Source: Nairametrics
The Cinema Exhibitors Association of Nigeria (CEAN) has kicked off the year with a commendable financial performance, generating almost 50% more in revenue on a year-on-year basis.
The National President of CEAN, Opeyemi Ajayi announced that for January 2024, Nigerian cinemas had generated a revenue of N1.2 billion across the country.
On a year-on-year basis, this is a 46.5% increase when compared to N819 million recorded in January 2023.
According to Ajayi during an interview with News Agency of Nigeria, the total viewership during this period marked an attendance of 322,833.
Ajayi conveyed his satisfaction with the positive start to the year, emphasizing the sustained enthusiasm of Nigerians for the cinema experience.
The substantial revenue and attendance figures not only reflect the strength of the cinema industry but also underscore the enduring appeal it holds for the Nigerian audience.
The success of CEAN in January is indicative of the industry’s ability to adapt and thrive, despite challenges and uncertainties.
- “For January 2024, we had total sales of N1,202,195,706 with total admission of 322, 833,” he said.
Expatiating on how cinemas fared in 2023, Ajayi stated that the revenue generated across cinemas in 2023 stood at N7.35 billion with 2,606,891 admissions.
He highlighted an appreciable improvement in sales in 2023 compared to 2022, which attracted N6.94 billion in revenue.
What you should know
However, there was a noticeable drop in admissions into the cinemas in 2023, but the revenue increased due to a hike in average ticket sales.
- According to him, the highest-grossing Nollywood films for 2023 included “A Tribe Called Judah,” “Malaika,” “Orisa,” “Ada Omo Daddy,” “Merry Men,” “Kesari,” “Something Like Gold,” “The Kujus Again,” “Afamefuna,” and “A Weekend to Forget.”
- For the highest-grossing Hollywood films in 2023, the list included “John Wick, Chapter 4,” “Fast x,” “Aquaman And the Lost King,” “Mission Impossible,” “Barbie,” “Avatar: The Way of Water,” “Creed III,” “The Little Mermaid,” “Ant-Man And The Wasp,” and “The Equalizer.”
- Ajayi revealed that 2023 recorded the highest December Gross Box Office (GBO) of N1.6 billion and a significant increase in admissions of 467,985 compared to December 2022, which had 384,435. “A Tribe Called Judah” became the highest-grossing film of all time in the territory.
The increase in average ticket prices led to revenue growth in 2023, while admissions into cinemas declined by 18.4 percent in 2023.
Eight new cinemas were opened in 2023, while two cinemas were shut down due to the increasing cost of operations.
Ajayi also highlighted the first-ever Cinema Day, celebrated in September, which saw a significant rise in admission and revenue on that day.
THE AUTHOR: Deborah Dan-Awoh
