Yuletide is a wonderful time to unwind and enjoy quality time with friends and family. According to recent statistics, it is still a popular way to spend quality time with loved ones.
According to records from the Nigerian Movie Exhibitors Association (Nigerian Movie Exhibitors Association), the number of cinemagoers in the country increased dramatically during the season. This resulted in an increase in cinema revenue.
The Yuletide peak of December 24th through December 30th 2022 saw a total of 238,110 visitors to cinemas across the country. This led to a cumulative gross profit exceeding 500 million naira. This is more than 700 percent higher than the 63 million in November’s final week.
The statistics show a significant increase of more than 200 million naira compared to the previous year. This is due to a 40% increase of income as a result of the lifting of COVID-19 restrictions.
The cumulative gross revenue for the whole yuletide season, December 3-2021 to December 30, 2021 shows a figure well over 800 million naira. This is because moviegoers want to see motion pictures.
Nnamdi Atupulazi is an inema enthusiast. He was also the On-Air-Personality of Trend FM Asaba. Nnamdi Atupulazi analysed the numbers with Technext and concluded that these large numbers were due to many people being tired of sitting inside because they are restricted from exploring.
People prefer to see movies in the cinemas than at home. They probably got tired of the latter so they switched to the former. It seems that many people who first went to the cinema fell in love and adopted the practice as their daily routine.
He also said that the increase in interest was due to the new cinemas that were built over the last year. He said that more cinema houses equals more competition and more advertising (billboards radio, television, social media, etc.).
He noted that “So you can bet, that in the last one year, a good amount of people started going the cinema because adverts or the influence from friends who were themselves influenced”
74% decrease in the first week of January
The Yuletide saw record numbers, but reports from the exhibitors’ group revealed a significant drop in box-office income. This shows that moviegoers are slowly leaving once-packed cinemas.
The CEAN website reports that as people get ready for the New Year, moviegoers are less likely to go. Recent 7-day reports show a 70% drop in moviegoers. Cinemas saw a gross of 69.982 people during the weekend gross.
This is a 70% decrease from Yuletide numbers. Nnamdi believes it is just as expected, as entertainment peaks during festive times.
“People go to the movies for different reasons. But it’s clear why they are busier at Christmas. He said that Nigerian roads and hotels, amusement parks, bars and clubs experience more traffic during Christmas.
Nollywood movies are enjoying some success with Spiderman and No Way Home leading the pack
Marvel’s Spiderman : No Way Home made a huge 230,131 949 naira in its second week at the cinemas. This represented 53% of the total profit for the Yuletide period.
It is still the #1 movie at the box-office, even though it has been shown in cinemas for five weeks. Its weekend gross is currently at 16 million Nigerian naira.
Nollywood’s Christmas In Miami earned 127,608,800 Nigerian naira during the week under review. This made it the second-highest-grossing movie in Nigerian cinemas during these festivities.
This is followed by Filmone’s Aki and Paw Paw which, in its second week at the box office, was ranked third.
Nollywood movies still trail behind foreign counterparts at box office but the numbers recorded during the celebrations have shown potential for greater improvements and, peraventure, a Nigerian Box Office chart dominated by local content.
The Yuletide’s major highlights included 11 Nollywood movies that topped the charts. They earned a cumulative revenue total of 175 million Nigerian naira which is 35% of total box office revenue.
These numbers are 44% lower than the previous year’s figures, when Nollywood movies earned a total of 239 million. This is 79% of the total revenue of peak week. Nnamdi, our analyst, attributed Nollywood’s mixed fortunes in the charts to the quality of the movies and popularity of the producers. Also, some Nigerians believe that not watching local movies gives them a certain status.
“Many Nigerians prefer foreign movies to look classy. Some even boast about it. Some people may not see a Nollywood movie, no matter how good it is. It is almost complicated. Hollywood producers are more famous, so their productions often draw worldwide interest, while Nollywood producers tend to be limited to Nigeria and some parts of West Africa.
Despite the fierce competition from video-on demand platforms like Netflix, the country’s cinema attendance continues to be significant. Our analyst believes that the current struggle seen in cinemas against the VoD takeover may not last long.
“Smart TVs are becoming more popular as people connect Netflix and other VoD services to their smart TVs and can watch movies on the large screen, rather than on their phones and computers. A monthly VoD subscription can sometimes be almost worth the cost of one movie at the cinema. He concluded that, given the dire economic situation in Nigeria, it is impossible to predict which option most Nigerians will choose.
Many Nigerians love the cinemas.
However, VoD companies such as Netflix are providing diverse content in the comfort of your home. This could mean that the current cinema revival may not last.