Saudi Arabia has embarked on a new transformational era in the field of entertainment as the nation allows the screening of commercial cinema for the first time since the 1980s. Saudi crown prince Mohammed bin Salman has been breaking the kingdom’s established social norms since his rise to power in 2015. The step of allowing the most of public entertainment that was banned earlier provides an enormous opportunity to the movie theatre companies to expand their business in Saudi Arabia. With the government focus on the development of non-oil sectors, allowing screening of cinema encourages an open and rich domestic culture for people and consequently improving the quality of life of the residents of the Kingdom of Saudi Arabia. Saudi Arabia Entertainment & Amusement Market is projected to be US$ 1.4 Billion by the end of the year 2030.

Witnessing the government program to promote culture and entertainment by lifting the ban on cinemas, it has enormously impacted the entertainment industry as it has unlocked an untapped market which provides lucrative business opportunity to the several movie screening firms and also provides employment to several residents. As a recent report, an investment budget of SAR 10 Billion has been approved by the Development Investment Entertainment Company (DIEC) as a means for the development of the cinema industry in Saudi Arabia.

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Besides, movie theatre companies AMC Entertainment Holdings Inc., VOX Cinemas, and Imax Corp. are among the first who are interested in expanding their business into Saudi Arabia. Other than these players, several other international cinema operators, namely Cinepolis, iPic entertainment, PVR Cinemas, and CJ 4DPLEX have also shown their interest in Saudi Arabia’s promising entertainment market and have signed MoUs with local partners. Saudi Arabia Cinema Market is expected to be more than USD 1.2 Billion by the end of the year 2030.

Promoting cinemas in the region is government’s one vision among Kingdom of Saudi Arabia’s Vision 2030 that attracts local and foreign investors to come close and create partnership in promoting the entertainment sector with the goal to increase a household spending on entertainment from 2.9 percent to 6 percent and develop Saudi Arabia recreational services market to SAR 30 Billion by the year 2030.

Witnessing the ever growing population base of native and immigrants, it is believed that by 2030, the population of Kingdom of Saudi Arabia will reach nearly 40 Million which has the potential to absorb more than 2,600 screens on market benchmarks estimation which indicates an average of 6.6 screens per 100,000 people among the highly developed market excluding the United States and Canada.

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While the United Arab Emirates accounts for the lowest market benchmarks, which has a screen density of 3.6 screens per 100,000 people in 2012, which has increased significantly to 4.8 screens in 2017, still below the defined benchmarks. However, with the many new multiplexes about to open in the region over the next couple of years, the country is expected to come closer to average benchmarks.

Thus, witnessing the government support as they have lifted the 35 years old ban and players keen move to grab the maximum market of this untapped market coupled with inhabitants capable of spending money in lieu of availing services, it is expected that Saudi Arabia Multiplexes/Entertainment Market will grow enormously over the forecast period.

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