Co-Founder Wild Bunch Vincent Marval Draw comparisons of Saudi Arabia’s burgeoning film industry with China during a business-focused keynote at The Red Sea Film Festival this morning.
The keynote, hosted by Deadline’s Dianna Luderhaus, began with Miraval explaining his approach to selecting and investing in projects, which he described as “talent-led” before discussing the development he’s seen in the Middle East market.
“When I first started, 25 to 30 years ago, the Middle East was basically Lebanon,” he said. “That’s all changed today. The region’s growth in terms of box office, streaming screens, Netflix is coming, but most of the operators are coming. What’s happened in Saudi Arabia in the last five years is on a scale very similar to the growth rate of Chinese exports.”
He added that there is “huge growth potential” in Saudi Arabia as well as the entire MENA region, but that industry professionals must establish a greater understanding of the region’s public consumption and taste now and in the future.
“We all know that when the market starts, there is an advancement of the local product, and then there is maturity. That is why we need to be smart and find the right niche.
Saudi Arabia lifted its decades-old ban on cinema in 2017. The move falls under the country’s Vision 2030 program led by Crown Prince Mohammed bin Salman Al Saud as part of sweeping reforms to open up society and the economy.
However, Maraval said he believes that positive shifts in the industry are not limited to the Middle East and North Africa region only, and a similar trend is likely to develop soon across the Red Sea in Africa.
“There is also huge potential not only here, but potentially the same in Africa as well,” he said. “We can see that there is a middle class in Africa that comes and subscribes to streaming services and goes to the cinema. They are building theatres.”
He added that the most exciting part about growth in Saudi Arabia and other developing markets is audience composition.
“In Europe, cinema audiences are getting old. It’s as if we’ve lost all the younger generation because of broadcasting devices,” he said. “But here, or in Southeast Asia or Latin America or in Africa, it is the younger generation that goes more and more to the cinema.”
Maraval’s comments were echoed by fellow panelist Siddharth Roy Kapur, founder and managing director of Roy Kapur Films India, who said he recently went to see Steven Spielberg’s latest film, Alfabelman In New York City and when he entered the theater, he saw “a sea of gray hair” in the audience.
“I took a video of him because there was only gray hair. I don’t consider myself a spring chicken, but I was the youngest person in that room,” he said.
“That really told me something. It tells me that in developed markets, the theatrical experience is becoming more and more unique. And something that you do for films like Just Wakanda forever, which will have a younger audience. But Steven Spielberg’s movie is not.”
Kapoor added that he believes that markets such as Saudi Arabia, which is opening up and adding cinema to its culture, will witness exponential growth in the coming years.
“This is where a lot of us need to focus our energy and attention to ensure we’re making films that appeal to these audiences,” he said.