The Cinema Exhibitors Association of Nigeria (CEAN) is lamenting the effect of the current cash scarcity crisis on their income.
Ope Ajayi, CEAN’s National Chairman,, disclosed this in an interview with the News Agency of Nigeria (NAN) in Lagos. According to Ajayi, cinemas experienced a drastic decline in sales in February (only ₦278 million) when compared with ₦819 million made in January.
“A couple of reasons are responsible for the drop in sales. We lost a weekend of sales during the Presidential and National Assembly elections, Nigerians’ attention was focused on voting across the country.
“Cash crunch and POS failures, affecting trading generally are also affecting the cinemas.
“Many movie producers and distributors avoided releasing movies during the election period. So, content was also somewhat limited,” he said.
The presidential and house of assembly elections were also reasons for the slow down, as Ajayi opines that they experienced an “all-time lull” in that week.
He’s hopeful that things will improve this March as many Hollywood blockbusters premiere, this list includes ‘Creed III’, ‘What Love Got To Do With It’, ‘Shazam: Fury Of The Gods, ‘John Wick IV’, ‘Different Strokes’ and ‘Dungeons and Dragons’, to mention but a few.
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