In 2024, the Nigerian film industry experienced remarkable growth, with total box office revenue reaching N11.58 billion, a 60% increase from N7.35 billion in 2023, according to a report by FilmOne Entertainment. This milestone also represents an impressive 460% rise compared to earnings in 2020, highlighting the industry’s resilience and expanding global appeal.
Nigeria’s local film industry, Nollywood, was a major contributor to the record-breaking earnings. 75 of the 207 films that were released in 2024 were Nollywood movies, and 15 of them made more over N100 million. This accomplishment demonstrates Nigerian cinema’s growing commercial viability and its capacity to successfully compete with foreign productions.
Everybody Loves Jenifa Breaks Records
Leading the charge was Funke Akindele’s Everybody Loves Jenifa, which became a cultural phenomenon. The film grossed over N1 billion within just 19 days, making it the highest-grossing Nollywood title of 2024. Its success also propelled December to become the most lucrative month of the year, contributing N2.8 billion to the annual revenue.
This single film’s performance underscores the transformative potential of high-performing local productions in bolstering the industry’s overall revenue.
Ticket Prices and Currency Gains
Despite an increase in the average ticket price from N2,824 in 2023 to N4,341 in 2024, cinema admissions remained steady at 2.7 million. The revenue growth was further bolstered by the naira’s appreciation against the US dollar, with the exchange rate improving to N1,535/$1 in 2024 from N900/$1 in 2023.
Hollywood vs. Nollywood
While Nollywood made significant strides, Hollywood maintained a slight lead, capturing 52% of the box office market share. Nollywood held 46%, signalling its growing competitiveness. Hollywood’s top-performing title in Nigeria for 2024 was Deadpool & Wolverine.
Industry Outlook
FilmOne Entertainment has promised a detailed analysis of the 2024 box office in its forthcoming full report. Industry observers are keen to explore further insights into the factors driving this growth, including increased audience engagement, improved infrastructure, and innovative storytelling.
The impressive 60% year-on-year revenue growth paints a promising future for the Nigerian film industry. With sustained investment, strategic partnerships, and the consistent success of Nollywood productions, Nigeria’s box office is poised to achieve even greater heights in the coming years.
This momentous performance confirms Nollywood’s potential as a major force in international entertainment and a vital part of Nigeria’s cultural and economic development.
