figures.
The report highlights the significant contribution of Nollywood, Nigeria’s domestic film industry, to this growth. Out of 207 film releases in 2024, 75 were Nollywood productions. Notably, 15 Nollywood titles surpassed the N100 million mark, demonstrating the increasing commercial viability of Nigerian films.
Read also: Nigerian box office records 60% growth, rakes in N11.5bn in 2024
‘Jenifa’ Phenomenon
Funke Akindele’s “Everybody Loves Jenifa” emerged as a box office phenomenon, raking in over N1 billion in just 19 days. This achievement solidified its position as the highest-grossing Nollywood title of the year and underscored the potential for Nigerian films to achieve blockbuster status.
December box office boom
Driven by the success of ‘Jenifa,’ December emerged as the highest-grossing month of 2024, with a total revenue of N2.8 billion. This illustrates the significant impact that a single successful film can have on the overall box office performance.
Ticket prices and admissions
The average ticket price in 2024 was N4,341, up from N2,824 in 2023. Despite this price increase, total admissions remained relatively stable at 2.7 million, compared to 2.6 million in 2023. The rise in revenue can be attributed to both the higher ticket prices and the appreciation of the Nigerian naira against the US dollar. The exchange rate in 2024 was N1,535/$1, compared to N900/$1 in 2023.
Hollywood vs. Nollywood
While Nollywood made significant strides, Hollywood still held a larger market share in 2024, accounting for 52 percent of box office revenue. Nollywood captured 46 percent of the market, indicating its growing competitiveness. The highest-grossing Hollywood title in 2024 was “Deadpool & Wolverine.”
Anticipation for Full Report
FilmOne Entertainment has yet to release the full report, which promises to provide a more comprehensive analysis of Nigeria’s 2024 box office landscape. Industry insiders and film enthusiasts eagerly await further insights into the factors driving the growth of the Nigerian film industry.
Read also: Funke Akindele ‘Everybody Loves Jenifa’ shatters opening weekend box office records.
Overall Outlook
The impressive 60 percent year-on-year revenue growth in 2024 paints a positive picture for the future of the Nigerian film industry. With increasing investment in infrastructure by the government, rising audience engagement, and the continued success of Nollywood productions, Nigeria’s box office is poised for further expansion in the coming years.
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