Mr. Patrick Lee, the national president of Cinema Exhibitors Association of Nigeria, CEAN, said in an interview that the industry generated N346.6million in revenue for the month of March, 2022 from tickets sales in Nigerian cinemas.
The latest data monitoring the performance of the Nigerian movie industry shows that Nollywood Movies generated N86,651,922 from ticket sales alone in Nigerian cinemas in March 2022.
Why it matters
The movie industry is experiencing a greater high in 2022 compared to the previous year, 2021. The latest figures by CEAN show a 45% year-on-year rise in revenue in March 2022 and a 7% rise from February 2022.
Also, PwC report says that in 2021, the Nigerian film industry contributed 2.3% or N239 billion to Nigeria’s GDP. With the rise in ticket sales and revenue generated from foreign sales, the movie industry’s contribution to Nigeria’s GDP in 2022 is projected to be much higher than that of 2021.
What he’s saying
Mr. Patrick Lee assured Nigerians that the association had put in place excellent packages for the second quarter of the year to guarantee entertainment for moviegoers.