Gower Street’s Director of Theatrical Insights, Rob Mitchell, spoke to The Hollywood Reporter this week about the growing box office market of Saudi Arabia. The article, titled ‘Is the “Untapped” Market of Saudi Arabia as Attractive to Hollywood Following Movie Bans?‘, was published Friday June 17.
Hollywood Reporter journalist Alex Ritman’s article looked at key factors in the key growth market including early industry expectations; where it currently stands; whether it has the potential to fulfil high industry hopes of becoming a new $1 billion box office territory in time; and what impact recent bans in the market on titles including DOCTOR STRANGE IN THE MULTIVERSE OF MADNESS and LIGHTYEAR might have, both on growth potential and Hollywood engagement.
Rob suggested that while it was far from certain, the potential for Saudi Arabia to become a $1 billion market by the end of the current decade (a stated goal) was certainly conceivable. He pointed out that compound growth of 18% for the remainder of the decade would achieve the desired $1 billion target in 2030. However, he also pointed to the significant retraction in year-on-year growth in the market since the start of April, with the post-Ramadan 5-week period tracking approximately 40 million riyals down against the equivalent period in 2021 – an amount potentially attributable to the ban on DOCTOR STRANGE, which would otherwise have opened the first weekend post-Ramadan this year.
Read the full article by clicking on the link above or on the image below.
Related articles on Gower Street website:
Box Office Promise: Saudi Arabia’s Rapid Rise (April 1)