A new film fund will also be created to finance Telfaz11-produced feature films for release in theatres across Saudi.
Muvi Cinemas has signed a deal with local digital media studio Telfaz11, that will see the two companies team to grow filmmaking in the region.
In a joint statement, the two companies pointed to their synergy as nascent Saudi “movie-industry leaders” to encourage local content creation through a film fund that could finance Telfaz11-produced feature films for release in Saudi theatres. They also said a key component of their partnership will be marketing.
Commenting on the partnership, Sultan Alhokair, CEO at Muvi Cinemas, said: “We are extremely excited with this strategic partnership with Telfaz11. The need for a strong local-language film market with theatrical window has never been stronger with the annual box office projected to exceed $1bn annually by 2030. Studios such as Telfaz11 are strongly placed to be market leaders given that Saudi Arabia’s cinema industry is similar to those of France, Italy, and Germany, insofar as local-language content accounts for over 40% of annual box-office revenue. Additionally, Telfaz11’s expertise in creative content creation and audience growth will be invaluable to the Muvi brand as we seek to increase our reach to 610 movie screens across 60 cinemas by the year 2025.”
Alaa Fadan, CEO of Telfaz11, added: “Saudi Arabia is making tremendous advancements within the entertainment community, both with what we produce and how we reach audiences. It has long been our goal to ensure all Saudis get to experience the magic of movies in theatres, and this deal with our friends at Muvi only furthers Telfaz11’s mandate to have a hand in our country’s cultural growth in the film and media business.”