Mumbai: Eros Media World has formed a strategic alliance with a Riyadh-based content production company, Arabia Pictures Group, "APG," which primarily serves the MENA region.
Through this partnership, Eros and APG will explore strategic and business opportunities in the film production, technology, and web3 space exclusively catering to the Indian entertainment industry.
Eros Media World group CEO Pradeep Dwivedi said, “Saudi Arabia is a strategic market for global organisations like Eros Media World. We aspire to be a frontrunner in not only getting a foothold in this burgeoning market but also contribute to the economy through our expertise.”
He further added, “This partnership with Arabia Picture Group is significant as it allows us to understand the market and introduce new concepts and technologies that are crucial to the growth of the sector in the region. Cultural similarities between India and Saudi Arabia will help accelerate this process and create value for stakeholders.”
They will look into content production investments such as end-to-end production, line production, distribution, and more. They will also look to introduce new technologies that will help the media and entertainment industry grow. They are already testing movie archive digitisation and virtual location scouting technologies in advanced stages.
Arabia Pictures Group chairman Abdulelah Alahmary said, “The MENA region is keen for creative mediums such as arts and films to play a more prominent role in shaping the economy. This presents a great opportunity for us to use our combined strength and contribute to the sector's growth. He adds, “We are collaborating in the East with Eros’ expertise in the new age web3 and blockchain space gives us an edge, and I am certain that we will build an ecosystem that will transform the media and entertainment industry in the MENA region and beyond towards the west.”
With blockchain and related technologies transforming businesses around the world, the joint entity will focus on creating an environment that supports decentralised and autonomous new economic growth, thereby creating a more equitable and empowering ecosystem for the entertainment community to thrive.
Arabia Pictures Group chief executive officer Roua Almadani, "We have always aspired to partner with India, the top entertainment creators in the world, and now the dream has come true."
"This cooperation will create various job opportunities in entertainment production and filmmaking as well as new discoveries of young talents in the film industry in the Kingdom of Saudi Arabia and the Middle East. We will be revealing more details during a press conference and on the joint projects soon," added Almadani.
Eros is entering the rapidly expanding Saudi Arabian market in order to capitalise on new opportunities and identify synergies with the various Saudi Arabian government initiatives aimed at fostering growth in the media and entertainment sectors.
The General Entertainment Authority (GEA), which was established by the Saudi government in 2016 to help drive Vision 2030, a strategic framework to diversify Saudi Arabia's economy and develop public service sectors such as health, education, infrastructure, recreation, media, and tourism, is one of the driving forces behind the growth initiative.
As part of its Vision 2030, the Saudi government intends to invest approximately $6.9 billion in the film industry in order to transform it into a major economic contributor.
