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As Saudi Arabia looks to diversify economy, Hollywood takes notice
The Hollywood sign is seen as it is repainted in preparation for its 100th anniversary in 2023, in Hollywood on Sept. 28, 2022.
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Robyn Beck
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AFP via Getty Images
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Topline:
Saudi Arabia has already spent $1.3 trillion on its Vision 2030 plan to diversify its economy, and Hollywood’s entertainment companies hope to be a substantial portion of the billions reportedly allotted for media.
Why it matters: Hollywood goes where the money is. For a time, investment money came from China, then from South Korea. But now, all eyes are on the Middle East as Saudi Arabia’s Vision 2030 plan has the potential to pay for projects that a contracting Hollywood can’t fund.
Saudiwood: While Hollywood is interested in how the Saudis can fund projects, the Saudis see it the opposite way, according to some dealmakers. The country’s intent, they say, is to create a studio and production infrastructure at home and use Hollywood talent to bolster it. The focal point of that has been Neom, the futuristic city being built on the coast of the Red Sea. Neom already has six sound stages — with another four in the works — and the area boasts a cash rebate of up to 40% for qualifying projects.
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More rigid scrutiny: Though Saudi Arabia has plenty of money to allot, the same playbook that’s worked in the past isn’t necessarily going to be useful this time. Saudi investments being made now are more rigorously analyzed for profitability, a tough hill for risky film and TV productions to climb.
For more... read the full story on The Ankler.
This story is published in partnership with The Ankler, a paid subscription publication about the entertainment industry.
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