Muvi Cinemas, Saudi Arabia’s first domestically owned and managed cinema brand, and producer and funded by Riyadh TV11, has signed a deal that will see the two companies’ team grow the region’s film industry.
Under the terms of the deal, Muvi will acquire an undisclosed stake in Telfaz 11. A new film fund will also be established to finance feature films produced by Telfaz11 to be shown in theaters across Saudi Arabia. Companies say they will also collaborate on each other’s social and digital platforms in a marketing alliance as they look to expand their brands.
Back in November, Netflix made a deal with Telfaz11 for the latter to produce a list of eight films for the global broadcast network. Muvi recently teamed up with the leading distributor in the Middle East, Front Row, to launch a joint Saudi distribution venture, Front Row Arabia.
Netflix signs eight deals with the Saudi TV company
“We are very excited about this strategic partnership with Telfaz11,” says Sultan Al Hokair, CEO at Muvi Cinemas. “The need for a strong local film market with a theatrical window is stronger than ever since the annual box office is expected to exceed $ 1 billion. Annually by 2030. Studios like Telfaz11 have a strong position to be the market leader given that the film industry in Saudi Arabia is similar to that in France, Italy and Germany, with local language content accounting for more than 40% of annual box office revenue. In addition, Telfaz11’s expertise in creative content creation and audience growth will be invaluable for Muvi as we strive to increase our reach to 610 movie screens across 60 cinemas by 2025. ”
Alaa Fadan, CEO of Telfaz 11, added, “The Kingdom of Saudi Arabia is making tremendous milestones in the entertainment community, both in what we produce and how we reach audiences. Muvi only promotes the mandate of Telfaz 11 to have a role in the cultural growth of our country in filmmaking and media. “