Saudi Outfits Muvi & Telfaz11 Strike Cooperation Agreement
Muvi Cinemas, the first locally owned and operated cinema brand in Saudi Arabia, and Riyadh-based producer and financier Telfaz11 have inked a deal that will see the two companies team to grow filmmaking in the region.
Under the terms of the deal, Muvi is taking an undisclosed stake in Telfaz11. A new film fund will also be created to finance Telfaz11-produced feature films for release in theaters across Saudi. The companies say they will also collaborate on each other’s social-media and digital platforms in a marketing alliance as they look to expand their brands.
Back in November, Netflix struck a deal with Telfaz11 for the latter to produce a slate of eight films for the global streamer. Muvi recently teamed up with leading Middle East distributor Front Row to launch a joint Saudi distribution venture, Front Row Arabia.
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“We are extremely excited with this strategic partnership with Telfaz11”, Says Sultan Alhokair, CEO at Muvi Cinemas “The need for a strong local-language film market with theatrical window has never been stronger with the annual box office projected to exceed $1 billion annually by 2030. Studios such as Telfaz11 are strongly placed to be market leaders given that Saudi Arabia’s cinema industry is similar to those of France, Italy, and Germany, insofar as local-language content accounts for over 40% of annual box-office revenue. Additionally Telfaz11’s expertise in creative content creation and audience growth will be invaluable to the Muvi brand as we seek to increase our reach to 610 movie screens across 60 cinemas by the year 2025.”
Added Telfaz11 CEO, Alaa Fadan, “Saudi Arabia is making tremendous advancements within the entertainment community, both with what we produce and how we reach audiences. It has long been our goal to ensure all Saudis get to experience the magic of movies in theaters, and this deal with our friends at Muvi only furthers Telfaz11’s mandate to have a hand in our country’s cultural growth in the film and media business.”