Nigerian Cinemas to Increase Ticket Price by 100% in Coming Months
- Before the year ends, cinema-goers will have to cough up to N5,000 if they plan to watch movies
- Nigerian cinemas said they are raising ticket price due to the economic situation in Nigeria and around the world
- The co-founder of FilmHouse cinema said rising dollar rate and inflation has affected the cost of business
Nigerian cinemas will most likely increase ticket prices before the end of 2021, according to the Executive Director of Genesis Group of Cinemas, Ope Ajayi
The cinema industry has sustained its ticket prices between N1,500 and N2,500 for over five years, but that will change as Ajayi projected that prices will hit about N5,000 by the end of the year.
Ajayi told Rotus Oddiri of Global Business Report on Arise TV, that:
"It's inevitable. The dollar is moving against us, inflation is moving against us. It's inevitable - I think you are going to start seeing prices around N5000 per ticket at the end of the year.
"And that's the reality of the times that we are in."
Moses Babatope, the co-founder of FilmOne Entertainment Group, said he shares the same sentiment with the head of Genesis Cinemas considering the situations with local and global economies.
Source: Getty Images
In his explanation supporting the forthcoming ticket price raise, Babatope said:
"I think with everything going on with the economy, global economy, the impact of the pandemic, the fact that ticket prices over the last four [and] five years have remained static, and we've still improved in the quality of services given our guests.
"We are still getting some of the best products in, the cost of advertising and marketing experiences are very high, the cost for our input for retail products are high.
"We have no choice for us to be able to survive, for us to be able to maintain the level of experience our guests have become accustomed to, and for us to remain competitive, I think that ticket price increases are just normal for us to stay afloat."
Meanwhile, Legit.ng had previously reported that Twitter plans to start charging Nigerian and other global users $3 if they want to have more control over their tweets and outlook.
The control will enable Twitter users to undo tweets, having the possibility of making corrections or changes. It will also allow the users to change the outlook of their timeline.
The charge will fall under the new feature called Twitter Blue, which is one of the methods Jack Dorsey's company is weighing to determine new revenue sources.
Source: Legit.ng
