From not having any cinema screens until last year, it is estimated that KSA will be able to accommodate around 2,600 by 2030 and generate $950m in box office revenues, according to a PwC report. If you throw F&B and ad revenue into the mix, PwC reckons revenue will get bumped up to $1.5bn.
This is only one of the many reasons why content producers, cinema owners, popcorn vending machine owners (that’s right! 30% of revenues in theatres are generated from selling popcorn. What am I doing in publishing?), construction specialists and tech providers attended the MENA Cinema Forum last month. They could smell the money … and the popcorn.
With so many cinemas opening in Saudi Arabia and the opportunity to screen content that appeals to a culturally sensitive audience, we see the floodgates opening for Arabic-language content producers along with opportunities for Hollywood, Bollywood and other established international players.
Good content remains at the heart of the TV, OTT and cinema business, and this will be the keynote discussion at the ASBU BroadcastPro Summit on November 13. Creating commercially viable Arabic content is also the focus of our cover story this month, on how a small team has gone across MENA scouting new talent to create Arabic adaptations of international formats.
Also at our summit this year, PwC will release an exclusive report: Entertainment and Media Outlook Middle East.
Of course, besides this, with streaming services and social media platforms trying to unseat traditional broadcasters from their thrones, it is time to think of new strategies to maintain the sanity of the MENA media ecosystem and keep our revenues coming in. So while these new platforms will discuss how they intend to take over mass audiences, and the tech experts will help us decipher new technologies, the CEOs will talk about the strategies that will help build a robust MENA media business.
To gain new insights into today’s MENA media market, register to attend the ASBU BroadcastPro Summit at broadcastpromeawards.com. See you at Habtoor Grand on November 13!