The entertainment industry of Saudi Arabia is growing massively. Saudi Arabia has been putting its best effort to build a unique and world-class entertainment hub that includes innovative rides, cultural or historical attraction, and mega sporting events. It will also have accommodation facilities and merchandise in amusement parks that are gaining popularity among visitors of all age groups. Its entertainment sector offers an enormous opportunity for companies operating in this space. According to Renub Research, the Saudi Arabia Entertainment & Amusement market will reach US$ 1170.72 Million by the end of the year 2030.
The Saudi government has played a central role in supporting the growth of the entertainment sector by implementing the General Authority for Entertainment (GAE) established under the umbrella of the Public Investment Fund (PIF). The introduction of new tourism visa is expected to drive this market further. Even Saudi Arabia’s real estate industry continues to be well-positioned to benefit from the growth of the kingdom’s fledgeling entertainment industry. The Saudi Arabia entertainment market includes Theme Park/Amusement Park, Festivals and Concerts Market, and revenues from other Entertainment sources. As per this research study, Kingdom’s Entertainment and Amusement Industry will grow at a staggering CAGR of 47.65% during 2020-2030.
Saudi Entertainment and Amusement (SEA) exhibition, a newly launched show to support accelerate industry growth in the run-up to the Kingdom's VISION 2030. SEA will be the Kingdom's first-ever trade event dedicated to the entertainment and amusement industry. In Saudi Arabia, there is a massive demand for theme parks and amusement parks. For Entertainment, Vision 2030 aspires to increase household expenses on entertainment from 2.9% to 6.0%. Saudi Arabia Amusement & Entertainment Market was US$ 23.77 Million in 2020.
COVID – 19 Impact on Kingdom’s Entertainment Industry
Due to COVID-19 pandemic, industries have suffered lockdowns, restriction, and so on Saudi’s. The entertainment sector has faced immense revenue decline due to this pandemic. In order to contain the Coronavirus, amusement and theme parks were closed from time to time for the last two years. As per our study post-pandemic i: e from 2022, Saudi Arabia Amusement Market will start reviving.
Opportunities for Entertainment Companies
In 2019, Projects like Qiddiyah were an entertainment megaproject established in Riyadh, where a six flags theme park is found inside sports arenas, water and snow sport facilities, motor tracks, venues to host cultural activities and vacation homes. In December 2017, the Saudi Kingdom decision to lift the ban on cinemas has opened a plethora of opportunities for international and regional entertainment companies.
Renub Research report titled "Saudi Arabia Entertainment & Amusement Market, (By Theme Park/Amusument Park Market, Festivals and Concerts Market, Other Sources Market) (By Revenue - Indoor Family Entertainment Centres - FEC’s, Outdoor Amusement Parks) Festival, Concerts, by Regions (Riyadh, Jeddah, Dammam / Khobar, Others (Jizan, Tabouk, Taif and Al Baha), End-User (Family, Spouse, Alone, Kids Only, Others) Company (Al Hokair Group, Al Othaim, Fakieh Group, Jungle Land, Saudi Aramco Amusement Park, Event Plus, Squares Entertainment, Time Entertainment, First Entertainment Company, Belle Gate)" provides a detailed analysis of Kingdom’s Entertainment & Amusement Industry.
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