Nollywood Defies Global Box Office Crisis, Records ₦11.5 Billion

While Hollywood and Bollywood battle falling revenues in a post-pandemic, streaming-driven world, Nollywood is breaking records and building a new model for African cinema.

In 2023, Nigeria’s box office grossed ₦7.24 billion, the highest in its history, defying global declines. Blockbusters like A Tribe Called Judah and Everybody Loves Jenifa proved that Nigerian stories can command the big screen. By 2024, revenues surged further to ₦11.5 billion, with 24 new cinemas opening nationwide.

At a time when global box office receipts are struggling — down more than 70% from pre-pandemic highs in some markets — Nigeria is charting an opposite path: growth.

From VHS tapes to billion-naira blockbusters

Nollywood’s roots go back to the 1980s and 90s, when low-cost VHS and later VCDs allowed filmmakers to flood the market with fast-paced, relatable stories. With titles like Living in Bondage, Nneka the Pretty Serpent, and Glamour Girls, Nigerian home videos dominated living rooms across Africa.

At its peak, the industry was producing 50 films a week, earning up to $590 million annually, according to the UN. While budgets were low — often under $70,000 — the sheer volume of production cemented Nollywood as the second-largest film industry in the world by output.

Cinema revolution: From Silverbird to The Wedding Party

Though Nigeria had cinema culture in the colonial era, the real modern shift began in 2004 with the launch of Silverbird Cinemas. Alongside Genesis and Filmhouse, they turned cinema-going into an aspirational experience.

By 2009, Kunle Afolayan’s Figurine grossed ₦30 million. In 2016, Ebonylife’s The Wedding Party rewrote history, earning nearly ₦450 million and proving Nollywood blockbusters could be box office powerhouses.

Defying the global collapse

The COVID-19 pandemic devastated cinemas worldwide. Global box office revenues crashed from $42.5 billion in 2019 to just $12 billion in 2020. Streaming surged, with Netflix and Disney+ adding millions of subscribers.

But Nigeria bucked the trend. By 2023, Nollywood films accounted for 45% of local ticket sales, and by 2024, cinema revenues had climbed by 60% year-on-year.

Filmhouse, Silverbird, and Genesis Cinemas continue to dominate, with EbonyLife Cinemas boasting the country’s top-grossing single location. Surveys show 66% of Nigerian audiences still prefer theaters over streaming

A billion-dollar contributor

According to Rome Business School, Nollywood contributes over ₦154 billion to Nigeria’s GDP and generates $1 billion annually. Today, the industry boasts more than 100 modern cinema screens, with more expansion underway.

Unlike many countries where streaming platforms are cannibalizing cinema, Nollywood has found a formula that combines cultural authenticity, rapid output, and theatrical spectacle.

The road ahead

From VHS stalls at Alaba Market to billion-naira premieres at luxury malls, Nollywood has rewritten the rules of African cinema. It remains one of the few film industries globally that is growing both in theaters and on streaming platforms simultaneously.

As more screens light up across Nigeria, Nollywood’s rise is not just an entertainment story — it’s an economic and cultural one, positioning Nigeria as a global film capital alongside Hollywood and Bollywood.