Gurugram, India, Oct. 04, 2023 (GLOBE NEWSWIRE) -- Story Outline
- The Saudi Arabian Public Investment Fund has allocated $ 64 billion to the Saudi Vision. It plans to invest this amount in the Leisure and Entertainment industry.
- The government policies such as the upliftment of the decades long cinema ban, cashback for domestically produced films and others are stepping stones to enhance the Entertainment Sector.
- The Kingdom is also investing in organizing events and festivals such as the Red Sea International Film Festival.
- The recreation and tourism sectors are driving Saudi Vision 2030, with upcoming projects like Al Ula, the "Green Heart of Riyadh" (King Salman Park), and Riyadh Sports Boulevard enhancing cultural tourism and livability.
The Kingdom of Saudi Arabia is a potential hub spot for all things, entertainment and leisure. The Kingdom’s intense focus on developing the entertainment and tourism sector solidifies the double digit CAGR from the year 2023 to 2027.
Some key factors contributing to this growth are the high ratio of the young and middle-aged population who are tech savvy. The increased share of spending on leisure and entertainment due to increased disposable incomes and an experience mindset.
Here are some factors which are leading to a massive change in leisure & entertainment industry in Saudi Arabia:
1. Changing Government Policies
- The Saudi Film Commission recently announced a 40% cash rebate on qualifying expenses during film production inside Saudi Arabia if certain conditions are met.
- The female population is no longer prohibited from driving and are now allowed to travel alone.
- The Saudi government under the guidance of the Crown prince Mohammed Bin Salman lifted the decades long cinema ban in 2017. This decision became a turning point for the population as well as the film and related industries in Saudi Arabia.
2. Emerging Events and Festivals
The newly-established Red Sea International Film Festival, which featured 138 films from more than 60 countries, played to thousands of attendees, many of whom were international guests. Other festivals such as the XP Music Conference and the Soundstorm festival have helped Riyadh to establish itself as a leading music and cinema destination.
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3. Thriving Recreation and Tourism Projects
The recreation and tourism sectors are the drivers of the “Saudi Vision 2030”. Thus, the Kingdom has multiple upcoming projects supporting the Vision. As tourism increases, simultaneously, there is an increasing demand for leisure & entertainment.
Al Ula - Kingdom's hidden natural wonder, with 23,000 archaeological sites is situated 300 km north of Madinah Al Munawara. Al Ula is going to be the Kingdom’s main cultural eco-tourism destination.
It is expected to offer various recreational activities including sightseeing, hiking, camping and other desert-friendly sports and festivals.
The “Green Heart of Riyadh”, the King Salman Park aims to be world’s biggest city park which will be well connected, and is about four times the size of Central Park in New York. It has a total area of 13 million sqm. The park is expected to offer various components related to the environment, culture, art and sports.
Riyadh Sports Boulevard is a one-stop wellbeing destination. It will offer various sports and recreational facilities across 8 multi-themed zones.
With a unique outlook, the project has 1 million sqm of land allocated for private investment opportunities among both domestic and foreign investors, allowing them to introduce complementary developments, such as museums, libraries and art studios. The project aims to improve quality of life and support the objective of placing Riyadh within the world’s top 100 livable cities.
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Conclusion
The transformation of Saudi Arabia's entertainment and tourism sectors is evident through changing government policies, including the lifting of cinema bans and empowering women's rights. The establishment of festivals like the Red Sea International Film Festival and Riyadh's emergence as a music and cinema destination highlight the country's growing cultural scene.
With ambitious projects like Al Ula, King Salman Park, and Riyadh Sports Boulevard, the nation is fostering eco-tourism, enhancing public spaces, and promoting well-being. These initiatives align with Saudi Vision 2030, signaling the country's commitment to diversify its economy and enhance the quality of life for its citizens.
Market Taxonomy
KSA Leisure and Entertainment Market Segmentation
By Category
Movie Theatre Market
OTT Market
Arcade Market
Trampoline Market
VR Market
Bowling Market
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KSA OTT Market Segmentation
By Digital Original Genre
Drama
Action/Adventure
Comedy
Animation
Children
Others
KSA Movie Theatre Market Segmentation
By Revenue Source
Tickets
F&B
Advertisement & Sponsorship
KSA Arcade Market Segmentation
By Type of Game
Redemption Games
Video Games
Electro-Mechanical
Pinball
Others
By Application
Youth Aged (4-17)
Adult Ages (18 & above)
KSA Trampoline Market Segmentation
By Booking Age
Youth Aged (4-17)
Adult Ages (18 & above)
By Booking Mode
Offline
Online
KSA Bowling Market Segmentation
By Lanes
Less than 12
Above 12
By Application
Youth Aged (6-17)
Adult Aged (18 & above)
KSA VR Gaming Market Segmentation
By Application
Youth Aged (4-17)
Adult Ages (18 & above)
By Booking Mode
Offline
Online
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KSA Leisure & Entertainment Market
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The integration of cutting-edge technologies, such as virtual reality, augmented reality, and artificial intelligence, is expected to revolutionize the entertainment experiences offered in the UAE. This will create novel and immersive attractions, appealing to both local and international audiences. Saudi Arabia is expected to surpass the UAE in terms of total entertainment industry size based on revenue. The Arcade and Trampoline sectors in Saudi Arabia are projected to experience higher growth compared to the UAE, primarily due to a larger addressable audience in the country.
For the period 2019-20205, the movie theater industry in Saudi Arabia is forecasted to grow at a CAGR of 15% as more movie theater chains enter the market. As movie theaters face footfall challenges, discounts, movie passes can be expected on tickets as well as higher margins on F&B sales. For nationals with higher spending capacity, premium movie viewing formats such as 4D, IMAX and other luxurious offerings such as fine dining and private viewing will help movie theater operators to gain higher revenue from fewer admissions.
The report titled “Saudi Arabia Movie theater market outlook to 2026: growth is driven by ambitious government initiative, influx of multi-national movie theater companies and pent-up demand for feature cinema” provides a comprehensive analysis of the Saudi Arabia Movie theatre market. The report also covers an overview and genesis, of revenue generated by the industry. Further, the report also includes the competition overview of the cinema market. The report concludes with future market projections of each product segmentation.
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