Nigerians Spent N360M On Cinema In April, With Prophetess Surpassing Godzilla As The Most Viewed Film
Nigerians Spent N360M on Cinema in April
In Nigeria, cinema attendance is finally increasing following a significant decline in the first quarter of the year. This is according to recent statistics from the Nigerian Cinema Exhibitors Association (CEAN)
Cinemas admitted 269,008 moviegoers in April, up 60% from 168,000 in March and 177,220 in February.
However, it is still 25% less than the number admitted in January (360,928).
While the report indicates that attendance has begun to increase, it is still well below pre-pandemic levels. In February 2020 alone, there were over 440,000 moviegoers.
Cinema Revenue increases by 78%
The increase in moviegoers was reflected in the revenue generated by cinemas, which earned N360.62 million in April from Nigerians. This represents a significant increase of 78 percent over the N202.65 million generated in March and the N223.62 million generated in February.
Despite the increase, the amount spent was still less than January's N492.15 million and January's pre-pandemic N551.9 million.
According to a breakdown, the month's highest-grossing week occurred in the first week, with cinemas grossing over N124.26 million. The release of Godzilla vs. Kong and the Prophetess fueled the growth.
By the second week, revenue had dwindled to N87.4 million, as newly released films were also in their second week. The third week was even worse, with moviegoers spending just N60.62 million, according to cinemas.
The fourth week was not much better, with cinemas earning just N57.47 million, but that was still more than the pre-pandemic low.
While the revenue decline is unsurprising, it is still well below the profit margins seen in 2019. According to a brief analysis, the rise of streaming during the pandemic may have influenced film trends.
The new trend of film premieres on streaming platforms rather than in theaters, as well as the delayed release of some blockbuster films, may delay the full recovery to pre-pandemic levels.
However, the threat posed by streaming platforms such as Netflix may not be as dire for cinemas, as the majority of local catalogue on the platform is outdated. This means that people must continue to visit cinemas to see major motion pictures.
In Nigerian Cinemas, Prophetess Beats Godzilla Vs Kong
Nollywood's hegemony at the box office is beginning to wane, with Hollywood claiming three of the top five spots in April. Nollywood films, on the other hand, grossed more money than their Hollywood counterparts during the month.
A breakdown of the top five films reveals that Nollywood grossed over N182.19 million, while Hollywood grossed approximately N153.81 million.
Prophetess (N111.29 million) was Nollywood's highest-grossing film of the month. Beating Godzilla vs Kong (N45.5M) as well as Mortal Kombat (N73.29M).
This continues a trend of Nigerian films dominating the box office since the pandemic began. However, only Omo Ghetto has exceeded the pre-pandemic blockbusters Wedding Party and Merry Men 2 (212 million) and Your Excellency (168.9 million) in its first four weeks of release.
Other Nollywood films that made the top chart this month include Therapist, which grossed approximately N24 million, and Breaded Life, which grossed approximately N39.49 million.
Meanwhile, Raya & the Last Dragon (N35.02 million), Nobody (N14.7 million), and Chaos Walking (6.23 million) topped the chart in Hollywood.
In Summary, the battle between Hollywood and Nollywood for the Nigerian market is about to intensify, as blockbusters such as Venom, Spider-Man, and The Matrix are scheduled to premiere in the near future.
However, cinema revenue is still a fraction of what it was pre-covid.
While complete recovery is anticipated, it may take longer than anticipated given the country's current economic situation.
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