The Nigerian box office has achieved an extraordinary milestone, crossing the N1 billion mark in gross earnings within a single week for the first time in history.
Between December 20 and December 26, 2024, the box office amassed a staggering N1.02 billion, cementing its position as a growing powerhouse in global cinema.
Boxing Day, December 26, 2024, proved to be the crown jewel of this historic achievement. On that day alone, the industry set a new record with an astonishing N256.4 million in ticket sales, making it the highest-grossing single day in Nigerian cinema history, Nile Entertainment reported.
This remarkable feat shattered the previous record of N89.8 million, emphasizing the growing appetite for films during the festive season.
The scale of this achievement is evident when comparing December box office performances from previous years.
In 2018, weekly earnings between December 21 and December 28 stood at N368.4 million.
This figure gradually increased in subsequent years, with 2019 recording N316.2 million, 2020 bringing in N302.4 million, and 2021 reaching N502.9 million.
By 2022, earnings hit N526.7 million, and in 2023, the numbers skyrocketed to N804.3 million.
However, 2024 has set an entirely new benchmark, solidifying its place as the most lucrative December week in the industry’s history.
This unprecedented growth reflects the increasing popularity of Nollywood and international titles within the Nigerian market.
The remarkable performance of films released during this period demonstrates the strategic timing of blockbuster debuts and the consistent enthusiasm of audiences eager to celebrate the season with entertainment.
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The milestone is more than just a financial achievement; it is a testament to the evolution of the Nigerian film industry and its expanding global footprint.
With 2024 marking a new high, expectations for the years ahead are even greater. Industry analysts predict that this momentum will inspire more ambitious productions and higher audience engagement, setting the stage for even more groundbreaking achievements in 2025.
Ope Ajayi, President of the Cinema Exhibitors Association of Nigeria, had previously shared an optimistic outlook on the future of the Nigerian cinema industry.
Speaking to Nairametrics, Ajayi predicted that with an annual growth rate of 40-45%, the industry could achieve a box office revenue of N45 billion within the next four years, potentially reaching N50 billion.
This optimistic forecast is underpinned by expectations of high-quality film content and the ongoing expansion of cinemas nationwide.
Ajayi also emphasized that box office revenue is just one component of the cinema industry’s broader revenue streams. He noted that, in some instances, box office earnings make up less than half of a cinema’s total income.
Credit: Naira Metrics
