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In the Nigerian entertainment industry, where the average income of citizens and direct consumers of entertainment products have been significantly affected by the high cost of living, the industry has seen a 52% increase in box office revenue in comparison to the first quarter (Q1) of 2023.
This is according to the year-end box office yearbook by FilmOne Entertainment, an independent film distribution and production company, which released its report on Monday, May 20, 2024.
Although there has been an increase in box office revenue, the first quarter admission rate is down by 4% year-on-year. In Q1 2023, over 600,000 admissions were recorded in contrast to the over 500,000 admissions recorded in the first quarter of 2024.
The National Bureau of Statistics (NBS), in March 2024, disclosed the country’s inflation has increased to 33.2%. In comparison, on a year-on-year basis, the inflation rate has increased by 11.16% from 22.04% in March 2023.
With the inflation rate and the average Nigerians cost of living increasing, the average ticket price, according to FilmOne Entertainment, has increased from an average of ₦2,479 in Q1 2023 to ₦3,765 in Q1 2024.
Due to the success of Funke Akindele’s 2023 film, ‘A Tribe Called Judah,’ the Q1 box office revenue saw a significant increase as the drama was responsible for 27% of the Q1 overall revenue. The FilmOne report disclosed that the box office made over ₦2.2 billion in revenue in contrast to Q1 2023 when the box office made over ₦1.5 billion in revenue.
A Tribe Called Judah ranked atop the weekly Comscore official box office data for six weeks, garnering over ₦400 million in revenue in Q1 2024 alone. Warner’s ‘Aquaman And The Lost Kingdom’ garnered over ₦500 million in revenue in the same time frame, which accounted for its entire cinema run. While Toyin Abraham’s ‘Malaika’ earned ₦300 million.
For films released in 2024, Godzilla x Kong: The New Empire takes the lead after garnering over ₦230 million in revenue in the first four weeks. Eniola Ajao’s Beast of Two Worlds (Ajakaju) grosses about ₦240 million, while Kayode Kasum’s comedy-drama ‘Ajosepo’ surpassed the ₦200 million milestone in four weeks.
Although these films have contributed to the significant increase in box office revenue in comparison to Q1 2023, cinema attendance has dropped due to inflation despite more films being released in the first quarter of 2024.
The post Nigerians Spent ₦2.2 Billion At The Cinemas In Q1 2024 Despite Economic Downturn appeared first on Nigerian Entertainment Today.
