Dublin, Aug. 10, 2023 (GLOBE NEWSWIRE) -- The "Saudi Arabia Entertainment & Amusement Market, Size, Forecast 2023-2030, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis" report has been added to ResearchAndMarkets.com's offering.
With an estimated value of US$ 1,371.30 Million by 2030, the Saudi Arabia Entertainment Market is witnessing rapid growth, driven by visionary initiatives and a commitment to becoming a global entertainment hub.
Arabian Society's Transformation and Thriving Entertainment Industry
Saudi Arabia is experiencing a profound societal transformation, positioning itself as a world-class entertainment destination. With initiatives that attract both local and international filmmakers, foster musical talent, and establish theme parks and entertainment centers, the country is diversifying its economy and promoting cultural exchange. By embracing various forms of entertainment, Saudi Arabia is nurturing a vibrant creative industry while captivating a global audience. This strategic approach reflects the country's dedication to embracing cultural evolution and offering diverse and immersive entertainment experiences. Notably, in February 2023, Abdullah Al Othaim Investment Co. unveiled its ambitious plans for a groundbreaking $1.9 billion (SR7bn) entertainment project in Riyadh, Saudi Arabia.
Staggering Growth and Pioneering Policies
The Saudi Arabia Entertainment Market is projected to witness a remarkable growth rate of 20.01% from 2022 to 2030, signaling significant opportunities for investors in the industry. This growth is in line with the country's ambitious Vision 2030, which focuses on economic diversification, particularly evident in the groundbreaking entertainment policy implemented by the General Entertainment Authority (GEA). In January 2023, the GEA granted licenses for over 24 theme parks and 421 entertainment centers, showcasing the country's dedication to creating a diverse entertainment sector that aligns with the objectives of Vision 2030. Additionally, the GEA issued numerous permits for entertainment events and live performances in restaurants and cafes, further underscoring the Kingdom's commitment to fostering a thriving and inclusive entertainment landscape.
Segmentation Highlights
In-depth segmentation analysis reveals essential insights into the Saudi Arabia Entertainment & Amusement Market, providing a nuanced understanding for potential investors:
- By Nationality: Saudi Arabia's Entertainment & Amusement industry is predominantly driven by nationals, indicating that local residents significantly influence the demand for entertainment offerings. Understanding the preferences and cultural values of Saudi nationals is essential for capturing and retaining market share.
- By Segment: Park admission holds the highest market share, emphasizing the importance of immersive experiences and access to diverse attractions in driving the industry's growth.
- By Gender: Males currently dominate the market, shaping the industry's growth with their preferences and interests. However, the industry is actively expanding offerings to appeal to female consumers, unlocking new opportunities for growth and inclusivity.
- By Region: Jeddah stands out as a vibrant hub for entertainment and leisure in Saudi Arabia, offering a diverse range of attractions and experiences that attract both locals and tourists.
Key Companies Driving the Industry Forward
Several key players are contributing to the dynamic growth of the Saudi Arabia Entertainment & Amusement Market, including Al Hokair Group, AL Othaim, Fakieh Group, Jungle Land, Saudi Aramco Amusement Park, E-Plus (Event Plus), Time Entertainment, First Entertainment Company, and Belle Gate.
As Saudi Arabia forges ahead with its Vision 2030, the Entertainment & Amusement industry remains a key driver of economic diversification, cultural exchange, and overall growth. Investors and businesses have an unprecedented opportunity to be part of this transformative journey, contributing to a vibrant society and a premier global entertainment destination.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 320 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $318.68 Million |
| Forecasted Market Value (USD) by 2030 | $1371.3 Million |
| Compound Annual Growth Rate | 20.0% |
| Regions Covered | Saudi Arabia |
For more information about this report visit https://www.researchandmarkets.com/r/fg020s
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