Naples, FL, October 10, 2018 --(PR.com
)-- News Highlights
1. Box office sales exceeded US$500 million in the Middle East in 2017, according to PWC research.
Middle East Media and Entertainment Industry is expected to grow to $35 billion by 2020. The biggest potential lies in the Saudi market, expecting a multi-billion dollar opportunity for investors.
2. Saudi Government anticipates 300 cinemas will open by 2030, contributing $24 billion to the economy and creating 30,000 jobs
3. The first-ever MENA Cinema Forum to be held at Grand Hyatt hotel in Dubai – to be participated by 45 speakers and experts, 450 delegates and 90 sponsors from 30 counties.
Box office revenue exceeded US$500 million (Dh1.83 billion) in the Middle East and North Africa (MENA) region, according to a research by PriceWaterhouseCooper (PwC), one of the world’s leading professional services firms and the Knowledge Partner of the MENA Cinema Forum.
This is about 1.25 percent of the global box office revenue of US$39.92 billion recorded last year, up 3 percent from 2016, according to ComScore.
In 2017, North America had $11.12 billion box office revenue. This was down 2.3 percent from 2016’s record $11.4 billion, the international box office helped propel the global estimated final to its own record. China had a record total ticket sale of $8.59 billion in 2017, said a report by ComScore.
“The box office turnover in the MENA region would have reached US$500-US$550 million in 2017,” said Dr. Martin Berlin, Partner and Global Deals Real Estate Leader at PWC. “There is a strong growth pipeline of new cinemas in the region, primarily driven by the opening of Saudi Arabian market.
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