DUBLIN--(BUSINESS WIRE)--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.
This comprehensive report provides valuable insights into the entertainment and amusement market in Saudi Arabia, including market size, growth trends, key players, and opportunities.
Market Overview:
The entertainment market in Saudi Arabia is expected to reach a remarkable value of US$ 1,371.30 Million by 2030. The Arabian society is currently experiencing rapid transformation, with the country implementing various initiatives to establish itself as a global entertainment hub. These initiatives include attracting both local and international filmmakers, nurturing musical talent, and establishing theme parks and entertainment centers. By embracing different forms of entertainment, Saudi Arabia is fostering a vibrant creative industry while appealing to a global audience. The strategic approach to entertainment is driving the diversification of the country's economy and promoting cultural exchange.
Growth Rate and Vision 2030:
The entertainment market in Saudi Arabia is projected to grow at a remarkable rate of 20.01% from 2022 to 2030, indicating significant opportunities and potential for the industry. In line with its ambitious Vision 2030, Saudi Arabia has taken significant steps towards economic diversification, particularly in the entertainment sector. The General Entertainment Authority of Saudi Arabia has made substantial strides in advancing the country's entertainment industry, granting licenses to over 24 theme parks and 421 entertainment centers. The Kingdom's Vision 2030 aims to transform Saudi Arabia into a thriving society and a premier global destination for both residents and tourists alike.
Segment Insights:
- Nationality: Saudi Arabian nationals hold the highest market share in the entertainment and amusement industry, highlighting the significant role of local residents in driving demand for entertainment offerings within the country.
- Park Admission: Park admission is projected to hold the highest market share in the Saudi Arabia Entertainment & Amusement industry, as visitors seek immersive experiences and access to a diverse range of attractions.
- Food and Beverages: The food and beverages segment is the fastest-growing in the entertainment and amusement industry, with a surge in innovative culinary offerings and diverse beverage options to enhance the overall entertainment experience.
Gender and Regional Trends:
- Males hold the highest market share in the Saudi Arabia Entertainment & Amusement industry, shaping the industry's growth through their preferences and participation in various entertainment activities.
- Jeddah is experiencing a vibrant transformation, becoming a key hub for entertainment and leisure in Saudi Arabia. The city offers a diverse range of offerings, attracting both local residents and tourists.
Key Companies: Key companies in the Saudi Arabia Entertainment & Amusement Market include 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.
Opportunities for Growth: With Saudi Arabia's commitment to embracing cultural evolution and positioning itself as a destination for diverse entertainment experiences, there are significant growth opportunities in the entertainment and amusement market. Businesses need to understand and cater to the specific needs and interests of the local population to effectively capture and retain their market share.
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