Nigerian Cinemas Generated N6.94 Billion in 2022.
The Nigerian cinema industry witnessed tremendous growth in 2022, as data from the Cinema Exhibitors Association of Nigeria (CEAN) indicates that cinema operators’ revenue saw a 46.4 percent growth year-on-year, rising from N4.74 billion in 2021 to N6.94 billion in 2022.
According to the association’s national president, Mr. Opeyemi Ajayi, “Nigeria continues to lead a recovery in Africa post-COVID on the back of strong local industry.” Also, Hollywood continues to focus on African content, and engagement is very positive for the box office. Mr. Ajayi further stated that “the box office raked in N4.74 billion in 2021, N2.1 billion in 2020, N6.4 billion in 2019, and N5.98 billion in 2018. “In 2022, the increase in average ticket price led to revenue growth, while admissions remained flat in the previous year”.
Further, while providing an outlook for the year 2023, the CEAN president stated that a 10 to 15 percent increase in ticket price would potentially drive box office revenue in 2023, as he expects positive growth of at least 20 percent due to independent cinemas accounting for 25 percent of the market share at this time.
Similarly, Nigeria’s leading blockbuster film distributor, FilmOne, recently announced that Black Panther: Wakanda Forever has become the first film in Nigerian box office history to earn N1 billion at the box office following its November 2022 debut. This achievement was released in a statement, which states that “this is a major milestone for the Nigerian cinema industry, which has faced unprecedented challenges in recent years due to the global pandemic.” Despite these challenges, the industry has shown incredible resilience and strength, bouncing back with record-breaking success.
FilmHouse Co-founders Moses Babatope and Kene Okwuosa also expressed their opinions on the milestone in the statement, stating, “We are thrilled with the amazing response to “Wakanda Forever” at the box office,” adding that. “This film has captured the hearts of audiences across Nigeria, and we are proud to have played a role in its success. The record-breaking success of “Wakanda Forever” shows that the cinema industry in Nigeria is not only alive and well but thriving.