Dublin, Aug. 30, 2024 (GLOBE NEWSWIRE) -- The "Saudi Arabia Entertainment and Amusement Market Report, Forecast by Type of Entertainment Destination, Source of Revenue, City, and Company Analysis 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The Saudi Arabia Entertainment and Amusement Market will reach US$ 5.51 billion by 2032, up from US$ 2.22 billion in 2023, with a CAGR of 10.61% between 2024 and 2032. The primary drivers of the market are the ongoing technical breakthroughs, particularly in the areas of virtual reality and augmented reality, which have completely transformed the way consumers enjoy entertainment. 
The entertainment and amusement market in Saudi Arabia includes a broad range of offerings aimed at giving customers leisure, cultural enrichment, and entertainment opportunities. Live performances, cultural events, sporting events, theme parks, movie theaters, music concerts, gaming conventions, corporate conferences, and a range of other services and goods are all included in this market.
Amusement and entertainment provide people moments of happiness, relaxation, and relief from the hardships of daily life, making them vital aspects of human existence. These two components include a broad range of experiences and activities to suit a variety of tastes and inclinations. Saudi Arabia's entertainment and amusement market has experienced significant growth in recent years. Stories and artistic expression can be found in entertainment in all its forms. Literature, music, theater, and film all have the ability to take viewers to new places, arouse feelings, and spark thought.
It gives artists a stage on which to express themselves and gives spectators a means of connecting with the human situation. Conversely, amusement include pursuits such as sports, theme parks, and leisure games that offer excitement and pure enjoyment. People's lives can become more exciting as a result of these experiences, which promote social contact and physical exercise. Amusement and entertainment both make major contributions to mental and emotional health. They provide a break from the monotony of everyday schedules, encourage creativity, and strengthen relationships with friends and family.
Driving Forces of Saudi Arabia Entertainment and Amusement Market
Government Initiatives
The rise of the entertainment and amusement market in Saudi Arabia is mostly due to government measures that are in line with the larger goals of Vision 2030, which is to diversify the economy and increase non-oil sectors. An important part of policing and granting licenses for entertainment operations is the General Entertainment Authority (GEA). Through the provision of unambiguous norms and efficient procedures, the GEA promotes a more structured and dynamic marketplace. Because they operate under a well-structured system, this regulatory framework encourages both domestic and foreign corporations to participate in entertainment activities.
Furthermore, the Saudi government provides grants, tax exemptions, and other forms of support to encourage investment in the entertainment industry. Developers find it more appealing to construct and run new theme parks, movie theaters, and other leisure facilities since these financial incentives lower the entry and operating costs for entertainment enterprises.
Large sums of money are being invested in the establishment of important cultural and leisure initiatives under Vision 2030. For instance, the Ministry of Tourism said that it will create the new Tourism Development Fund and invest up to $4 billion in the tourism sector. The goal of projects like Qiddiya, NEOM, and the Red Sea Project is to develop premier entertainment destinations that include theme parks, cultural hubs, and opulent resorts.
These initiatives aim to broaden Saudi Arabia's attractiveness as a worldwide entertainment destination and offer a variety of choices to both locals and visitors from other countries. The government actively supports and encourages a variety of events, including cultural exhibitions, athletic activities, and music festivals. This assistance consists of arranging permissions, planning logistics, and marketing events both domestically and abroad to raise awareness and appeal.
Infrastructure Development
The expansion of the leisure and amusement business in Saudi Arabia is significantly dependent on the development of its infrastructure. Large-scale investments in cutting-edge infrastructure have changed the game, spurring market growth and boosting the nation's allure as a premier entertainment destination. The construction of contemporary amusement parks, multiplex theaters, and expansive leisure facilities are among the major undertakings. For instance, Qiddiya and NEOM, are massive developments with a lot of recreation areas, amusement parks, and cultural attractions.
These new facilities raise Saudi Arabia's prominence in the global entertainment arena by drawing in foreign tourists and event planners, as well as expanding the range and scope of entertainment alternatives available. A wider choice of events, including sporting events, family-friendly attractions, concerts, and festivals, are made possible by the improved infrastructure.
Building top-notch venues also raises the standard of entertainment experiences overall by satisfying the varied tastes of audiences and promoting greater attendance. Growth is further fueled by this infrastructural boom, which also boosts economic activity and the creation of jobs in the industry. When taken as a whole, these advancements support the larger objectives of Vision 2030 and make a substantial contribution to Saudi Arabia's rapidly expanding entertainment and amusement sector.
Riyadh Entertainment and Amusement Market
The business for entertainment and amusement in Riyadh has grown significantly thanks to large government support and investment. With the goal of diversifying the economy and advancing the non-oil sector, the Vision 2030 project has made Riyadh, the capital of Saudi Arabia, a focal point for the growth of entertainment. A major contributor to this expansion has been the development of top-notch venues including theme parks, movie theaters, and leisure centers. New entertainment venues can be found in the King Abdullah Financial District, for instance.
Furthermore, Riyadh Season, which debuted in 2019, is a yearly celebration that takes place throughout the city and includes entertainment, music, and cultural events. Millions of people visit there each year, which fuels a thriving market for amusement and entertainment. Events like the Riyadh Formula E and several international concerts took place in 2023. In addition, the GEA facilitates a regulated market environment by promoting and regulating entertainment-related activities in Riyadh. Among their projects are licensing events and assisting regional and global entertainment endeavors.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 110 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $2.22 Billion |
| Forecasted Market Value (USD) by 2032 | $5.51 Billion |
| Compound Annual Growth Rate | 10.6% |
| Regions Covered | Saudi Arabia |
Key Players Analysis:
- Al Hokair Group
- Fakieh Group
- Saudi Aramco Amusement Park
- E-PLUS (Event Plus)
- Time Entertainment
- First Entertainment Company
- Belle Gate
- The Marvel Experience
Type of Entertainment Destination - Market breakup in 6 viewpoints:
- Cinemas and Theatres
- Amusement and Theme Parks
- Gardens and Zoos
- Malls
- Gaming Centers
- Others
Source of Revenue - Market breakup in 5 viewpoints:
- Tickets
- Food and Beverages
- Merchandise
- Advertising
- Others
City - Market breakup in 5 viewpoints:
- Riyadh
- Jeddah
- Makkah
- Dammam
- Rest of Saudi Arabia
For more information about this report visit https://www.researchandmarkets.com/r/waqlhp
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