The Nigerian cinema industry has experienced remarkable growth in 2024, with box office earnings reaching N8.76 billion year-to-date, marking a 59% increase compared to the same timeframe last year.
Although ticket sales have seen a slight decline of 0.5%, the rise in revenue suggests that average ticket prices have increased, alongside the strong performance of blockbuster films.
A key player in this growth is Disney’s Moana 2, which is projected to achieve an opening weekend exceeding N100 million.
If this target is met, it would establish a new record for animated films in Nigeria, surpassing the N28.4 million debut of Spider-Man: Across the Spider-Verse in 2023.
The film's success underscores the ongoing popularity of family-friendly international releases.
Nigerian films continue to lead the market, contributing over half of the total box office revenue for 2024. Local productions have shown remarkable consistency, with at least one film earning over N100 million each month.
One of the most eagerly awaited releases this year is Funke Akindele’s Everybody Loves Jenifa, scheduled for December 13. Akindele’s films have significantly impacted the industry’s growth, with her 2023 releases alone grossing more than N1 billion. Other anticipated December releases include Toyin Abraham’s Alakada: Bad and Boujee, Seven Doors, Thin Line, and Christmas in Lagos.
December has emerged as a pivotal month for Nigerian cinema, a trend initiated by the success of The Wedding Party in 2016. This film held the record for the highest-grossing Nigerian film until it was eclipsed by Omo Ghetto: The Saga in 2020. The practice of launching star-studded blockbusters during the holiday season has continued to enhance audience engagement and increase revenues.
The Nigerian film industry has experienced a slight decline in admissions compared to last year; however, it continues to capitalize on its track record of producing successful films both locally and globally. With significant releases planned for December, the sector is set to conclude an already impressive year on a high note.
Moses Babatope, CEO of NILEgroup, highlighted the potential for a significant turnaround in the industry during a recent presentation.
He referenced 2004, a time when Nigeria had only one cinema, in contrast to the current landscape of approximately 90 cinemas and 325 screens across Nigeria and Ghana. While this growth is commendable, it still falls short of reflecting the country's population and its capacity as a content-producing industry, he noted.
Despite facing challenges such as foreign exchange fluctuations and increasing costs, Babatope remains hopeful. “We anticipate a growth in attendance of 10-15% by the end of the year. The enduring appeal of cinemas during economic downturns suggests a deep-rooted connection between the Nigerian audience and the cinematic experience.”