The Middle East Movies And Entertainment Market size is anticipated to reach USD 3.57 billion by 2028, registering a CAGR of 8.5% during the forecast period, according to a new report by Grand View Research, Inc. Increasing popularity of 3D movies that give the audience an experience of virtual reality is projected to drive growth. Additionally, the introduction of new marketing and distribution platforms such as IPTV, digital newspapers, DTH, and digital cable, as well as the online sales of music and movies, is anticipated to boost industry progress.
The Middle East movies and entertainment market is
characterized by the presence of several well-established players. These players
account for a significant market share and have diverse product portfolios and
a strong presence across the region. The market also comprises small to
midsized players that offer a selected range of products and mostly serve
country-level customers.
Product launches help companies address the evolving
needs of customers and gain a competitive edge over other players by offering
new and innovative entertainment services. For instance, in April 2020, beIN
Media Group, LLC launched a new cinema service that offers the latest
international movies. The company announced ground-breaking cooperation with
film distributors so that it can provide the latest movies straight to
subscribers before they are seen in the cinema. This latest on-demand service
is a positive announcement from the company given the current situation, and it
would help keep consumers entertained and connected during the coronavirus
crisis, bringing cinema to households across the Middle East and North Africa
(MENA).
Some of the key players operating in the market are
focusing on acquisitions to diversify their product offerings and strengthen
their position in the market. For instance, in March 2019, The Walt Disney
Company closed its USD 71 billion acquisition of 21st Century Fox’s entertainment
assets. This acquisition allows the company to produce and distribute news,
sports, and entertainment content through Fox News, Fox Sports, the Fox
Network, and the Fox Television Stations.
The key companies are also focusing on strategic
measures to expand their reach to a larger consumer base. For instance, Netflix
Inc. is focusing on expanding its streaming membership business across the
globe. To achieve the same, the company is improving its members’ experience by
expanding its streaming content with an emphasis on programming a compelling
mix of content that delights its existing members and attracts new members.
Furthermore, it is continuously enhancing its user interface and extending
streaming services to internet-connected screens.
Related Press Release@ Middle East Movies & Entertainment Market Report
Middle East Movies &
Entertainment Market Report Highlights
- Movies are projected to be the fastest-growing segment by
progressing at a CAGR of 14.0% over the forecast period
- The movies segment was valued at USD 334.0 million in 2020 and is
expected to reach USD 953.3 million by 2028
- Saudi Arabia region is foreseen to remain at the forefront
regarding market share and projected to accounts for a total market share
of 27.5% in 2028
- Some of the key players operating in the Middle East movies and
entertainment market includes Netflix, Inc.; Amazon.com, Inc.; beIN Media
Group, LLC; MBC Group; Sony Entertainment, Inc.; and The Walt Disney
Company
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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