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The Nigerian entertainment industry has seen a 52% increase in box office receipts compared to the first quarter (Q1) of 2023 as the average income of the population and direct consumers of entertainment products have been heavily affected by the rising cost of living.
This is according to the year-end box office yearbook. FilmOne EntertainmentThe independent film distribution and production company released the report on Monday, May 20, 2024.
Despite increased box office revenue, first quarter attendance was down 4% year over year. Q1 2023 saw attendance of over 600,000 compared to over 500,000 in Q1 2024.
The National Bureau of Statistics (NBS) revealed that the country’s inflation rate rose to 33.2% in March 2024. In comparison, year-on-year inflation rose 11.16% from 22.04% in March 2023.
According to FilmOne Entertainment, the average ticket price has increased from an average of N2,479 in the first quarter of 2023 to N3,765 in the first quarter of 2024 due to the rise in inflation and the average cost of living for Nigerians.
The 2023 film “A tribe called JudahBox office receipts in the first quarter increased significantly, with the drama contributing 27% of the total first quarter receipts. According to a FilmOne report, box office receipts exceeded 2.2 billion naira, in contrast to the box office receipts of over 1.5 billion naira in the first quarter of 2023.
A Tribe Called Judah topped ComScore’s official weekly box office data for six weeks, raking in over 400 million naira in the first quarter of 2024 alone. Warner’s Aquaman and the Lost Kingdom raked in over 500 million naira in the same period, which accounted for the film’s entire theatrical run, while Toyin Abraham’s Malaika grossed 300 million naira.
Among movies to be released in 2024, “Godzilla x Kong: The New Empire” topped the list, grossing over 230 million naira in its first four weeks of release. Eniola Ajao’s “Beasts of Two Worlds (Ajakaju)” grossed 240 million naira, while Kayode Kasumu’s comedy-drama “Ajosepo” crossed the 200 million naira milestone in four weeks.
These films contributed to a significant increase in box office revenue compared to Q1 2023, but inflation caused cinema attendance to decline in Q1 2024, despite many more films being released.
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Source link: https://thenet.ng/nigerians-spent-2-billion-at-the-cinemas-in-q1-2024-despite-economic-downturn/
