The year 2023 in the Nollywood sphere presented a dichotomy of both mundanity and exhilaration. Over the past decade, the industry has undergone exponential growth, notably reflected in the films it has produced.
This year proved to be a significant one for the industry, witnessing impressive strides in terms of revenue, film production, box office achievements, and overall influence. Positioned as a primary driver of theatrical growth in West Africa, Nollywood solidified its standing as Nigeria’s third most lucrative sector, serving as one of the largest employers in the country.
The outset of 2023 ushered in the much-hyped “Battle on Buka Street,” carrying forward the quality vibes from its 2022 predecessors. While 2022 boasted successful blockbusters like “Chief Daddy,” “Brotherhood,” and “Anikulapo,” 2023 surpassed expectations, raising the bar and setting a formidable pace for the months that followed.
The narratives in Nollywood films this year took a more relatable and grounded approach, drawing stories from real-life experiences rather than mere conjectures. The films released went beyond the usual superficiality, striving to delve deeper into resonating tales. Works like “No Way Through,” “One Who Got Away,” “Blood Vessels,” and “Gangs of Lagos” epitomized this trend, ensuring a more engaging and enriching experience for viewers.
The industry’s offerings in 2023 stood out for their authenticity and unconventional storytelling, aimed at entertaining, educating, or simply captivating audiences. Movies like “Shanty Town,” “Madam Koi Koi,” “Dark October,” and “Jagun Jagun” offered a more grounded depiction of reality, urging audiences to explore more Nollywood creations.
In terms of financials, the Nollywood sector soared to a revenue of N2.6 billion, a 20% increase from the preceding year’s N2.1 billion—a testament to its growing worth and commercial success. Furthermore, its valuation of N3.8 billion fortified its position as a substantial contributor to the nation’s economy and employment sector.
The year saw the rise of blockbusters dominating the charts, particularly during the December/January period. “A Tribe Called Judah,” “Malika,” and “Omo Daddy” swiftly ascended the ranks, setting new records within weeks of their release. These outstanding results further underscored the industry’s commitment to producing high-quality content.
The influx of streaming platforms witnessed an optimal selection of quality content. While most Nollywood films found their home on YouTube, platforms like Ruth Kadiri 24/7, Uduak Isong TV, and Uche Mbunabo TV ascended, offering top-charting movies such as “My Better Half” and “Selina.” Simultaneously, movies like “A Tribe Called Judah,” “Malika,” “Omo Daddy,” “WURA,” and “Agu” continue to dominate, promising a head start with stellar films in the new year.
Director Editi Effiong shared on Twitter that there is available funding for movies with compelling storylines, signaling increased investments within Nollywood. This surge in funding has paved the way for higher quality storytelling, augmented marketing budgets, and increased profitability.
Reflecting on the past year, the film industry witnessed tremendous financial success and box office achievements. Looking ahead, this bodes well for what the coming year might hold.
Nollywood has raised the storytelling bar, setting in motion a ripple effect that will reverberate throughout the industry. This shift indicates the likelihood of witnessing more captivating and superior narratives, while the industry gears up for innovative marketing strategies.
With the potential to dominate West African cinemas, Nollywood’s ascension to producing top-performing films is inevitable, requiring a collective effort from all within the industry.
Written By Adesina Kasali
