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Gurugram, India, July 27, 2022 (GLOBE NEWSWIRE) --
As the film industry has evolved rapidly in KSA, in particular since the Kingdom lifted the 35-year ban on cinemas in December 2017, international and regional companies have had opportunities to contribute to the development of the domestic entertainment industry.
Cinema operators in Saudi Arabia are seeking to increase their presence throughout the country in major cities and rural areas in order to meet the growing demand for movie tickets.
Several initiatives have been undertaken by the government, including supporting and training local filmmakers, improving relevant infrastructure, establishing a regulatory framework, and creating a national film fund.
There will be more licenses distributed in the coming years to international movie theatres, and as more competitors enter the market, competition will become less concentrated. In addition to film theaters, local film content and culture will be promoted through film festivals like the Red Sea Festival and Saudi Film Festival, which exhibit locally shot films which will also increase the popularity of theater. With Saudi Arabia's high spending capacity, private theater viewing, fine dining, premium movie formats, such as IMAX, 4D, VIP services, and immersive movie experiences will be well received.
The revenue generated by theme parks in the Middle East inclined from USD ~ million during 2014 to USD ~ million during 2016, registering a CAGR of ~% during the period 2014-2016. Effort made by the government to improve the tourism sector of the countries was the major reason responsible for driving the theme parks market in a positive manner. Augmented inflow of tourists visiting the Middle East added to the number of theme park visitors, thereby making them generate increased revenues during the review period. The theme parks market of the Middle East also grew due to the rising demand for entertainment services in the country.
Qatar's economy is primarily dependent on its natural resources of petroleum and natural gas, which accounts for approximately 60% of the country's GDP. However, Qatar has begun to diversify into allied sectors including leisure and entertainment, due to the rising tourism in the country. The revenue generated by theme parks in Qatar was estimated to incline to USD ~ million during 2016 from USD ~ million during 2014, registering a CAGR of ~% during the same period. Highly innovative and unique theme park concepts catering to various target audiences have been one of the factors that have aided revenue growth during the review period.
Industry insight has indicated that majority of theme parks operators have developed rides that cater to children below the age of 18 years. The youth population in the country inclined from ~ thousand individuals during 2014 to ~ thousand individuals during 2016, resulting in increased theme park visitors during the same period. The growth of this market will continue in the future with increased theme parks opening to the public in 2017. In addition, government initiatives to further augment tourism will also impact revenue generated by the theme parks.
UAE is considered as most preferred holiday destination for international tourists visiting the Middle-East. There is a high positive correlation between the number of international arrivals into the country and increasing theme park attendance. Theme parks do not singularly attract visitors into the country; however, they have a crucial impact on the length of stay of tourists visiting the country. Thus, companies and investment groups are increasing their capital expenditure to introduce multi-theme parks while others are expanding their area of operations in existing theme parks due to the projected rise in tourism in the future. The revenues generated by theme parks in the UAE inclined from USD ~ million during 2014 to USD ~ million during 2016, registering a CAGR of ~% during the period 2014-2016. The country had witnessed an augmented inflow of tourist into the country from ~ million individuals during 2014 to ~ million individuals during 2016. During the same period, theme park attendance inclined from ~ million individuals (2014) to ~ million individuals (2016). Industry insight has indicated that tourist revenue generated in the county increased to USD ~ billion during 2016.
