Saudi cinema market to grow to $1.2 bln by 2030: report

Saudi Arabia cinema market is expected to be more than $1.2 billion by the end of the year 2030, a report by ResearchAndMarkets.com has said.

“Government of Saudi Arabia is committed to improving the quality of life of citizen by implementing its Vision 2030. Saudi authorities are working towards social and economic development of people by utilizing the untapped potential of the non-oil sector,” the report maintained.

“Lifting the 35-year ban on cinema industry was one of the steps taken to achieve Vision 2030 by government. Development Investment Entertainment Company (DIEC) is working for the development of the cinema (Multiplex) industry with the proposed budget of SAR 1 billion to GDP and creates 1,000 direct jobs by the year 2020,” the report added.

Quality of Life Program (QoL) 2020 is committed to developing 45+ multiplex by the year 2020 in Saudi Arabia, ResearchAndMarkets.com report said, adding that major cities of Saudi Arabia Riyadh and Jeddah are getting huge investment from local and international companies.

The report said tickets/box office and other sources are primary sources for Saudi Arabia Cinema market. Other sources are also contributing to the revenue of Cinemas from selling food and beverages like popcorn, soft drinks, and income from advertisement.

Being the largest city and capital city of Saudi Arabia, Riyadh holds a significant part of the Cinema market in Saudi Arabia, the report said, adding that cinema market in regions like Jeddah and other cities will also grow in the forecasted period according to the research analysis.