Indian media and entertainment giant Eros Media World is moving into the fast-growing market of Saudi Arabia by signing a strategic partnership with Riyadh-based content production company Arabia Pictures Group.
The couple will explore opportunities in the film, tech and Web3 space and seek investment in content production, including full production, online production, distribution and more. They will also seek to introduce new technologies that will help grow the media and entertainment sector in Saudi Arabia. Eros and APG are already in the advanced stages of digitizing the film archive and testing virtual location scanning technologies.
Eros also announced today that it will be a partner in the Kingdom’s Vision 2030 framework, becoming the first India-based media company to explore actionable opportunities.
Vision 2030 is designed to reduce Saudi Arabia’s dependence on oil and diversify its economy, and the local government plans to turn its film industry into a major economic contributor with approximately $ 6.9 billion invested in the sector. Since the ban on cinemas in the market was lifted, the box office has grown with Bollywood films, especially among that audience.
Pradeep Dwivedi, CEO of Eros Media World Group, noted: “Saudi Arabia is a strategic market for global organizations such as Eros Media World. We aspire to be a leader not only in tapping into this growing market, but also in contributing to the economy with our experience. This association with Arabia Pictures Group is important because it allows us to understand the market and introduce new concepts and technologies that are crucial for the growth of the industry in the region. The cultural similarities between India and Saudi Arabia will help accelerate this process and create value for stakeholders. “
Rua Almadan, CEO of Arabia Pictures Group, said: “We have always tried to partner with India, the best entertainment creators in the world, and now this dream has come true. I am proud of the strategic partnership with Eros Media World PLC, the first of its kind in the Arab world. This collaboration will create various employment opportunities in entertainment production and film production, as well as discovering young talent in the film industry in the Kingdom of Saudi Arabia and the Middle East. “
Source: Deadline
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