Partnership will focus on exploring strategic
and business opportunities in content production, web3 and
technology space
Eros Media World PLC (“ErosMedia”, “Eros" or the “Company”)
(NYSE: EMWP), a global Indian media and entertainment company,
today announced that it is entering into the rapidly growing Saudi
Arabian market to capitalize on new opportunities and identify
synergies with the various Saudi Arabian government initiatives
designed to foster growth in the media and entertainment sector.
One of the driving forces behind the growth initiative is the
General Entertainment Authority (GEA), which was established by the
government of Saudi Arabia in 2016 to help drive Vision 2030, a
strategic framework to move away from Saudi Arabia's dependence on
oil to diversify its economy and develop public service sectors
such as health, education, infrastructure, recreation, media, and
tourism. Eros will partner in Vision 2030 and will be the first
media company of Indian origin to explore actionable
opportunities.
As the first step in this endeavour, Eros has entered into a
strategic partnership with Arabia Pictures Group “APG”,
headquartered in Riyadh, which caters mainly to the MENA region and
is focused on content production. 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.
This partnership is pioneering in several ways. It is the first
time that an Indian media company has collaborated with a Saudi
Arabia-based organisation to develop an all-encompassing
entertainment ecosystem jointly. Together the two companies will
explore investments in content production, such as end-to-end
production, line production, distribution, and more. The companies
will also seek to introduce new technologies that can further the
growth of the media and entertainment sector. The two companies are
already in the advanced stages of testing movie archive
digitization and virtual location scouting technologies. With
new-age blockchain and related technologies transforming businesses
worldwide, the joint entity will focus on building an environment
that supports decentralised and autonomous new economy growth
creating a more equitable and empowering ecosystem for the
entertainment community to thrive.
As a part of its Vision 2030, the Saudi Arabian government plans
to transform its film industry into a major economic contributor by
investing approximately $6.9 billion in the sector. Saudi Arabia
has been encouraging its households to increase spending on
cultural and entertainment activities, which has increased from
2.9% to 6% of Gross Domestic Product (“GDP”). The introduction of
Web3 and blockchain technology can accelerate this growth further.
As per a Gartner report, by 2030, blockchain will be the
foundational technology for 30% of global customers with a $3.1
Trillion economy. Eros, with its expertise in media, and Eros
Investments’ portfolio in blockchain and Web3 businesses, and
Arabia Picture Group, with its market understanding and experience,
are well placed to lead the sector in this new economy. The
collaboration follows Eros Investments’ recent announcement to
forge a strategic partnership with the Dubai World Trade Centre
Authority (DWTCA) to operate under the world’s only specialist
Virtual Asset Regulatory Authority (VARA), and enable the growth of
the Web3 industry and its associated blockchain businesses from
Dubai as the Hub.
Abdulelah Alahmary, Chairman of Arabia Pictures Group,
says, “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
West.”
Chief Executive Officer Roua Almadani stated, “We have
always been aspiring to partner with India, the top entertainment
creators in the world, and now the dream has come true.”
Almadani continued, “I’m proud of the strategic
cooperation with Eros Media World PLC, which is the first of its
kind in the Arab world.”
“This cooperation will create various job opportunities in
entertainment production and filmmaking as well as new discovering
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 the joint projects soon,” added
Almadani.
Commenting on the partnership, Pradeep Dwivedi, Group CEO
Eros Media World Plc, says, “Saudi Arabia is a strategic market
for global organizations 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.
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.”
About Eros Media World
Plc
Eros Media World Plc, (“Eros”, the “Company”) (NYSE: ESGC) is a
global media and entertainment company that acquires, co-produces
and distributes films, digital content and music across multiple
formats such as theatrical, television, OTT digital media streaming
and emerging web 3.0 ecosystem to consumers around the world. The
Company also owns the leading South Asian OTT platform Eros Now,
which has rights to over 12,000 films across major Indian
languages. For further information, please visit
www.ErosMediaWorld.com.About Arabia
Pictures Group
Arabia Pictures group is a leading entertainment company focused
on the production and global distribution of film and television
content across all platforms. We are focused on building ecosystems
of content creation; all of our companies complement each other and
contribute towards completing projects from talent development to
major film production. We envision to create a “MediaTainment
economy” by acting as the root base for innovative cloud and
digital services aimed at content creators. Regionally we have
major platforms, TVs, theatrical and talent. We are providing the
best value for creativity utilizing technology through our existing
channels.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Information provided in this communication includes
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, or the Securities Act, and
Section 21E of the Securities Exchange Act of 1934, as amended, and
such statements are subject to the safe harbors created thereby.
