Thursday
August, 18

Nollywood Cinema Market Is Currently Down – Report

Nollywood’s market share in cinemas is currently at 25.8%, down from the 39.3% it enjoyed in the first half of 2021.

The Industry by Inside Nollywood, a journal that analyzes movie industry data, claims that the decline occurred although overall movie attendance in both years remained at 1, 49 million, with 7, 000 more admissions in 2022.

Hollywood movies benefited from the little increase in overall admissions, leaving Nollywood Movies fighting for an even smaller share of moviegoers.

Despite the consistent trend over the previous five years, the drop in 2022 is the lowest ever.

The journal, which is Nigeria’s premier publication on the film industry, reported that over the previous few years, Nollywood had been able to hold a market share of less than 40%, with Hollywood controlling a sizable portion of the remaining 60%.

READ MORE: Experts Blame Low Attendance At Movie Theaters On Streaming

Even though 2021 was a pandemic recovery year, the industry nevertheless managed to hold 39.3% of the first half of the year’s ticket sales, selling around 964,523 of the year’s total of 1,491,530 tickets.

Out of the 1,498,934 tickets that were sold in the first half of 2022, Nollywood only sold roughly 520,656, a 46 percent decline from the prior year.

Anita Eboigbe, co-publisher of Inside Nollywood, told NAN in response to the report that “there are typically around 10 Nollywood films playing in theaters at any given moment.

While some films, like “Omo Ghetto,” get thousands of viewers, others just draw ten or so each week.

Ticket prices range from N1,200 to N5, 000, depending on how well-liked the film and performance are.

Some kinds of unicorns have appeared over the past two years.

Funke Akindele’s “Omo Ghetto” surpassed expectations in 2021 by earning over N636 million in total revenue before being released on a streaming platform.

Femi Adebayo’s “King of Thieves” introduced a new movement in 2022 and earned over N300 million at the box office.

Eboigbe pointed out that stakeholders are continually discussing potential explanations for Nollywood’s declining market share, but that the industry’s excessive reliance on streaming services has conditioned audiences and made exhibitors lazy about fostering a culture of cinema.

NAN

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Uchara Faith
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Nollywood’s market share in cinemas is currently at 25.8%, down from the 39.3% it enjoyed in the first half of 2021.

The Industry by Inside Nollywood, a journal that analyzes movie industry data, claims that the decline occurred although overall movie attendance in both years remained at 1, 49 million, with 7, 000 more admissions in 2022.

Hollywood movies benefited from the little increase in overall admissions, leaving Nollywood Movies fighting for an even smaller share of moviegoers.

Despite the consistent trend over the previous five years, the drop in 2022 is the lowest ever.

The journal, which is Nigeria’s premier publication on the film industry, reported that over the previous few years, Nollywood had been able to hold a market share of less than 40%, with Hollywood controlling a sizable portion of the remaining 60%.

READ MORE: Experts Blame Low Attendance At Movie Theaters On Streaming

Even though 2021 was a pandemic recovery year, the industry nevertheless managed to hold 39.3% of the first half of the year’s ticket sales, selling around 964,523 of the year’s total of 1,491,530 tickets.

Out of the 1,498,934 tickets that were sold in the first half of 2022, Nollywood only sold roughly 520,656, a 46 percent decline from the prior year.

Anita Eboigbe, co-publisher of Inside Nollywood, told NAN in response to the report that “there are typically around 10 Nollywood films playing in theaters at any given moment.

While some films, like “Omo Ghetto,” get thousands of viewers, others just draw ten or so each week.

Ticket prices range from N1,200 to N5, 000, depending on how well-liked the film and performance are.

Some kinds of unicorns have appeared over the past two years.

Funke Akindele’s “Omo Ghetto” surpassed expectations in 2021 by earning over N636 million in total revenue before being released on a streaming platform.

Femi Adebayo’s “King of Thieves” introduced a new movement in 2022 and earned over N300 million at the box office.

Eboigbe pointed out that stakeholders are continually discussing potential explanations for Nollywood’s declining market share, but that the industry’s excessive reliance on streaming services has conditioned audiences and made exhibitors lazy about fostering a culture of cinema.

NAN

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Our newsletter gives you access to a curated selection of the most important stories daily.

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