Saudi CAGR expects a high value for the entertainment and amusement market over the period of 2019 to 2024. Basically, the goal was to promote and diversify entertainment development and opportunity in Saudi. The kingdom was issued a Royal Decree in October 2016, to create the General Entertainment Authority. Give an impact to Saudi market research to follow this new change.
Entertainment Market Overview in Saudi
Since the first event in Saudi, the entertainment sector successfully created around 20 thousand jobs. Providing SAR 2.05 for each 1SAR spent during the activities. In fact, it is not limited to the role of several stakeholders in allocating this entertainment development. There are GEA, SCTH, and GCAM, tasked to licensing the newcomers for cinema movies and PIF in the Kingdom.
Partnering with the US for joint ventures tends to open more cinemas in Saudi. The Development and Investment Entertainment Company would try to open 30-40 cinemas across 15 cities. There will be 50-100 cinemas in 25 cities by 2030 and would need to have USD 71.2 billion. Thus, Saudi Market Research should be able to understand every chance and opportunity during this development.
Cinema Takes Biggest Chances for Entertainment Business
Almost 35-year Saudi population live under the ban on cinemas. Fortunately, during 2017, there are opportunities from international and regional companies in the developing entertainment industry. There was a deal signed by the Public Investment Fund between DIEC with AMC the US cinema chain. To open cinemas in Saudi, as the new changes for further developing entertainment business industries.
They are trying to reach their target by creating 2 thousand screens across the Kingdom by 2030. Counted that it would be generating 1 billion US Dollars over the next few years. Followed by the news that Vox Cinemas announced their joint venture with Saudi on April 22. The estimation data said Saudi planned to build around 2.500 screens by 2030 which would be a great deal for the national and international market.
Qiddi Project is The Second Value for National GDP
Another opportunity in Saudi entertainment market is to create an amusement park. The Qiddi project is one of the new ways to create entertainment, sports, and cultural precinct development in Saudi. Estimated, it would locate 40Km south-west of Riyadh with the size of 334 square-KM. completion for phase one scheduled to finish by the 2022 to expect the 2030 project providing 57 thousand jobs from the event.
There will be six entertainment clusters such as theme park, sport arenas, water and snow sport, motor tracks, cultural activities venues, and vacation homes. Surprisingly, the PIF said if this project will attract 17 million entertainment visitors. Including 12 million shopping visitors, and 2 million hospitality visitors by 2030. Yet, it is closed by the world’s most visited amusement park Disney World in Florida. Saudi has a big chance to manage their entertainment sector around the kingdom. Population expected a huge project, development, and infrastructure for entertainment. Saudi market research is affected by this project to be done in the couple of years. There is highly cooperation between Saudi and other developed countries to get this project done. The US takes a big project for Saudi Entertainment.