Nollywood movies account for 39% (N2.8 billion) of the total box office revenue of N7.4 billion in 2024, marking a notable increase from the previous year. Leading the charge was “A Tribe Called Judah,” which has now grossed over N1 billion.
According to a report by FilmOne Entertainment, a leading West African movie distribution company, Hollywood titles continued to dominate the Nigerian box office, accounting for 61% of the revenue, amounting to N4.4 billion. Bollywood films, in contrast, contributed a modest 1.16%, totaling N0.09 billion.
This growth signifies a positive trend for Nollywood, which saw its share of the market increase from 30% in 2022, while Hollywood’s share decreased from 69%, with N6.9 billion in box office revenue.
The upward trajectory for Nollywood reflects increasing investments and improvements in production quality, positioning it as a growing competitor in the film industry.
The report highlighted that Nollywood’s contribution came from 75 films, including titles from the Kannywood sector. Hollywood, on the other hand, had 77 titles in Nigerian cinemas throughout the year, with a significant portion in the action genre. These action films proved particularly popular, selling over 1 million tickets, twice the volume of their Nollywood counterparts.
Nollywood’s highest-grossing movies in 2023 were spearheaded by some of the industry’s most prominent actresses and producers.
Funke Akindele, often referred to as the box office queen, produced “Battle on Buka Street,” which carried over from its December 2022 release to rake in N373.8 million in 2023.
Another of her productions, “A Tribe Called Judah,” was a standout success, grossing N795.2 million within the year.
Toyin Abraham also had a remarkable year, with her film “Ijakumo: The Born Again Stripper” earning N174 million, while her December release, “Malaika,” brought in N144.5 million in 2023. AY Makun’s “Merry Men 3” contributed significantly to the box office, grossing N118.6 million.
These figures highlight the dominance of these top producers in the Nigerian film market. However, not all films achieved similar success. Titles like “A Weekend to Forget” and “Domitilla” grossed below N100 million in 2023.
While Nollywood titles have shown significant improvements in viewership, revenue, and investments, Hollywood films continue to dominate the Nigerian box office.
Factors such as larger industry size, bigger production budgets, and superior infrastructure contribute to Hollywood’s lead.
Hollywood, the oldest and largest film industry by revenue, is the primary hub of the U.S. film sector. It boasts established institutions like the American Film Institute, LA Film School, and NYFA. Hollywood exports nearly $17 billion worth of films, TV shows, and videos annually. According to World Metrics, “The average production budget of a major Hollywood film is between $70 million and $90 million.”
In contrast, Nollywood faces challenges like smaller production costs and limited access to funding, resulting in a disparity in production quality and storytelling.
However, the industry is making strides towards global standards through investments from video streaming companies. Producers like Kemi Adetiba and Jade Osiberu, along with Editi Effiong, who worked with a $1 billion budget on “Blackbook,” are leading this transformation.
Despite these challenges, Nollywood is on a promising path. The industry’s growth in investment and production quality signifies its potential to compete more effectively on the global stage in the future.
