Mubasher: Box office revenue registered as much as $500 million in the Middle East and North Africa (MENA) region in the full-year 2017, according to a research conducted by PriceWaterhouseCooper (PwC).
Middle East Media and Entertainment Industry in MENA is expected to grow to $35 billion by 2020, while the biggest potential lies in Saudi Arabia’s market, PwC, one of the world’s leading professional services firms, noted.
“There is a strong growth pipeline of new cinemas in the region, primarily driven by the opening of Saudi Arabian market,” Martin Berlin, Partner and Global Deals Real Estate Leader at PWC, said.
The research, which will be released at the inaugural of MENA Cinema Forum, will offer a detailed research on the current situation and future growth potential of the cinema industry in MENA.
MENA Cinema Forum, which is the first of its kind to be held in the region, will take place during the period between 28 October and 29 October at the Grand Hyatt hotel in Dubai.
The two-day event will host around 90 sponsors and delegates from 30 countries across the world.
As for Saudi Arabia, up to 300 cinemas are expected to be opened by 2030, injecting $24 billion to the economy and creating 30,000 jobs, according to the research.
“The changes in Saudi Arabia have opened up a lot of opportunities for industry leaders who would look at the Kingdom as the fastest growing market for entertainment,” Leila Masinaei, managing director of GM Events and organizer of the MENA Cinema Forum, said
Cinema industry in MENA is still growing but at a slower pace at the current time, the report found.
MENA box office revenues represent 1.25% of the global box office.
Globally, box office revenues reached $39.92 billion over the prior year, up 3% from 2016.
