The Nollywood movie Merry Men, directed by Ayo Makun, has emerged as the most viewed movie in the cinemas across the Nigerian box office in the month of November, earning over a hundred million Naira in revenue.
The film featured popular Nollywood actors Jim Iyke, Ramsey Nouah, and Folarin Falana, also known as Falzthebahdguy. According to the figures released by the Cinema Exhibitors Association of Nigeria (CEAN), the movie grossed a cumulative revenue of NGN115,559,973 at the last count, over this weekend.
Based on the report, the movie which has been in the cinemas for seven weeks, became the only Nigerian film to have grossed over N100 million. Next to it, in terms of earnings, is the Nollywood movie titled Something Like Gold which earned just a little over NGN59 million in cumulative revenue.
However, it is evident that Nigerian movie projects have not performed well in comparison to their Hollywood counterparts. In fact, only two Nollywood movies struggled to surpass N50 million in earnings. Only one Nigerian movie made it to the top 5 of the box office over the weekend.
Read also: Nollywood dominates Africa TikTok with 280,000 videos and 6.9 billion views in November
Economy impacting Nollywood revenue?
The report from CEAN indicates that the entertainment industry in Nigeria is experiencing evident challenges. The leading factor is the low purchasing power of many citizens. The current economic situation in the country, characterised by high inflation and a depreciating currency, has made it difficult for people to make ends meet, and this has a resultant effect on their spending choices.
A recent report by the National Bureau of Statistics has revealed that Nigerians spent N61.08tn on food and other household items and services in the first six months of 2023. This is a 2.85 per cent increase from the N59.39tn that was spent in the corresponding period of 2022 at the current purchasers’ value. Food and household expenses presently constitute over 54% of average revenue.
Hence, it is safe to conclude that many Nigerians are adjusting their leisure plans. Industry watchers believe that the effect may worsen during the holidays.
Another reason for the reduction in earnings may be that recent Nollywood may have gained less shine on Nigerians with the movie projects released this year.
Although there have been a few interesting movies that have recently captured the attention of Nigerians, such as “Black Book,” these movies have not quite lived up to their hype. In contrast, Nigerians often reminisce about the “old Nollywood,” which they believe has more rewatch value.
Lastly, there is also the effect of streaming platforms which have witnessed a rise in subscribers in recent years. popular streaming platforms like Netflix and Showmax are gradually replacing the conventional form of leisure and entertainment brought by cinemas.
Read also: #NollywoodNovember: These are the 8 most exciting Nollywood stars to follow on TikTok right now
Hollywood still dominates the cinemas…
The report shows that Hollywood movies continue to be a popular choice among Nigerians. This is not surprising as Hollywood movies have consistently ranked in the top 5 in terms of box office revenue across cinemas in Nigeria since the beginning of this year.
According to the November releases, at least two Hollywood movies made it to the top five highest-grossing movies in Nigeria. The top performers for November are “The Marvels” and “Freelance.” Together, these movies have earned a total cumulative revenue of N147,230,600.
When compared to global performance, “The Marvels” has grossed $188 million worldwide, to date, according to Forbes.
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