Despite the increasing popularity of streaming services, cinemas continue to be the top choice for Nigerians when it comes to watching movies, as indicated by the Nigerian Box Office report. A survey of 500 cinema-goers revealed that 66% prefer cinemas over streaming platforms, highlighting the enduring appeal of theatrical releases in the Nigerian film industry.
Netflix ranks as the second most favored choice at 27%, with YouTube, known for its Nollywood content, coming in third at 4%. Showmax and Amazon Prime Video each garnered 2% of the preferences. In recent times, there were rumors about Netflix exiting the Nigerian market, but the company denied these claims. On the other hand, Amazon Prime Video did exit Nigeria in January 2024, a year after investing in various Nigerian productions.
Despite the strong preference for cinemas, there are still infrastructure challenges. The report points out that Nigeria has 102 cinemas, representing 92.9% of the box office revenue in Anglophone West Africa. Lagos leads with 36 cinemas, reflecting the high consumer spending in Nigeria’s economic hub.
The cinema industry in 2024 saw growth with the establishment of 24 new cinemas, including the first one in Kaduna by Silverbird Cinemas. The report also notes a 2% increase in cinema admissions in Nigeria for that year.
The report highlighted, “This resurgence emphasizes the enduring popularity of the cinema experience in Nigeria, despite a 95% increase in ticket prices from 2021 to 2023.” Filmhouse Cinemas maintained its position as the top player in West Africa for the seventh consecutive year, capturing 28% of the market share and generating ₦3.2 billion in box office revenue. Silverbird Cinemas and Genesis Cinemas followed closely, each earning ₦2.2 billion, with market shares of 19% and 18% respectively. EbonyLife Cinemas boasted the highest-grossing cinema location in the country, contributing 7% and generating over ₦838 million in ticket sales, with more than 138,000 tickets sold at their cinema.
The Filmhouse Group remains optimistic, stating that “There are opportunities for more cinema infrastructure growth, especially considering the resilience of the subsector despite adverse macroeconomic conditions affecting disposable income negatively.”