Nollywood Poised to Surpass Hollywood in Nigerian Box Office Revenue

The Nollywood film industry is on the verge of overtaking Hollywood in Nigerian box office revenue, capturing 50.05 per cent of the market in the first half of 2024, according to the latest data from the Cinema Exhibitors Association of Nigeria (CEAN).

From January to June 2024, the Nigerian box office generated N4.64 billion, a 34% increase from N3.05 billion during the same period in 2023.

This growth continues the upward trend seen in 2022, where the box office grossed N2.87 billion in the first half, marking a 61.6% increase year-over-year.

Nollywood films contributed N2.32 billion to the total revenue, with 640,539 admissions, slightly edging out Hollywood’s N2.32 billion contribution, which accounted for 49.95% of the market.

Hollywood saw lower admissions, selling 559,122 tickets, representing a 46.61% share of total admissions, compared to Nollywood’s 53.39%.

Despite Nollywood’s impressive market share, its admissions growth was marginal at just 0.01% year-on-year, with total tickets sold hovering around 1.1 million. The increase in box office revenue may be partly due to a rise in average cinema ticket prices, now at approximately N3,900.

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Ajayi Opeyemi, President of CEAN, stated, “For the first time, we anticipate Nollywood’s box office contribution to surpass Hollywood’s in 2024, with a projected 40% growth on last year’s figures.” Projections for 2024 suggest that Nigerian box office revenue could reach N10 billion by year-end, up from N7.34 billion in 2023.

The growth of Nollywood is particularly significant given the challenging economic conditions facing both citizens and producers. This performance signals substantial opportunities for both foreign and local investors to engage with the expanding sector.

In a previous report, Nairametrics highlighted that Nollywood accounted for 39% of Nigeria’s box office revenue in 2023, up from 30% in 2022. Moses Babatope, the newly appointed CEO of Nile Group, commented on this trend via Instagram, noting, “Despite the severe challenges that have rocked the global cinema industry, 2023 saw global box office revenue reach approximately $33.9 billion. Nigeria, notably, delivered its highest-grossing year ever at N7.3 billion.”

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Babatope also predicted that 2024 is likely to see Nigeria’s first double-digit billion naira figure at the box office, driven largely by Nollywood titles.

He emphasized that this milestone will signal a sector recovery with attendance growth for the first time in three years, despite substantial ticket price increases due to inflation.

“These contributions reflect the growing presence of the African cinema market on the global stage and its potential for transformation,” Babatope added.

Nollywood’s evolution since its inception in the early 1990s has been remarkable, with pioneers like Ola Balogun, Hubert Ogunde, Jab Adu, Moses Olayia, and Eddie Ugboma laying the foundation for an industry that has captivated audiences at home and abroad.

Today, Nollywood is shifting the entertainment focus from Hollywood to homegrown Nigerian storytelling.