How VOX aims to play starring role in Saudi Arabia's cinema blockbuster
Senior exec at Majid Al Futtaim reveals plan to treble screen count in the kingdom by the end of the year
Just over two years since cinema screens were switched on in Saudi Arabia, the kingdom is set to dominate the industry in the Middle East, according to Cameron Mitchell, CEO of Majid Al Futtaim Cinema Entertainment Leisure.
Majid Al Futtaim’s VOX Cinema launched the first Cineplex in the kingdom in Riyadh Park Mall back in 2018 and Mitchell revealed extensive growth plans for the remainder of this year, despite the industry taking a hammering from Covid-19-enforced closures.
He said: “We will triple our screen count in Saudi Arabia this year. We’ll double our location count. I think at the moment we’re on about 112 screens and we’ll end the year at roughly 150. We’ll be at least 250 at the end of next year, depending on how quickly developers are building their developments.”
VOX Cinemas - the biggest exhibition chain in the Middle East operating some 550 screens across the region - has reopened its venues in the UAE, Saudi Arabia, Egypt and Qatar, while its venue in Beirut is currently awaiting government approval to reopen after the devastating blast at the start of next month. Mitchell hopes that sites in Kuwait, Bahrain and Oman will open their doors again “in the next month”.
But it is the potential of Saudi Arabia – where they are currently operating cinemas 24-hours-a-day in some venues - that excites him the most, with a prediction that the kingdom will boast up to as many as 2,000 screens in the next five years.
He explained: “Saudi Arabia from now onwards will be the biggest Middle Eastern market for cinema. Historically the trend was always the UAE was half of the Middle East box office and all the other countries made up the other half.
What’s going to happen next year or probably the year after, Saudi Arabia will be half, UAE will be 25 percent and the remainder of the Middle East will be 25 percent.
“Saudi will be ultimately twice the size of the UAE. It’s ahead now but it will ultimately double, just by population alone. You’ve got circa eight million people in the UAE and you’ve got eight million people in Riyadh.”
The 30-year ban on cinemas was lifted as part of Crown Prince Mohammed bin Salman’s plans to reform the energy-dominated economy.
Mitchell is confident the country will become a top ten global market for cinema, with ResearchAndMarkets.com forecasting the industry in the kingdom will be worth more than $1.2 billion by the end of 2030.
“Global box office is normally $42-$43 billion. To get another billion dollars from a market that didn’t exist three years ago for our industry is amazing,” he said.
He added that the increased number of cinemas is also good news for movie lovers and the general Saudi public.
“You’ve got a captive market that’s really excited to see all types of content just like the rest of us and to enjoy entertainment with their friends and we see that growth continuing for many years to come,” said Mitchell.
Majid Al Futtaim’s VOX Cinema launched the first Cineplex in the kingdom in Riyadh Park Mall back in 2018 and Mitchell revealed extensive growth plans for the remainder of this year, despite the industry taking a hammering from Covid-19-enforced closures.
He said: “We will triple our screen count in Saudi Arabia this year. We’ll double our location count. I think at the moment we’re on about 112 screens and we’ll end the year at roughly 150. We’ll be at least 250 at the end of next year, depending on how quickly developers are building their developments.”
VOX Cinemas - the biggest exhibition chain in the Middle East operating some 550 screens across the region - has reopened its venues in the UAE, Saudi Arabia, Egypt and Qatar, while its venue in Beirut is currently awaiting government approval to reopen after the devastating blast at the start of next month. Mitchell hopes that sites in Kuwait, Bahrain and Oman will open their doors again “in the next month”.
But it is the potential of Saudi Arabia – where they are currently operating cinemas 24-hours-a-day in some venues - that excites him the most, with a prediction that the kingdom will boast up to as many as 2,000 screens in the next five years.
He explained: “Saudi Arabia from now onwards will be the biggest Middle Eastern market for cinema. Historically the trend was always the UAE was half of the Middle East box office and all the other countries made up the other half.
What’s going to happen next year or probably the year after, Saudi Arabia will be half, UAE will be 25 percent and the remainder of the Middle East will be 25 percent.
“Saudi will be ultimately twice the size of the UAE. It’s ahead now but it will ultimately double, just by population alone. You’ve got circa eight million people in the UAE and you’ve got eight million people in Riyadh.”
The 30-year ban on cinemas was lifted as part of Crown Prince Mohammed bin Salman’s plans to reform the energy-dominated economy.
Mitchell is confident the country will become a top ten global market for cinema, with ResearchAndMarkets.com forecasting the industry in the kingdom will be worth more than $1.2 billion by the end of 2030.
“Global box office is normally $42-$43 billion. To get another billion dollars from a market that didn’t exist three years ago for our industry is amazing,” he said.
He added that the increased number of cinemas is also good news for movie lovers and the general Saudi public.
“You’ve got a captive market that’s really excited to see all types of content just like the rest of us and to enjoy entertainment with their friends and we see that growth continuing for many years to come,” said Mitchell.