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Revenues from cinema in the Mena region is expected to defy global trends and hit $1 billion by 2024
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Box office revenues in the Mena region are expected to grow by 4% in the aforementioned period, compared to a 2.4% decline worldwide
Revenues from cinema in the Middle East and North Africa, or the Mena region, is expected to defy global trends and hit $1 billion by 2024, local reports on Friday, June 18, quoted global auditing consultancy PricewaterhouseCoopers as saying.
Box office revenues in the Mena region are expected to grow by 4% in the aforementioned period, compared to a 2.4% decline worldwide, the reports quoted PwC as saying.
Research data analyzed by finance website Finaria showed that combined revenues in the global box office industry plummeted by 71.5% from $42.5 billion in 2019 to approximately $31 billion last year.
This reflects a shift in the global cinema industry landscape where growth has traditionally been driven by the countries outside of the Mena region.
However, expansion throughout the Arab world and Middle East, specifically in Saudi Arabia, has unlocked a lucrative economic opportunity and Saudi Arabia has now become a major contributor to the growth of the global cinema industry, said the report.
The news comes as organizers GM Events released the dates for the fourth edition of the Meta Cinema Forum – the largest cinema convention in the Middle East and Africa – from October 26-28, 2021, at Atlantis the Palm, Dubai.
Meta Cinema Forum, which will take place amid the World Expo 2020, which will host a conference, awards, seminars, workshops, masterclasses, special screenings, premieres, product presentations, slates, exhibitions and live demonstrations.
The conference will tackle industry issues as well as regional industry-specific discussions on the film industry across Africa, Asia, South Asia and the Middle East.
Cinemas in many markets are still closed and few countries have opened cinema halls, while many have permanently closed as a result of being significantly financially impacted by Covid-19.
However, unlike many other markets, Saudi Arabia’s box office was up 3% to $115 million in 2020, said PwC.
By 2030, there may be around 350 cinemas and 2,500 movie screens in the country, and the industry will be worth around $1 billion, said General Commission for Audiovisual Media, one of the authorities that regulates and operates cinemas.