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    HomeBusinessEconomyNigerians Defy Economic Challenges, Spending ₦2.2 Billion at Cinemas in Q1 2024

    Nigerians Defy Economic Challenges, Spending ₦2.2 Billion at Cinemas in Q1 2024

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    By Milcah Tanimu

    Despite the prevailing economic downturn gripping Nigeria, citizens exhibited a resilient appetite for cinema experiences, shelling out a staggering ₦2.2 billion in the first quarter of 2024. This marked a remarkable 52% surge in box office revenue compared to the same period in 2023.

    The revelation comes from the latest report by FilmOne Entertainment, a prominent player in Nigeria’s film distribution and production landscape. Released on May 20, 2024, the report sheds light on the dynamics of cinema attendance and spending habits amid economic hardships.

    While the box office revenue witnessed a notable uptick, there was a slight dip in admission rates, down by 4% year-on-year. In Q1 2023, cinemas recorded over 600,000 admissions, whereas in 2024, the figure stood at just over 500,000.

    This spike in spending comes against the backdrop of soaring inflation, which reached a staggering 33.2% in March 2024, marking an 11.16% increase from the previous year. As the cost of living escalates, so does the average ticket price, climbing from ₦2,479 in Q1 2023 to ₦3,765 in Q1 2024, according to FilmOne Entertainment.

    A significant driver of this surge in box office revenue was Funke Akindele’s acclaimed 2023 film, ‘A Tribe Called Judah,’ which accounted for 27% of the total Q1 revenue. This drama alone raked in over ₦2.2 billion, surpassing the previous year’s Q1 revenue of ₦1.5 billion.

    In the realm of newly released films, ‘Godzilla x Kong: The New Empire’ emerged as a frontrunner, amassing over ₦230 million in revenue within the first four weeks of its release. Additionally, Eniola Ajao’s ‘Beast of Two Worlds (Ajakaju)’ grossed approximately ₦240 million, while Kayode Kasum’s comedy-drama ‘Ajosepo’ surpassed the ₦200 million milestone in the same timeframe.

    However, despite the success of these cinematic offerings, overall cinema attendance has witnessed a decline, attributed to the pervasive impact of inflation. This trend underscores both the resilience of Nigeria’s cinema industry and the challenges faced by consumers amid economic instability.

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