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Saudi Arabia Entertainment and Amusement Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Saudi Arabia Entertainment and Amusement Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

In order to promote and diversify the entertainment opportunities in Saudi Arabia, a royal decree was issued in October 2016, which resulted in the creation of the General Entertainment Authority. The entertainment and amusement industry is one of the fast-developing ones in the country and before the COVID-19 pandemic, several malls used to be jam-packed on Fridays with people going to the movie theatres. There are several stakeholders working in the entertainment sector in Saudi Arabia which include GEA, SCTH, the General Culture Authority, and the General Commission for Audiovisual Media (GCAM), which is tasked with licensing the newly reinstated cinema movies and PIF. GCAM - one of the governing authorities to regulate and operate cinemas, estimates that By 2030 there are going to be 350 cinemas and 2,500 movie screens in the country, as well as an industry worth around USD 1 billion. The kingdom is also aiming to see household spending double from making up 3% of GDP in 2018-19 to 6% in 2030 on entertainment.

The Development and Investment Entertainment Company (DIEC), a subsidiary company of GEA, was launched by PIF in January 2018, with an initial capital of USD 2.6 billion. The company is working with a US partner on a joint venture to operate cinemas in the Kingdom. DIEC expects to open 30-40 cinemas in approximately 15 cities in Saudi Arabia, over the next five years, and a total of 50-100 cinemas in approximately 25 Saudi Arabian cities, by 2030. In addition to AMC Theaters, GEA has signed contracts with Six Flags, National Geographic, Cirque Du Soleil, and IMG Artists, to operate entertainment venues throughout the Kingdom. In April 2018, the Kingdom laid the foundation stone of the Al-Qiddiya project, the new entertainment, sports, and cultural destination in Saudi Arabia, west of Riyadh, with a total area of 334 square meters. By 2030, the number of annual visitors to Al- Qiddiya is expected to reach 17 million in the entertainment sector, 12 million in the shopping sector, and two million in the hospitality sector.

Key Market Trends

Cinema Revolution is Expected to Drive the Market Growth in Forecast Period

The Kingdom’s decision to lift the 35-year ban on cinemas, in December 2017, has opened opportunities for international and regional companies to help develop the domestic entertainment industry. Also, the country has the largest population among GCC countries and as of 2019, the total population is 34.1 million, with 60% under the age of 34 years who are the potential customers for the cinema market. The Public Investment Fund has taken the initiative to lead the local cinema industry, by signing a deal formed as a joint venture between DIEC and the US cinema chain AMC Entertainment, to open cinemas in the Kingdom, with the first movie theater opened in Riyadh on April 18, 2018, and about 30 movie theatres to be opened in 15 cities around the Kingdom, within the next five years. The announcement of this joint venture was followed on April 22, by the news that Vox Cinemas, a subsidiary of UAE-based entertainment company, Majid Al Futtaim, was awarded the second license to open cinemas in the Kingdom. The company also plans to invest SAR 2 billion in 600 screens over the next five years, which the officials estimate may bring the total number of cinemas in operation to as high as 350, and the number of screens to 2,500, by 2030.

Upon Completion Qiddiya Project is Anticipated to Attract More Customers and Help the Market in Recording More Revenue

Qiddiya project is an entertainment, sports, and cultural precinct, located 40 km south-west of Riyadh. The 334-sq-km site has plans for six entertainment clusters, including a theme park, sport arenas, motor tracks, water and snow sport facilities, vacation homes, and venues to host cultural activities. Phase one is scheduled for completion in 2022 (which might get delayed due to the ongoing pandemic), and by 2030, the project is expected to generate some 57,000 jobs and contribute SAR 17 billion to the GDP. According to PIF, the Qiddiya project aims to attract 17 million entertainment visitors, 12 million shopping visitors, and 2 million hospitality visitors, by 2030. In comparison, the world’s most visited amusement park, Magic Park at Disney World in Florida, attracted 20.4 million visitors in 2016, followed by Disneyland in California, with 17.9 million, and Tokyo Disneyland in Japan, with 16.5 million.

Competitive Landscape

The market is highly competitive, with the presence of major international players. The market presents opportunities for growth during the forecast period, which is expected to further drive the competition. With few players holding a significant share, the market has observable level of consolidation.

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1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET INSIGHTS AND DYNAMICS
4.1 Current Economic and Entertainment Market Scenario in Saudi Arabia
4.2 Market Drivers
4.3 Market Restraints/Challenges
4.4 Market Opportunities
4.5 Porter's Five Forces Analysis
4.6 Technological Innovations in the Entertainment Sector
4.7 Impact of Government Regulations and Initiatives on the Entertainment Industry
4.8 Brief Analysis of Investment Opportunity
4.9 Other Economic Contributors to the Entertainment Sector
4.10 Impact of COVID-19 on the Market

5 MARKET SEGMENTATION
5.1 By Type of Entertainment Destination
5.1.1 Cinemas
5.1.2 Family and Specialty Attractions (Entertainment Centers)
5.1.3 Entertainment and Sports Events
5.2 By Locations - Projects
5.2.1 Red Sea Project
5.2.2 Qiddiya Project
5.2.3 Neom Project
5.2.4 Others

6 COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 AMC
6.2.2 SIX FLAGS
6.2.3 National geographic
6.2.4 Cirque Du Soleil
6.2.5 IMG Artists
6.2.6 AVEX
6.2.7 THE MARVEL EXPERIENCES
6.2.8 Disney Frozen
6.2.9 Broadway Entertainment
6.2.10 Got Talent Global
6.2.11 FELD ENTERTAINMENT*

7 MAJOR INFRASTRUCTURE DEVELOPMENT PROJECTS (PROJECT DESCRIPTION, VALUE, LOCATION,DEVELOPERS)
7.1 Existing Infrastructure
7.2 On-going Projects
7.3 Upcoming Projects

8 FUTURE OF ENTERTAINMENT MARKET IN SAUDI ARABIA

9 DISCLAIMER

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