In previous articles, I have already addressed the increasing challenge of lack of enough cinemas to meet the increasing demand for cinemas with the growing population of Nigeria that has the largest film industry in Africa celebrated for the phenomenal Nollywood that produces thousands of low budget movies annually. But there is a deficit in revenues of the box office caused by the unavailability of cinemas in majority of the states in Nigeria with only about 400 standard screens in the most populous country in Africa with a population of over 200 million people.
In 2012, I attracted the IMAX Corporation of Canada to consider having an IMAX cinema in Nigeria and in 2013 the corporation sent Mr. Giovanni Dolci, the Senior Vice President, Theatre Development and Managing Director, Europe and Africa to meet with me in Lagos. We had an important meeting with the Creative Industry Group (CIG) of the Bank of Industry and met with the officials of the Umuwo Odofin Local Government for the location of an IMAX cinema on 10 acres of land in the popular FESTAC Town which I have planned to be called FESTAC IMAX Plaza with a mega shopping mall and car park for 1000 vehicles. My duly incorporated International Digital Post Network Limited signed a partnership agreement with the IMAX Corporation for 10 years (it expired in 2023). But after meeting with other stakeholders in the Nigerian film industry, IMAX went ahead of my plans to partner with the FilmOne Entertainment Group to build the Filmhouse IMAX cinema in 2016 located in Lekki on the Lagos Island. This is the first IMAX cinema in Nigeria and the rest of West Africa.
The IMAX cinema is for only a minority of those who can afford the tickets and glasses.
There can be at least two IMAX cinemas in every local government area in Nigeria.
They can be built by the local government or state government in partnership with private investors. And they can be highly profitable with competent and efficient management.
There are more than 30 million people in Nigeria who can afford to pay for the tickets and glasses. They belong to the fastest growing middle class population in Africa. But without effective marketing and public relations strategies, they will not be attracted to the IMAX cinema.
The FESTAC IMAX Plaza I proposed would have been more profitable to the IMAX Corporation and Nigerian film industry, because there are more people in FESTAC Town who can afford the prices for the tickets and glasses than the people in Lekki
FESTAC has the dynamic demographics of the lower class, middle class and upper middle class people in the same location with the most upwardly mobile young Nigerians in the Umuwo Odofin Local Government Area; one of the most dynamic local government areas in Nigeria.
Feasibility studies are necessary before starting any business venture and they include the researches on the economics and demographics of the population of Nigeria.
You have to do Macroeconomic research and Microeconomic research on the entertainment industry, including the film, television, theatre and music industries of Nigeria.
All the researches are important, relevant and significant to the development of cinemas to supply on demand according to the needs assessment of the target audience.
You must always supply on demand.
You cannot supply mangoes to monkeys when you know that monkeys love bananas.
You cannot supply cassavas to rabbits when they prefer carrots.
Cinewav Instant Cinemas:
One Village, One Cinema Plan for Nigeria
In 2022, I signed an affiliate partnership with the Cinewav Pte. Ltd of Singapore for the introduction of low cost instant cinemas in Nigeria with the estimation for 3, 096 cinemas in all the 774 local government areas in the country with 4 cinemas in each local government area after a comprehensive feasibility study from the research on the demographics of the population of Nigeria.
Each cinema will cost N10, 000, 000 (ten million naira), including the training of two operators by Cinewav.
Cinewav Instant cinemas are mobile and can be installed within one hour at every location in every village square, town hall or school in every community.
The cinemas can be inside estates in the villages, towns and cities in Nigeria.
There are solar powered Cineplex when there is no electric power supply.
The low cost cinemas will sell affordable tickets for the majority of the population of Nigeria.
3, 096 cinemas in 774 local government areas with 4 cinemas in each local government area will generate a monthly revenue of more than N7, 856, 000, 000 ( seven billion, eight hundred and fifty six million naira) and over N94, 272, 000, 000 (ninety four billion, two hundred and seventy two million naira) annually.
Cinema - Nigeria | Statista Market Forecast
Revenue in the Cinema market is projected to reach US$123.50m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.89%, resulting in a projected market volume of US$164.40m by 2029.
In the Cinema market, the number of viewers is expected to amount to 9.3m users by 2029.
User penetration will be 3.5% in 2024 and is expected to hit 3.6% by 2029.
The average revenue per viewer is expected to amount to US$15.59.
In global comparison, most revenue will be generated in the United States (US$20,980.00m in 2024)."
https://www.statista.com/outlook/amo/media/cinema/nigeria#:~:text=Revenue%20in%20the,20%2C980.00m%20in%202024).
The Cinewav Instant cinemas will increase the annual revenues of the Nigerian film industry and create thousands of jobs in Nigeria.
See Cinewav Cinemas for Every Location
https://nigeriansreportng.blogspot.com/2023/11/cinewav-cinemas-for-every-location.html
- By Ekenyerengozi Michael Chima
Publisher/Editor,
NOLLYWOOD MIRROR® Series
The first book series on Nollywood and the Nigerian film industry since 2013.
Affiliate Partner,
Cinewav of Singapore
https://www.amazon.com/author/ekenyerengozimichaelchima
https://www.linkedin.com/in/michaelchimaeyerengoz
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