In defiance of the challenging economic conditions in Nigeria, there has been a remarkable upswing in

movie attendance year after year. According to data from the Cinema Exhibition of Nigeria (CEAN),
consumer spending on theatrical movies experienced a substantial surge of 46.41 percent in 2022
compared to the preceding year, resulting in total revenue skyrocketing from N4.74 billion in 2021 to an
impressive N6.94 billion in 2022.

The driving force behind this burgeoning demand within the Nigerian film industry is primarily attributed
to the prominent Nollywood film production companies. Nollywood films have consistently dominated
the box office, exemplified by the extraordinary success of Funke Akindele's "Battle on Buka Street,"
which recently amassed over N650 million in earnings, elevating her to the position of the industry's
highest-earning individual. Akindele's previous film, "Omo Ghetto: the Saga," with N636 million in
revenue, held the record for the highest box office receipts.

Comscore ranks the top three Nollywood film studios: Filmone Entertainment, Anthill Studios, and
Greoh Studios. Notably, some of these production companies collaborate to bring movies to life,
enhancing production and distribution efficiencies.

Filmone Entertainment, the foremost studio, achieved remarkable success by generating a substantial
N714 million in revenue in 2022. Their success is partly attributed to their collaboration with other
production companies, as they are one of Nigeria's largest production and distribution firms, ensuring
seamless production and distribution of movies. In 2022, Filmone released a staggering 12 films,
including titles such as "The Blood Covenant," "Ile Owo," "The Order of Things," "Passport," "Battle on
Buka Street," "Obara'm," and "Ijakumo." Their extensive distribution network encompasses linear TV
networks, inflight entertainment, and traditional movie theaters, contributing significantly to their
accomplishments.

Anthill Studios, led by the accomplished Nigerian director Niyi Akinmolayan, secured the second position
with revenues of N376 million. Their success in 2022 was primarily driven by movies like "Hey You," "The
Man of God," and the exceptionally profitable "King of Thieves," which premiered in April 2022 and
grossed over N320 million at the box office. After their theatrical run, Anthill's films are set to reach a
global audience through an exclusive multi-year licensing agreement with Amazon Prime Video.

Greoh Studios, though releasing only one film in 2022, claimed the third spot in the top 10 rankings.
Jade Osiberu's "Brotherhood" captivated audiences nationwide with its gripping narrative, amassing
nearly N320 million in box office earnings. Jade Osiberu inked a significant three-year contract with
Amazon Prime Video, committing to making her upcoming works, including "Gangs of Lagos," which was
available for streaming on the platform on April 7, 2023.