Nollywood, Bollywood and Hollywood By Numbers of Productions, Workers, Budgets and Revenues
Now, as it continues to grow, Nollywood film is no longer Living in Bondage.
~ Rebecca Jagoe.
The current highest grossing Nollywood movie is. "The Wedding Party" that has made over N450,000,000 (about US$1m) so far since it was released last December.
The first Nollywood blockbuster movie was the groundbreaking straight to VHS Igbo language thriller, "Living in Bondage" that made more than N225,000,000 from the estimated 750,000 copies of VHS tapes sold in 1992 when the exchange rate of US$1 was N9.91. So, "Living in Bondage" grossed over US$22m.
Nollywood is reported to be the second largest producer of movies in the world after Bollywood of India and ahead of Hollywood of America. But in annual revenues, Nollywood is making only an estimated US$590m which is not up to half of the US$1.5b of Bollywood and a far cry from the US$10.9b of Hollywood which is the biggest film industry in the world, because America has the largest number of cinemas and movie-goers.
From straight to video of the 1990s to the past decade, Nollywood is now producing movies for the cinemas, cable TV networks and online distribution for AVOD, SVOD and TVOD.
Nollywood is projected to compete with Bollywood and Hollywood in box office revenues when the number of cinemas in Nigeria increase to figures of the cinemas in America and India as the population of moviegoers increase in the coming years.
A PwC report has projected that by 2019, the entertainment industry in Nigeria will be worth an estimated total revenue of US$8.1 billion.
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