Revenue On Rise At Nigerian Box Office

 

Until now, the Nigerian movie industry, Nollywood depended on sales of VHS and DVD for its incomes and had to deal with issues of notorious pirates that funneled away their expected incomes. It was such a headache for filmmakers. That appeared to have faded away as the citizens now enjoy cinema going and has driven up the revenues at the box office. 

Chairman of the Cinema Exhibitors Association Of Nigeria (CEAN), Opeyemi Ajayi revealed in his statement that revenues recorded so far this year have grown despite the economic hardship recently faced by the country earlier this year. 

"For March, we had total sales of #441,752,914 across all cinemas with 174,071 viewers admission," said Ajayi who added that was an increase from the previous month was lower."

The country had its elections in the month of February ahead of which there were issues of cash crunch across the country. However, Ajayi deemed the performance to be impressive regardless. 

He added: "Sales in March were encouraging compared with February when we recorded total sales of #278m due to activities of the presidential and national assembly elections as well as the problem of cash crunch." 

Apparently, the incomes growth might be a build up to an annual gross that would be bigger than that recorded in the previous year, 2022 that recorded total sales of #6.94b. By the way, the box office started the year with #819m in ticket sales in the month of January, according to an online media outlet, TheCable

Going by the performance of ticket sales for the past five year, revenues have reportedly been on the rise YOY except during the 2020 Covid-19 pandemic with total sales at #2.1b. Nevertheless, it reportedly recovered from the drop the following year, 2021 closing at #4.74b.