Finance

Cinemas in Nigeria record revenue of N346.6 million in March

Cinema operators in Nigeria have disclosed that generated a revenue of N346.6 million in the month of March 2022 compared to N301.48 million in February.

This was disclosed in a statement by the Cinema Exhibitors Association of Nigeria (CEAN) President, Patrick Lee in an interview with the News Agency of Nigeria (NAN) in Lagos.

The associations also cited that it is a 45 per cent increase compared to N189 million earned in March 2021.

What they are saying

The association revealed that the highest-grossing films in Nigeria in the month of March include: “The Batman”, “Uncharted”, “The Contractor”; “A Simple Lie” and “Turning Red”.

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“For the month of March 2022, we have N346,607,688.00 ticket sales, this is quite encouraging compared to what we had in February, N301,480,148.00.

“The Batman sold the highest number of tickets accounting for 39 per cent of box office revenue for the month of March.

“Comparatively, 2022 has continued to record higher box office revenue than 2021, March shows a 45 per cent improvement from 2021 performance and a 7 per cent growth from February 2022.

Lee also disclosed that of the 21 movies that showed in cinemas for the period, Hollywood accounted for 75 per cent of revenues despite having only 14 titles.

He revealed that movies they expect to bring in revenue for the month of April include ”I’m Nazzy, Sonic The Hedgehog, Saint Mark, Morbius, Bad Guys, King of Thieves and Fantastic Beasts: The Secrets of Dumbledor”, citing that as it leaves the first quarter, the association can’t wait to unravel the package for the second quarter, beginning with a promising delivery of Marvel’s new superhero flick, “Morbius”.

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“Its trailer suggests a blend of action, sci-fi, thriller and horror; we are keen to see how moviegoers from our region would respond. Horrors have not realised the best figures at the Nigerian box office,” he said.

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Source: nairametrics

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