Global demand for movies and entertainment grows

Movie making industry is growing across new global regions where despite the television programs, online video streaming, home video options and gaming options - box offices gained more than $10 billion in initial weeks of the holiday season where Black Panther and Avenger: Infinity War earned more than $200 million in the opening weekends and many other movies opened with more than $100 million collection.  Netflix, recently, released the third season of “Daredevil,” which is one of the biggest original launches by the company. It announced the purchase of New Mexico – the production studio where some parts of the movie “Wolverine” – “Logan” and “Avengers” were shot.

“Daredevil” was not a hit when was released earlier in 2003. About $78 million were invested in the movie and it grossed $179 million globally. However, big screen migration of the characters of the movie and the new comprehensive standalone film Avenger: Infinity War had lower risks in investment.

Growing cinema demand in the Middle East

The UAE cinema industry is growing at a steady rate with the rise in population and increase in cinema experience, where there exists a rise in demand for local content. Watching a movie in the weekend is becoming a trend where the demand for different types of movies in 3D and 2D has increased.  Some movie watching experience involves luxury experience that can be memorable, unforgettable and comfortable, for younger and older audiences, and based on different technologies. The audience is ready to invest on various facilities at the cinema halls, parking and other luxury services.

Some investors are trying to entrap opportunities in such industries where one can find mechanisms to provide unique experience to the cinema viewers, which can involve technologies and gaming elements as well. Movie industries are trying to get feedback from viewers to ensure they are able to organize such events – sports, championships, training sessions and product launches.  Some of the brands are ready to be launched through such media events.

New screens in Saudi Arabia

Saudi Arabia is opening up to invest in cinemas up to $100 million in a year where more than 100 movie theatres screens will be launched. This is a part of the Dh 2 billion investment plan where in the initial stage 600 screens will be opened in the coming 3 to 5 years. The CEO of Majid Al Futtaim Cinemas, Cameron Mitchell, is, currently, operating 355 cinema screens in the country and is preparing to operate more than 1200 new cinema screen.  It is assumed with the new developments they will develop huge opportunity in the entertainment and cinema sector in the country.

The box office revenues through Mena area was over $500 million, which is about 1.25 per cent of the revenue collected through global box offices. More than $3.54 billion is expected to be invested in the cinema screens in the region, which will be able to boost the industry. The total revenues generated through such operations are expected to reach $1.5 billion by 2030 as per PwC Middle East.  There will be more than 2,600 cinema screen in Saudi Arabia by 2030 as per the study.

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