Investing in movie theaters in Saudi Arabia represents an investment opportunity of about one billion dollars. Saudi Arabia has recently turned its attention to the entertainment industry, as part of Vision 2030, to rely on non-oil industries. The movie theater sector in Saudi Arabiais one of the most promising sectors for increased growth in the coming years.
In April 2018, Saudi Arabia’s Development and Investment Entertainment Company (DIEC) opened the first cinema at the King Abdullah Center. It aims to open 50 to 100 movie theater across Saudi Arabia by 2030.
The rapid development of the cinema sector in Saudi Arabia can be seen in the recent period, with the opening of the second cinema in Saudi Arabia by Wax Cinemas. The Saudi Entertainment Development and Investment Company plans to invest $533 million to open 600 movie theaters across Saudi Arabia, creating 3,000 new jobs over the next five years.
The global film industry is one of the most booming sectors globally, and represents a growing market, with the global film and video market representing $234.9 billion in 2020. Through careful studies of the growth rate of the global movie industry and its expected effects on the Middle East
Today, Saudi Arabia is one of the 15 largest global markets in cinema. Saudi Arabia’s entertainment development and investment company. to attract local investors. Create partnerships with international entertainment companies. Household spending on entertainment increased from 2.9% to 6%. This contributes to the development of the entertainment services market worth SAR 30 billion.
As such, many movie theater operators have signed on. Memorandums of understanding with local or regional partners. to seize the benefits of an early presence in the Saudi movie theater market . Statistics show that Saudi Arabia’s share of the movie and entertainment market has grown to 27.5% of the market in the Middle East. by 2028.
93 million USD in revenue projections for the Kingdom’s movie ticketing sector by the end of 2022.
US$133 million in revenue projections for the Kingdom’s movie theater box office by 2025.
12.52% growth rate of the movie ticket market in Saudi Arabia in the coming years.
3.57 billion USD forecast for the Middle East movie market size in 2028.
