Saudi Arabia Entertainment and Events Market

The Global Saudi Arabia Entertainment and Events Market size is predicted to reach $19,647 million 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”

 

 

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 fans and generating excitement for upcoming events. Digitized ticketing has streamlined the entire customer journey enabling easy online ticketing, seat reservations and event information access reducing physical queues. This convenience not only benefits customers but also empowers event organizers with valuable customer insights enabling more effective customization of offerings. This data-driven approach transforms the Saudi Arabian entertainment industry, fostering dynamism, customer focus and data-centric strategies positioning adaptable companies for success in this evolving market.

 

 

The Sports segment 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, Qiddiya set 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, cinemas and 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 market particularly in sports offering unparalleled facilities and experiences for sports enthusiasts and visitors.

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.

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.

 

 

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 a significant 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 initiatives such 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 inflow and subsequently bolstering the demand for entertainment and events within Saudi Arabia's thriving market.

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-projects and 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.

  

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.

 

 

• 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.

 

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:

Augmented Reality & Virtual Reality Market for Entertainment Industry – The Augmented Reality & Virtual Reality Market for Entertainment Industry is projected to grow at a CAGR of 9.3% from 2024 to 2030. The Growth is attributed to the application which provides VR content for the World Cup such as the match highlights, a live statistics dashboard, and match commentary has been downloaded a record number of times. Although, when compared to non-VR content, the readings make for poor performance. It is still a significant improvement. As more and more electronics are built to be more efficient and effective in handling VR content, the number of applications in the market will increase.

VR Camera Market – The VR Camera Market is projected to grow at a CAGR of 26.4% from 2024 to 2030. The escalating scholarly focus on VR technologies and the adoption of virtual reality (VR) cameras in the gaming industry is propelling the VR Camera Market growth.

Motorsports Market – The Motorsports Market is projected to grow at a CAGR of 10.2% from 2024 to 2030. Growth in the formula racing format for electric vehicles, rising revenues in the Formula One racing championship and growing popularity of motorsports among millennials through broadcasting and social networking platforms have boosted the motorsports market. Factors such as an increase in the number of races, advertisements and sponsorships are driving the motorsports market forward. Huge investments are done by the sponsors as these sports events are an ideal platform for the companies to promote their products. This racing entertainment attracts spectators and generates revenue for its products are propelling the market growth.

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Mr. Venkat Reddy

IndustryARC

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