The Nigerian film industry, popularly known as Nollywood, recorded a total revenue of 1.72 billion naira (US$10.7 million) in 2013, making it number three globally in terms of revenue and quality of production, according to Tuesday’s edition of the local daily BusinessDay.
The paper quoted analysts as saying the enhanced production, content and growing involvement of professionals in film making contributed to the rating.
“The global film and entertainment industry generated about US$90.6 billion revenue in 2010. The revenue increased to US$102.7 billion in 2012. Most of these revenue streams are from theatrical distribution. North America contributed the largest market share of about 40 percent. Europe, Middle East and Africa accounted for 24 percent, Latin America 20 percent, and Asia Pacific made only 3 percent contribution,” the paper quoted Robert Orya, Managing Director, Nigerian Export-Import Bank (NEXIM), as saying.
The year 2013 witnessed the production of the most expensive film in Nollywood, titled, “Half of a Yellow Sun”, which cost 1.27 billion naira (US$8 million).
The movie is an adaptation of Chimanmanda Ngozi Adichie’s novel of the same title.
Industry practitioners said the prospect of Nollywood’s growth in 2014 remained high, if efforts can be made to curb piracy which has plagued the industry for many years.