Generally, these forward-looking statements can be identified by
the use of forward-looking terminology such as “approximately,”
“anticipate,” “believe,” “estimate,” “continue,” “could,” “expect,”
“future,” “intend,” “may,” “plan,” “potential,” “predict,”
“project,” “seek,” “should,” “will”, “trending” and similar
expressions. Those statements include, among other things, the
discussions of the Company’s business strategy and expectations
concerning its and the Company’s market position and future
operations. All such forward-looking statements are subject to
risks and uncertainties that may cause actual results to differ
materially from those that we are expecting, including, without
limitation: our ability to successfully and cost-effectively source
film content; the Company’s ability to achieve the desired growth
rate of Eros Now; our ability to maintain or raise sufficient
capital; delays, cost overruns, cancellation or abandonment of the
completion or release of the Company’s films; our ability to
predict the popularity of its films, or changing consumer tastes;
our ability to maintain existing rights, and to acquire new rights,
to film content; our ability to successfully defend any future
class action lawsuits we are a party to in the U.S.; anonymous
letters to regulators or business associates or anonymous
allegations on social media regarding the Company’s business
practices, accounting practices and/or officers and directors; our
ability to recoup the full amount of box office revenues to which
it is entitled due to underreporting of box office receipts by
theater operators; our dependence on our relationships with theater
operators and other industry participants to exploit the Company’s
film content; our ability to mitigate risks relating to
distribution and collection in international markets; our ability
to compete with other forms of entertainment; our ability to combat
piracy and to protect our intellectual property; our ability to
maintain an effective system of internal control over financial
reporting; contingent liabilities that may materialize, our
exposure to liabilities on account of unfavorable
judgments/decisions in relation to legal proceedings involving the
Company or its subsidiaries and certain of its directors and
officers; our ability to successfully respond to technological
changes; our ability to satisfy debt obligations, fund working
capital and pay dividends; the monetary and fiscal policies of
countries around the world, inflation, deflation, unanticipated
turbulence in interest rates, foreign exchange rates, equity prices
or other rates or prices; our ability to address the risks
associated with acquisition opportunities; risks that the ongoing
coronavirus pandemic and its spread, and related public health
measures, may have material adverse effects on our business,
financial position, results of operations and/or cash flows;
uncertainty as to the long-term value of the Company’s ordinary
shares; the completion of the Company’s fiscal 2021 audit and
filing of its Annual Report on Form 20-F.
The forward-looking statements contained in this communication
are based on historical performance and management’s current plans,
estimates and expectations in light of information currently
available and are subject to uncertainty and changes in
circumstances. There can be no assurance that future developments
affecting the Company will be those that it has anticipated. Actual
results may differ materially from these expectations due to
changes in global, regional or local political, economic, business,
competitive, market, regulatory and other factors, many of which
are beyond the Company’s control. Should one or more of these risks
or uncertainties materialize or should any of the Company’s
assumptions prove to be incorrect, the Company’s actual results may
vary in material respects from what the Company may have expressed
or implied by these forward-looking statements. The Company
cautions that you should not place undue reliance on any of its
forward-looking statements. Any forward-looking statement made by
the Company in this communication speaks only as of the date on
which the Company makes it. Factors or events that could cause the
Company’s actual results to differ may emerge from time to time,
and it is not possible for the Company to predict all of them. The
Company undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by
applicable securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20220816005597/en/
Priyank Dubey Priyank.dubey@erosintl.com
Ayan Dutta, BCW/Genesis PR Mobile: +91 9930929699
Ayan.dutta@genesis-bcw.com
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