MBC Group is celebrating its 35th anniversary with a campaign themed ‘Our Story is better with You’, scheduled to run through Ramadan 2027. Launched in 1991 as the Arab world’s first privately owned FTA satellite broadcaster, the Saudi-backed conglomerate has evolved into a vast network encompassing over 13 free-to-air channels, radio stations, a training academy, and a recently launched gaming division. However, this milestone arrives at a critical juncture for the company, as its economic center of gravity decisively shifts away from the traditional broadcast channels that built its empire toward the streaming service that now dictates its future.
The company’s financial results for the first half of 2026 clearly illustrate this structural transition. MBC Group reported a 24.6% drop in overall revenue to SAR 2.3 billion ($613.3 million), while advertising revenue fell by 20.8% to SAR 617.6 million. This contraction was largely driven by regional volatility, which prompted advertisers to reduce budgets and shorten booking lead times, alongside an unrealized fair-value loss on the group’s investment in Arabian Contracting Services resulting in a net loss for the period.
Conversely, the streaming platform MBC Shahid moved in the opposite direction. Shahid’s overall revenue rose by 18.5% to SAR 825.5 million, fueled by a 23.3% surge in subscription revenue. Generating a net profit of SAR 54.2 million for the half-year, the platform is now projected to achieve full-year profitability in 2026, a year ahead of schedule. Shahid alone currently generates more revenue than the group’s entire legacy advertising business.
Led by CEO Mike Sneesby, the group—which listed on the Saudi Exchange in 2024 and operates under a 54% controlling stake from Saudi Arabia’s Public Investment Fund—is leaning into this momentum. Sneesby identified Shahid as the company’s primary growth engine, emphasizing strong subscription momentum and international expansion while maintaining commercial efficiency in a volatile market. The group is also redefining its scope beyond the screen; the MBC Academy has trained over 18,000 regional media professionals since 2020, and the newly minted MBC Game Studio recently debuted its first major title in Germany.
Moving forward, MBC is operating less like a traditional broadcaster with a streaming offshoot, and more like a comprehensive entertainment conglomerate with a linear broadcasting arm. This shift carries immediate implications for content acquisition and development, signaling a higher demand for premium originals, subscriber-retaining exclusive series, and adaptable intellectual property, alongside tighter scrutiny of conventional linear filler. Thirty-five years ago, MBC’s ultimate advantage was its satellite footprint; today, its power relies entirely on a dedicated subscriber base and what that audience is willing to pay to watch.
