Despite huge ticket price hike, Nigerian cinemas generate ₦2.25bn in Q1 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 had a remarkable improvement in ticket sales compared to ₦1.5 billion generated in the first quarter of 2023. According to the details, the total admission of persons at the cinemas in the first quarter of this year was 596,609, while the same period in 2023 witnessed 620,477 attendance.

Also, the average ticket price in the first quarter of the year stood at ₦3,765 and ₦2,479 for 2023. The details read: “The box office revenue for Q1 2024 is ₦2.25 billion, inclusive of spillovers, with 596,609 admissions.

“Year-on-year, this is a 46% improvement in box office revenues, although ticket prices have indeed gone up by 52%.

“Nonetheless, despite the huge spike in ticket prices, the admissions rate is down by 4% year-on-year, which translates to a negative correlation of admissions to ticket prices.

“We have seen Nollywood hold 56% of the box office over the period, with the highest grossing film of the year: A tribe called Judah, responsible for 27% of the Q1 overall revenue, and Warner Bros. Aquaman and the lost kingdom with 11%.

“There have been a total of 40 new titles released in the territory already in Q1 excluding spillovers.”