As expected, Ramadan delivered another prime-time TV bonanza across the Middle East this year, led by the headline-grabbing debut of "Moawiya," a historical drama chronicling the life of one of Islam’s early caliphs. 

Hailed as the most expensive Arab television production ever with a reported $100 million price tag, the new blockbuster was produced by the MBC Group, underscoring the Saudi broadcasting giant's aggressive investment in premium content as it seeks to win big in the streaming age. 

The timing of Ramadan’s peak viewing season and the launch of “Moawiya” conveniently coincided with a financial milestone for MBC, which reported its 2024 full-year earnings on March 27, recording a 13.1% increase in revenue and a staggering 515% surge in net profits. A key driver behind these numbers, according to the company, was the continued growth of Shahid, its streaming service focused primarily on Arabic-language shows and movies.

Shahid’s paying subscriber base expanded last year by 25.6%, to 5 million, while its free, ad-supported tier grew 22.1%, to 18.6 million. That strengthens MBC’s grip on the Middle East’s streaming market, where it has emerged as the leading player in recent years with Shahid building a clear edge over Netflix.