The Top-Grossing Films of 2023 & 2024 – BusinessDay Intelligence

Nollywood's Blockbuster Era

The Top-Grossing Films of 2023 & 2024

Nollywood’s Growth

Nigeria’s vibrant film industry, Nollywood, has experienced remarkable growth over the years, solidifying its position as a cultural powerhouse both in Africa and on the global stage. As the third-largest film industry in the world by annual film production, Nollywood has transformed from its modest beginnings in the early 1990s into a major hub for storytelling, cultural representation, and economic influence.

Top 10 Highest-Grossing Nollywood Movies of 2023

Cultural Significance

Nollywood’s influence extends beyond mere entertainment; it plays a crucial role in shaping cultural narratives and representations of African identities. The industry has transitioned from low-budget productions aimed at local audiences to high-quality films that resonate with global viewers. This transformation has been facilitated by collaborations with international streaming platforms such as Netflix and Amazon, as well as the accessibility of movies on YouTube. These platforms provide broader distribution channels and increased visibility for Nigerian stories, reaching audiences across the world.

Top 10 Highest-Grossing Nollywood Movies of 2024

Box Office Revenue

2023: Nollywood films accounted for 39% of the total box office revenue in Nigeria, generating approximately ₦2.8 billion out of a total of ₦7.4 billion.
2024: As of late November, Nollywood has already grossed over ₦3.5 billion, marking a 125% increase in revenue compared to the same period in 2023. The industry is projected to reach a year-end total of between ₦11 billion and ₦12 billion due to strong holiday releases and ongoing audience interest.

Market Share

2023: Hollywood dominated with a 61% market share, while Nollywood’s share increased from 30% in 2022 to 39%.
2024: Nollywood’s market share has grown to approximately 50.05%, slightly surpassing Hollywood’s 49.95%, indicating a shift in audience preference

Ticket Sales and Admissions

2023: Nollywood films performed significantly, with standout titles like “A Tribe Called Judah” achieving record openings.
2024: The number of tickets sold has increased dramatically, with more than 935,000 tickets sold by November 2024, reflecting a 46% increase in admissions compared to the previous year.

Notable Films

2023: “A Tribe Called Judah” was a major success, grossing over ₦1 billion, setting records for opening weekends.

2024: films like “Everybody Loves Jenifa,” “Queen Lateefah,” and “Ajosepo” have emerged as top performers at the box office. Notably, “Everybody Loves Jenifa’’.

Top Performing Nollywood Films in 2024

Everybody Loves Jenifa

Achieved remarkable success during its opening weekend, with a grossing earning of ₦206 million. On December 13, 2024, it set a new record for a Nollywood film’s highest opening day revenue, earning ₦45.2 million. Funke Akindele has broken the record for the highest single-day admissions, with 9,409 attendees, surpassing her previous record of 8,870 held by A Tribe Called Judah. As of this report, Everybody Loves Jenifa is still showing in cinemas. With its ongoing success, it is poised to achieve even greater milestones in the coming weeks
Changes in Ticket Prices (2023 vs. 2024)
- In 2023, the average ticket price for Nollywood films was around ₦4,600.
- As of December 2024, the average ticket price has risen to approximately ₦6,000, reflecting a significant increase due to various economic factors impacting cinema attendance and production costs.

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