Cinema in Nigeria, Nollywood movies

Nigerians may have an immense love for the cinemas, going by statistics from the Cinema Exhibitors Association of Nigeria (CEAN) website.

The statistics show Nigerians may have spent over N600 million at the cinemas in the month of December.

For the period between the 14th to 20th December 2018 the top 20 films in Nigeria grossed N155 million.

For the period ended December 21st to December 27th 2018, Nigerians spent a total of N355 million at the cinemas.

For the period ended December 28th to December 31st 2018, the top 20 filsm grossed a total of N166 million.

2018 Full Year Estimate

Estimated figures for the 12 months ended December 2018, could run into billions of Naira. Assuming at least N100 million was spent monthly during the first 11 months of the year, Nigerians may have spent roughly N2 billion watching movies at the cinemas last year.

Multiplier effect

Asides the direct ticket sales, going to the cinema also entails other expenses. Ticket sales sometimes include complimentary drinks and popcorn. Some attendees may decide to have proper meals after watching movies.

Movie premieres tend to be big events, either for established franchises or local Nollywood movies.

The poor transportation system and the late hours some films show mean that many avid movie lovers have to call taxis to and from the cinemas.

Prior to this

Potential investors in Nigeria’s movie industry had questioned the bankability of films due to an absence of data on takings. Film producers were fond of throwing up figures, in the bid to increase their market value.

Finance for films is mostly raised from families and friends, supported in some cases by endorsements from major corporate brands.

Coronation Research
Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.