As a seasoned gamer with over two decades of experience navigating the ever-evolving landscape of the entertainment industry, I find myself intrigued by the recent developments in Saudi Arabia’s burgeoning film market. Much like how I’ve seen a resurgence in retro gaming trends, it seems the film world is witnessing a similar revival – an untapped market ripe for exploration and exploitation (in a good way, of course!).
On Saturday, Hollywood and international film producers, facing a harsh industry downturn, began exploring potential new film ventures in the direction of Saudi Arabia, a rapidly growing film market, as well as tapping into its attractive financial incentives.
At a discussion titled “Discovering the Upcoming Phenomenon”, Zeinab Abu Alsamh confidently declared, “We are poised to become the next major sensation. Similarly, Saudi Arabia is on the verge of greatness.” She holds the position of General Manager at MBC Studios, a significant film production company situated in Jeddah, Saudi Arabia.
Her comments align with a nation implementing numerous soft-money programs aimed at establishing its film and television industry almost entirely anew. International filmmakers and packaging firms, adapting to unparalleled industry upheaval, express confidence in her opinions as they discuss strategies for leveraging Saudi Arabia’s expanding infrastructure and financial incentives.
Glen Basner, the CEO of Filmnation Entertainment, who is attending the Red Sea festival for the first time, expressed his admiration for local talent and opportunities for soft financing in the area. He stated that the festival serves not only as a platform to understand the financial appeal but also to discover the emerging talent in the region. “It’s a great opportunity to grasp the intricacies of filmmaking here, understand the financial incentives, and secondly, to explore the blossoming creativity present in this region,” Basner shared during the festival session. He added that simply strolling through the market (souk) today and observing all the promotions and videos has left him feeling enthusiastic about the creative filmmaking scene happening here.
Additionally, panelists considered methods for funding films by tapping into the global soft money pool, given that conventional pay TV operators have grown more cautious with their budgets and are currently reducing their involvement in the independent film market, at least temporarily.
Katie Irwin, an agent and the joint leader of international at WME Independent, stated that due to the unforeseen chaos in the movie industry, her Hollywood agency couldn’t afford to predict where the independent film sector would stabilize before deciding on their next venture. Instead, she emphasized, “We must take the initiative in shaping the marketplace, rather than merely following it.
It can be particularly difficult to discover hidden gems amongst independent film proposals presented to Hollywood. This is where international incentives and collaborative production partners become crucial, as they assist in balancing the declining revenue from overseas television broadcasters.
As a cinema enthusiast, I’m keenly exploring avenues for cross-border collaborative productions. While the U.S. lacks a broad framework for this, it opens up a fascinating prospect for local and regional filmmakers like myself.
Additionally, Seb Shorr, Fremantle’s COO, highlighted the use of soft money and funds from international co-productions as strategies to develop movie projects in markets where Fremantle is already established. Since Fremantle lacks a film sales division, it collaborates closely with Hollywood producers and international financiers instead.
Shorr emphasized our significant expertise and abundant resources in handling projects using soft funds across various nations, which is a major advantage for us. He mentioned that Fremantle has an extensive history of work in Italy and Spain, anticipates receiving tax incentives in Germany, and is gearing up to produce a film Down Under (in Australia).
“We’re pretty opportunistic on each project, on what is the best construct,” Shorr said.
The Red Sea Film Festival continues through to Dec. 14.
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2024-12-07 20:55