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Wild Bunch’s Vincent Maraval On The “Huge Growth Potential” Of The Saudi Film Market And Its Similarities With China
05.12.2022 - 14:29 / deadline.com
Wild Bunch co-founder Vincent Maraval drew comparisons between the burgeoning film industry in Saudi Arabia with that of China during a business-focused keynote at the Red Sea film festival this morning.
The keynote, hosted by Deadline’s Diana Lodderhose, began with Maraval explaining his approach to selecting and investing in projects, which he described as “talent-led” before discussing the evolution he has witnessed in the Middle Eastern market.
“When I started working, like, 25-30 years ago, the Middle East was basically Lebanon,” he said. “Today that has all changed. The growth of the region in terms of box office, streamers, and Netflix is coming, but most of the streamers will come. What happened in Saudi Arabia in the last five years is on a scale very comparable to the growth rate of Chinese exportation.”
He added that there is “huge growth potential” to be had in Saudi Arabia as well as the whole MENA region, but industry professionals must establish a greater understanding of audience consumption and taste in the region now and in the future.
“We all know when a market starts, there is a progression of the local product, and then there is a maturity. That’s why we need to be clever and find the right positioning,” he said.
Saudi Arabia lifted its decades-long ban on cinema in 2017. The move fell within the country’s Vision 2030 program spearheaded by Crown Prince Mohammad bin Salman Al-Saud as part of sweeping reforms to open up its society and the economy.
However, Maraval said that he believes positive industry shifts aren’t resigned to only the MENA region, and a similar trend will likely soon develop across the Red Sea in Africa.
“There is also a huge potential not only here, but it will probably be the
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