The Nigerian cinema industry achieved a groundbreaking milestone in 2024, pulling in a record-breaking ₦11.58 billion in box office revenue, marking a significant recovery and growth trajectory post-pandemic, according to FilmOne Entertainment’s newly released Nigeria Box Office Yearbook. The report provides in-depth insights into the performance of Nollywood and Hollywood films, audience demographics, and the growing impact of the cinema sector on Nigeria’s entertainment economy.
However, beyond the record-breaking numbers and celebratory headlines, a deeper analysis of audience behavior, revenue distribution, and industry trends raises an important question—is Nollywood’s cinematic resurgence sustainable, or is this just a temporary win in the ongoing battle against streaming dominance?
For years, the Lagos Island elite have been positioned as the primary drivers of entertainment in Nigeria. But 2024’s box office data tells a different story. The mainland accounted for 53% of cinema admissions, while the island contributed 47% challenging the long-held perception that premium locations like Victoria Island and Lekki dictate entertainment trends.
This shift signals a growing demand for accessible entertainment across broader demographics. It also underscores the increasing viability of cinema locations beyond high-income areas, an insight that could redefine investment strategies for cinema operators in Nigeria. Will this lead to a decentralization of premium cinema locations, or will investors continue to prioritize affluent areas despite audience behavior suggesting otherwise?
One of the most unexpected revelations from the 2024 box office report is the gender shift in cinema attendance. Women made up 55% of cinema-goers, reaffirming their influence over Nollywood’s commercial viability. This is reflected in the dominance of Funke Akindele’s Everybody Loves Jennifer, which not only became the highest-grossing Nollywood film of the year (₦1.1 billion in December alone) but also shattered the all-time record with a total haul of ₦1.466 billion.
Akindele’s consistency as a box office force is unparalleled. She now holds the top four highest-grossing Nollywood films of all time, surpassing her own previous record with A Tribe Called Judah (2023). This trend raises critical questions:
- Are female-driven narratives the new Nollywood goldmine?
- Will more producers pivot towards women-centric films to capitalize on this audience dominance?
Fifteen Nollywood titles crossed the ₦100 million mark in 2024, reinforcing the industry’s increasing ability to produce commercially successful films. Among the top-grossing Nigerian titles were:
- Queen Lateefah (₦365 million)
- Ajosepo (₦257 million)
- Beasts of Two Worlds (₦253 million)
- Alakada! Bad and Boujee (₦229 million)
- Lakatabu (₦202 million)
These figures indicate a growing audience willingness to spend on Nollywood films—a stark contrast to earlier years when Hollywood dominated. But how sustainable is this trend?
Despite Nollywood’s success, Hollywood films still claimed 52% of the market share, compared to Nollywood’s 46%. The highest-grossing film in Nigeria was Deadpool & Wolverine, with Moana 2 leading in animation.
While Nollywood has made significant strides, the reliance on major Hollywood releases to drive cinema attendance remains. The challenge for Nigerian filmmakers is whether they can consistently produce films that not only break the ₦1 billion mark but also compete head-to-head with global blockbusters in their home market.
A key highlight of 2024 was the addition of 24 new cinema locations, reflecting investor confidence in theatrical distribution. Cinema admissions have continued to rise post-pandemic, signaling a shift back to in-person movie experiences.
However, streaming remains a formidable competitor. Netflix was the second most-used channel for movie lovers in Nigeria, and the third most-used platform which remains undisclosed, left many industry stakeholders surprised.
The biggest question for 2025 is whether Nollywood’s cinema success can be sustained in the face of streaming convenience. While box office figures are climbing, streaming platforms still provide an alternative revenue stream for filmmakers, potentially reducing the number of high-budget films designed for theatrical release.
With the new ₦150 million benchmark for a Nollywood blockbuster, the industry is at a turning point. Filmmakers will need to balance commercial ambition with creative storytelling to keep audiences engaged.
Meanwhile, as streaming platforms adjust their strategies in response to Nollywood’s box office resurgence, the battle between the big screen and home entertainment is far from over.
Will Nollywood filmmakers fully embrace cinema-first releases, or will streaming platforms fight back with exclusive deals that pull films away from theatres?
2025 may hold the answers.
