Saudi Arabia Entertainment and Events Market Size Worth $19,647 Million By 2030: IndustryARC
Apr 12, 2024
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The Global Saudi Arabia Entertainment and Events Market size is predicted to reach $19,647million by 2030, growing at a CAGR of 8.5% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC.Numerous government initiatives, coupled with social and cultural reforms, are propelling the expansion of the entertainment and events market in Saudi Arabia. Additionally, an accelerated pace of digital transformation is poised to propel the market growth, finds IndustryARC in its recent report, titled “Saudi Arabia Entertainment and Events Market Size, Share & Trends Analysis Report By Type (Music Concerts & Festival, Sports, Gaming, Live Entertainment Shows, Theatres & Film Screening, Art Festivals/ Exhibitions, Cultural & Theme Park Events, Exhibitions & Conferences, Corporate Events & Seminars, Others), By Age Group (Below 20 Years, 21-40 Years, Above 40 Year), By Gender (Male, Female), By End Use (Education, Entertainment, Sports & Gaming, Arts & Culture, Corporate, Others), By Client (Private Companies, Governmental Entities,Others)and Segment Forecasts, 2024–2030”
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Increased Digital Transformation is Driving the Market Growth
The swift integration of digital technologies and the internet has revolutionized entertainment and event access in the country. Digital platforms and mobile apps offer convenient ticket purchases and access to a wide array of entertainment content, simplifying the process and expanding accessibility. Social media platforms serve as crucial promotional tools, broadening reach, engaging fansand generating excitement for upcoming events. Digitized ticketing has streamlined the entire customer journeyenabling easy online ticketing, seat reservationsand event information accessreducing physical queues. This convenience not only benefits customers but also empowers event organizers with valuable customer insightsenabling more effective customization of offerings. This data-driven approach transforms the Saudi Arabian entertainment industry, fostering dynamism, customer focusand data-centric strategiespositioning adaptable companies for success in this evolving market.
Saudi Arabia Entertainment and Events Market 2024-2030: Scope of the Report
Report Metric | Details |
Base Year Considered | 2023 |
Forecast Period | 2024–2030 |
CAGR | 8.5% |
Market Size in 2030 | $19,647 Million |
Segments Covered | Type, Age Group, Gender, End Use and Client |
Key Market Players |
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Saudi Arabia Entertainment and Events Market Report – Key Takeaways
SportsDominate the Market
TheSportssegment had the largest market share in 2023 owing to Saudi Arabia has increasingly been hosting international sporting events, such as Formula 1 races, boxing matches, and golf tournaments. These events not only attracting global attention but also stimulate the local sports and entertainment industry. The Saudi government has taken a particular interest in the role of sports and sporting events in the development of the country. In keeping with its Vision 2030 reform strategy, the government has set out to boost sports participation and enhance the quality of sporting facilities and events throughout the Kingdom. This has resulted in several advancements in the Saudi sporting industry and fueling the growth of Entertainment and Events Market in Saudi Arabia.In 2023, as per the ITA Association Report, Qiddiyaset to be the world's largest entertainment city is nearly triple the size of Walt Disney World. Featuring 300+ amenities, including a 20,000-seat clifftop stadium, motorsports arenas, Six Flags theme park, waterpark, golf courses, cinemasand a performing arts theatre, Qiddiya aims to attract over 14 million yearly visitors. This landmark project represents a significant advancement in the Saudi Arabia entertainment and events marketparticularly in sportsoffering unparalleled facilities and experiences for sports enthusiasts and visitors.
Educationto Register Highest Growth
Education is analyzed to grow with the highest CAGR during the forecast period 2024-20230. The increasing emphasis on educational events, seminars, and workshops aligns with the nation's commitment to knowledge-based development. With a focus on fostering innovation and skills development, educational initiatives are drawing significant attention. The integration of technology and interactive formats enhances the educational event experience, attracting a diverse audience. As a result, the education sector is emerging as a prominent contributor to the expanding entertainment and events market in Saudi Arabia, offering a platform that blends knowledge dissemination with engaging and enriching experiences.In 2023, As per General Entertainment Authority (GEA) Report, In Saudi Arabia greenlit 2,736 events in the initial half of 2023, signifying a 35 percent upsurge from the 2022. This substantial increase in licensed events reflects the burgeoning landscape of educational initiatives within Saudi Arabia's entertainment and events market, highlighting a heightened focus on diverse educational events and activities for the populace.
Burgeoning Opportunities in E-Sports and Gaming
With a growing community of gamers and enthusiasts, there is a ripe environment for organizing tournaments, competitions, and gaming-related events. These engagements not only cater to the rising demand for competitive gaming experiences but also attract diverse audiences, fostering community engagement. Leveraging this trend allows businesses to tap into the dynamic world of e-sports, creating impactful events that resonate with the gaming culture prevalent in Saudi Arabia, thereby contributing to the expansion and diversification of the entertainment market.
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Key Opportunity Analysis:
The Initiatives by Saudi Arabia to Raise Awareness of its Tourism and Leisure Industries
Saudi Arabia has undertaken several initiatives to raise awareness of its tourism and leisure industries, which, in turn, are creating growth opportunities for the Saudi Arabia Entertainment and Events Market. According to The Embassy of The Kingdom of Saudi Arabia, Saudi Arabia's Vision 2030 plan places a significant focus on tourism and entertainment as key pillars for economic diversification. Saudi Arabia's Vision 2030 economic diversification strategy prioritizes travel, tourism, and entertainment. The Saudi government wants to expand domestic family spending on entertainment and leisure activities, as well as make the kingdom asignificant worldwide vacation destination. As a result, the demand for Saudi Arabia Entertainment and Events Industry is rising.
In 2023, According to The International Trade Administration Organization reported, the Saudi Arabia's ambitious tourism target of welcoming 100 million annual visitors by 2030. This strategic goal drives various initiativessuch as introducing an e-visa system for citizens from 57 nations, unlocking UNESCO World Heritage sites, developing resorts along the Red Sea, and initiating a cruise line. These measures are pivotal in attracting a broader international audience, fostering increased tourist inflowand subsequently bolstering the demand for entertainment and events within Saudi Arabia's thriving market.
The Increasing investments in Entertainment and Events Industry
The increasing investments in Saudi Arabia's entertainment and events industry are undeniably opening up more opportunities for the market. These investments are part of the broader efforts to diversify the country's economy and promote tourism and leisure activities. The initiatives and projects such as Vision 2030, giga-projectsand cultural events, all contribute to the growth of the entertainment and events market in Saudi Arabia. This is a significant development that is not only attracting local audiences but also drawing in tourists, thus positively impacting the industry.
In January 2023, Crown Prince Mohammed bin Salman's announcement of the Events Investment Fund (EIF) in January 2023 marks a strategic move toward sustainable development in cultural, tourism, entertainment, and sports sectors. By 2030, the EIF plans to establish over 35 venues while adhering to high environmental, social, and governance standards. With a goal to elevate the tourism sector's GDP contribution to over 10% by 2030 and welcome 100 million tourists, these investments position Saudi Arabia as a prominent global entertainment and leisure destination.
The Rise of Virtual Platforms in Entertainment and Events Industry
Virtual events and experiences are poised as a transformative opportunity within Saudi Arabia's entertainment and events market. These digital platforms offer an innovative approach to engagement, transcending physical boundaries and enabling a broader reach. They provide a versatile medium for hosting diverse events, from corporate meetings to cultural showcases, fostering inclusivity and accessibility. Embracing virtual technologies facilitates cost-effective event execution and enhances audience interaction through immersive experiences. Amidst evolving consumer preferences and the global shift towards digital connectivity, investing in and cultivating compelling virtual experiences positions businesses to capitalize on this burgeoning segment. Leveraging these opportunities not only diversifies entertainment offerings but also ensures resilience and adaptability within Saudi Arabia's dynamic entertainment and events landscape.
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The Report also Covers the Following Areas:
- Saudi Arabia Entertainment and Events Market Size and Forecast
- Saudi Arabia Entertainment and EventsMarket Trends
- Saudi Arabia Entertainment and Events Market Analysis byType
Saudi Arabia Entertainment and Events Market 2024-2030: Key Highlights
- CAGR of the market during the forecast period 2024-2030
- Value Chain analysis of key stake holders
- Detailed analysis of market drivers and opportunities during the forecast period
- Saudi Arabia Entertainment and Events Market size estimation and forecast
- Analysis and predictions on end users’ behavior and upcoming trends
- Competitive landscape and Vendor market analysis including offerings, developments, and financials
- Comprehensive analysis of challenges and constraints in the Saudi Arabia Entertainment and Events Market
Covid and Ukrainian Crisis Impact:
- The COVID-19 pandemic significantly disrupted Saudi Arabia's entertainment and events market, causing widespread event cancellations, venue closures, and reduced consumer spending. Strict health measures and social distancing regulations led to operational challenges for entertainment businesses, impacting revenue streams and event planning. The shift towards virtual experiences emerged as a temporary solution, but the overall market faced economic strain. As restrictions eased, the industry cautiously embraced hybrid event models, combining virtual and in-person elements. Despite signs of recovery, ongoing uncertainties regarding public health and changing regulations continue to shape strategies, prompting a focus on adaptive approaches and innovative event formats for sustained growth.
- The Ukraine crisis has exerted indirect effects on Saudi Arabia's entertainment and events market. Geopolitical tensions and global economic uncertainties resulting from the crisis have impacted investor sentiment and consumer spending patterns. The fluctuating oil market and cautious business environment have potentially influenced disposable incomes and investments in leisure activities. While the crisis's direct impact may not be explicit, its ripple effects on the broader economy could prompt shifts in consumer behaviour and investment strategies within the Saudi entertainment industry, necessitating a vigilant approach to adapt to evolving market dynamics.
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List of Key Market Players in Saudi Arabia Entertainment and Events Market:
The Global Saudi Arabia Entertainment and Events Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
- Sela
- Richard Attias & Associates
- Time Entertainment
- Live Nation Entertainment, Inc.
- Benchmark
- Seven Production and Events
- Film Master
- MDL Beast
- Acciona Cultura
- 4M Events
- The Imagination Group Ltd
- Balich Wonder Studio S.P.A.
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