By NAN
21 May 2024 | 9:37 am
Nigeria’s cinemas generated a revenue of N2.25 billion from ticket sales in the first quarter of 2024. Filmone Entertainment, an independent film distribution and production company, revealed this in its Nigerian Box Office Year Book for 2023, released on Monday. The period under review showed a significant improvement in ticket sales compared to the N1.5…
Cinema-goers (Photo by Glyn KIRK / AFP)
Nigeria’s cinemas generated a revenue of N2.25 billion from ticket sales in the first quarter of 2024.
Filmone Entertainment, an independent film distribution and production company, revealed this in its Nigerian Box Office Year Book for 2023, released on Monday.
The period under review showed a significant improvement in ticket sales compared to the N1.5 billion generated in the first quarter of 2023.
According to the report, total admissions at cinemas in the first quarter of this year were 596,609, while the same period in 2023 saw 620,477 attendees.
Additionally, the average ticket price in the first quarter of this year was N3,765, compared to N2,479 in 2023.
The report stated: “The box office revenue for Q1 2024 is N2.25 billion, inclusive of spillovers, with 596,609 admissions.
“Year-on-year, this is a 46 per cent improvement in box office revenues, although ticket prices have indeed gone up by 52 per cent.
“Nonetheless, despite the significant increase in ticket prices, the admissions rate is down by 4 per cent year-on-year, indicating a negative correlation between admissions and ticket prices.
“We have seen Nollywood hold 56 per cent of the box office over the period, with the highest-grossing film of the year, ‘A Tribe Called Judah,’ responsible for 27 per cent of the Q1 overall revenue, and Warner Bros.’ ‘Aquaman and the Lost Kingdom’ with 11 per cent.
“There have been a total of 40 new titles released in the territory already in Q1, excluding spillovers.”
