Cinema advertising is making a full recovery after experiencing a drop in numbers due to the Coronavirus pandemic, a report from Inside Cinema has revealed.
According to the report, 2022 is shaping up to be the best advertising year for cinemas since the pandemic began as all movement and socialization restrictions have been lifted, and members of the public are now back in the cinemas.
The report, which draws from the Box office revenue statistics, shows that in 2020, the Box office grossed $2.1 billion in revenue, an 81% drop from the $11.3 billion revenue it amassed in 2019. The industry started its recovery with a 113% bounce-back revenue of $4.48 billion in 2021, and the figures for 2022 so far indicate a gross revenue of $3.58 billion, just in the first half of the year! Clearly, 2022 is set to top the previous year’s records, the report shows.
In addition, MAGNA’s global advertising forecast predicts a 330% growth in cinema advertising for the year 2022, tying its predictions to “Organic growth factors, strong cyclical drivers, and the strength of emerging or recovering industry verticals.”
What this means for businesses and advertising stakeholders
With the movement and socialization restrictions in 2020, cinemas operated for only about a third of the year and were on lockdown for two-thirds. Prior to this, cinema advertising was a veritable means to target a very specific demographic that had the purchasing power to take decisions. With the restrictions and remote work taking over, outdoor and cinema advertising was almost cut down.
Predictions say that cinema advertising has made a comeback, and many businesses are already in queue to get their messages out there through banner ads, posters, cinema takeovers, and in-movie ad screenings.
The possibilities of cinema advertising are endless, especially as the second half of the year starts in earnest. A business could leverage the football World Cup tournament happening later in the year and screen the highly-anticipated matches in the cinemas while delivering their brand message. Brands can also use special occasions like Independence Day (October 1st) and explore all possibilities of reaching their audience.
About Inside Cinema
Inside Cinema leverages the power of cinema advertising, while partnering with leading cinema houses in Nigeria to provide unique marketing and branding opportunities for brands. With over 130 cinema screens nationwide, Inside Cinema is positioned to drive consumer engagement, especially among the youths and upwardly mobile professional market segments.