Key takeaways
- Movie ticket prices have skyrocketed, with December 2024 recording the highest year-on-year increase (44.8%).
- Nollywood had a record-breaking year, with Everybody Loves Jenifa becoming the highest-grossing movie of 2024, with ₦1.13 billion.
- Foreign movies remain strong competitors, with Deadpool & Wolverine leading international releases (₦706.7 million).
- Nollywood’s market dominance continues to grow, with four of the top ten highest-grossing movies being Nigerian productions.
Nigeria’s cinema industry has seen significant growth in recent years, both in ticket prices and box office performance. Nollywood had a landmark 2024, with its movies making record-breaking sales and foreign blockbusters drawing significant audiences. This post will review key trends in 2024, highlighting cinema ticket pricing, Nollywood’s dominance, and the biggest international hits.
The rising cost of cinema tickets
One of the most striking trends in 2024 was the sharp increase in the cost of movie tickets. December, historically the peak month for cinema attendance, saw ticket prices rise dramatically compared to previous years.
The average ticket price in December 2024 rose to ₦5,213, marking a 44.8% year-on-year increase, the highest in recent years. This sharp rise follows a consistent upward trend since 2018 when tickets cost just ₦1,287. The spike in 2021 (38.5%) and subsequent annual increases suggest inflation, increased operational costs, and a growing demand for cinematic experiences.
Nollywood’s box office success
Nollywood had an outstanding 2024, with local movies making over ₦3 billion at the domestic box office. The highest-grossing Nollywood movie, Everybody Loves Jenifa, grossed an unprecedented ₦1.13 billion, making it the biggest Nigerian movie of the year and the only movie to gross over ₦1 billion. This is Funke Akindele's second movie to reach the billion club and the fourth to become the best-performing Nollywood movie at the box office.
Other notable successes include Queen Lateefah and Ajosepo, grossing ₦365.52 million and ₦257.25 million, respectively and cementing Nollywood’s ability to consistently produce high-revenue movies. The industry’s rise can be attributed to improved production quality, larger marketing budgets, and an increasing preference for homegrown stories.
Foreign movies still dominate in Nigeria
While Nollywood had an excellent year, foreign movies still made a significant impact on Nigerian cinema. Deadpool & Wolverine was the highest-grossing foreign movie of 2024, bringing in ₦706.72 million. Other major Hollywood releases that performed well include Bad Boys: Ride or Die and Gladiator II, grossing ₦448.10 million and ₦398.16 million, respectively.
While a foreign movie was not Nigeria's highest-grossing movie, the top 15 foreign movies outperformed the top 15 Nollywood movies at the Nigerian box office, asserting their dominance over the local cinema market. With ₦3.95 billion in ticket sales, the top foreign movies out-earned the leading Nollywood movies by ₦576.39 million.
This trend highlights the fact that despite Nollywood’s growth, international blockbusters continue to draw massive audiences, especially action-packed and franchise-based movies.
The biggest box office hits in Nigeria
When considering local and foreign movies, Everybody Loves Jenifa was the undisputed box office leader. However, Deadpool & Wolverine followed closely, demonstrating Nigeria’s appetite for local and international movies.
Interestingly, four of the top ten highest-grossing movies were Nollywood productions, showing a shift toward local content. This is a strong indicator that Nollywood is increasingly competitive in its home market, even against Hollywood’s biggest movies.
Conclusion
The Nigerian movie industry is evolving rapidly, with Nollywood strengthening its position in the market while foreign movies continue to draw large audiences. The dramatic rise in ticket prices suggests challenges ahead, but it also reflects the growing demand for premium cinema experiences. As we move into Q2 2025, it will be interesting to see whether Nollywood can maintain its momentum and produce even bigger box office hits.
