September 17, 2024
Saudi Arabia’s film industry is experiencing significant growth, marking a new era in the Kingdom’s entertainment sector. According to Prince Badr Bin Abdullah, the Minister of Culture, Saudi box office sales reached an impressive 8.5 million tickets in 2024, with revenues exceeding US$112.4 million in the first half of the year alone. This surge in popularity is particularly noteworthy as Saudi movies have risen to prominence, with two of the top three titles in 2024 being local productions.
سوق صناعة السينما مزدهرة، حيث وصلت مبيعات شباك التذاكر السعودي إلى 8.5 مليون تذكرة بإيرادات تجاوزت 421.8 مليون ريال خلال النصف الأول من العام الحالي، وفيلمان سعوديان ضمن أعلى 3 أفلام مبيعاً. #رؤية_السعودية_2030
Saudi box office sales have reached 8.5 million tickets with… https://t.co/joTkWZOAm4
— بدر بن عبدالله بن فرحان آل سعود (@BadrFAlSaud) September 10, 2024
The success of Saudi cinema is part of a broader global trend of box office recovery. August marked a notable surge in the global box office, driven primarily by two major releases featuring real-life couple Ryan Reynolds and Blake Lively: Deadpool & Wolverine and It Ends With Us. The global box office grossed US$3 billion in August, pushing the year-to-date total to approximately US$21.1 billion. This narrowed the gap to the three-year average to -21%, an improvement from the -28% deficit reported at the end of May, despite the ongoing disruptions from the SAG-AFTRA strike in 2023, according to Gower Street’s latest Global Box Office Tracker (GBOT).
For the third month in a row, the global box office exceeded projections. The combined international (excluding China) and domestic markets generated US$2.46 billion in August, making it the second-highest month since the previous August. Although slightly below July’s $2.84 billion (-13%), this figure was still ahead of June’s US$2.4 billion (+2%).
The North American market (Domestic) stood out, surpassing the box office average for the same months in 2017-2019 by 15%. This is the highest level since the beginning of the decade and marks only the third instance where the domestic market has reached or exceeded pre-pandemic levels in any month.
The global theatrical industry enjoyed three consecutive months of increased revenue, bolstered by a more robust calendar of blockbuster releases. This resurgence brought box office performance closer to last year’s summer heights, including the addition of two films, Inside Out 2 and Deadpool & Wolverine, to the top 21 all-time global box office list. Remarkably, seven of the top 21 highest-grossing films globally have been released since December 2021.
While the final four months of the past two years saw a significant drop in releases, this year, globally, promises a fuller schedule with a wider array of attractive titles such as Joker: Folie à Deux, Gladiator II, Mufasa: The Lion King, Kraven the Hunter, Sonic the Hedgehog 3, likely to lift the box office further.
As Saudi Arabia continues to invest in its burgeoning film industry and global cinema recovers from recent challenges, the outlook for the box office remains positive. The diversity of offerings, from local Saudi productions to international blockbusters, is appealing to audiences both in the Kingdom and worldwide, setting the stage for continued growth in the cinema sector.
Source: GowerStreet, X
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