NAIRAMETRICS
Nigerian cinema operators generated total revenue of N6.94 billion in 2022, against revenue of N4.74 billion in 2021.
This was disclosed by the National President of the Cinema Exhibitors Association of Nigeria (CEAN) National President, Mr Opeyemi Ajayi, during an interview with the News Agency of Nigeria (NAN) in Lagos.
The recovery post-pandemic: Ajayi added that Nigeria’s movie industry continues to lead the recovery in Africa post-COVID pandemic. He said:
- “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.
- “For 2022, the increase in average ticket price led to revenue growth and admissions remained flat in the previous year.
- “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.
- “We observed that “Black Panther” is on track to become the first N1bn movie.”
2023 outlook for cinemas: The CEAN President added that a 10 to 15 per cent increase in ticket price would potentially drive box office revenue in 2023 as he expected positive growth, by a minimum of 20 per cent as independent cinemas constituted 25 per cent of the market share at present.
