Nigerians spent a whopping N6.94 billion on cinemas in 2022 despite the harsh economic crisis in the country which greatly reduced disposable income for many people.
The year 2022 was filled with many difficult times for Nigerians. High inflation, flooding, and power shortages as a result of the Russo-Ukrainian crisis contributed to higher food prices, transportation costs, and the overall cost of living in the country, thus throwing many millions more to extreme poverty.
Regardless, the Cinema Exhibitors Association of Nigeria (CEAN) generated revenue of 6.94 billion naira in 2022, driven by the increase in the average ticket price.
CEAN National President Opeyemi Ajayi made this known in remarks to the media, stating that there has been a notable increase in revenue generation in 2022 compared to previous years.
Describing Nigeria as a country that continues to lead the post-COVID-19 post-COVID recovery in Africa, Ajayi listed the revenue generated by cinemas in the past five years at 4.74 billion naira in 2021, N2. 1 billion in 2020, N6.4 billion in 2019 and N5.98 billion in 2018.
Speaking about the film industry’s revenue outlook for 2023, the CEAN chief noted that a 10 to 15 percent increase in ticket prices could potentially boost the film industry’s revenue for the year, adding Independent theaters currently make up 25 percent of the market share.
Ajayi noted that a 10 to 15 percent increase in ticket prices could boost box office revenue in 2023 because independent theaters made up 25 percent of the market share.
It also revealed that the industry is expected to grow a minimum of 20 percent, as five theaters opened in the fourth quarter of 2022 and a minimum of three new locations are projected to open in the first half of 2023.
Ajayi also stated that Hollywood’s continued focus on African content is a big plus for the industry as he looks forward to more Hollywood-Nollywood collaborations in the future, stating that 2023 is expected to see bigger budget films and possible releases outside. from the West. African territory.
The CEAN chief further noted that “Black Panther” is on track to become the first N1 billion movie as he listed the top five highest-grossing Nollywood movies in 2022 as Brotherhood, King of Thieves, Battle on Buka Street, Ijakumo and passport. .