Market Insights Advertising & Media Media Cinema

Box Office - Ghana

Ghana

In Ghana, revenue in the Box Office market market is projected to reach US$3.42m in 2024.
Revenue in this sector is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 1.48%, leading to a projected market volume of US$3.68m by 2029.
Additionally, the number of viewers in Ghana's Box Office market market is anticipated to amount to 1.0m users by 2029.
User penetration is projected to be 2.4% in 2024 and is expected to increase to 2.5% by 2029.
The average revenue per viewer in Ghana is expected to amount to US$4.19.
In a global context, the majority of revenue will be generated the United States, which is projected to reach US$10,140.00m in 2024.
Ghana's box office is experiencing a resurgence as local productions gain popularity, reflecting a growing appreciation for indigenous storytelling amidst global influences.

Key regions: South Korea, United Kingdom, Germany, United States, Europe

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Analyst Opinion

The Box Office market in Ghana has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Ghanaians have always had a strong affinity for movies, and this has translated into a growing demand for Box Office releases. With the increasing availability of cinemas and the rising middle class, more Ghanaians are now able to afford the luxury of watching movies on the big screen. Additionally, there is a growing interest in both local and international films, as Ghanaians embrace diverse storytelling and cultural experiences.

Trends in the market: One of the key trends in the Box Office market in Ghana is the rise of local film production. Ghanaian filmmakers are creating high-quality movies that resonate with local audiences, resulting in increased ticket sales and box office revenue. This trend is fueled by the growing recognition of Ghana's film industry on the international stage, with Ghanaian films receiving accolades at various film festivals. Another trend in the market is the increasing popularity of blockbuster Hollywood films. Ghanaians are eagerly awaiting the release of highly anticipated movies, and this enthusiasm translates into packed cinemas and record-breaking box office numbers. The success of these films can be attributed to effective marketing campaigns, strong word-of-mouth recommendations, and the desire for escapism and entertainment.

Local special circumstances: Ghana has a vibrant film industry that produces movies in various local languages, including Twi, Ga, and Ewe. This diversity in language and storytelling allows for a more inclusive cinema experience, catering to different segments of the population. Additionally, the government of Ghana has been supportive of the film industry, providing incentives and infrastructure to promote local film production.

Underlying macroeconomic factors: The growing economy of Ghana has played a crucial role in the development of the Box Office market. As disposable incomes increase, more Ghanaians have the financial means to spend on entertainment, including movie tickets. Furthermore, the expansion of the middle class has led to a shift in consumer spending patterns, with a greater emphasis on leisure activities such as going to the cinema. In conclusion, the Box Office market in Ghana is experiencing a surge in growth due to changing customer preferences, emerging trends, and local special circumstances. Ghanaians' love for movies, the rise of local film production, the popularity of Hollywood blockbusters, and the supportive government policies all contribute to the positive trajectory of the market. With the continued economic growth and increasing interest in cinema, the Box Office market in Ghana is poised for further expansion in the coming years.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the Cinema market, which comprises revenues from box office, advertsing and concessions. The market includes both consumer and advertising spending. All monetary figures refer to consumer spending on tickets and concessions. This spending factors in discounts, margins, and taxes.

Modeling approach / market size:

The market size is determined through a bottom-up approach. We use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., Consumer Insights), as well as performance factors (e.g., user penetration, price per product, usage) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as various macroeconomic indicators, historical developments, current trends, and reported performance indicators of key market players. In particular, we consider average prices and annual purchase frequencies.

Forecasts:

We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP per capita, consumer spending per capita, and 4G coverage.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Consumer Insights data is reweighted for representativeness.