Key entertainment services, including licenses for facilities, talent management, and crowd management certifications, can now be accessed on Saudi Arabia’s new digital platform.
Launched by the General Entertainment Authority, the initiative is available through the Saudi Business Center’s digital platform and aims to streamline processes for entrepreneurs and companies, boosting business activity and investment in the sector, according to a post on X.
The first phase, which began on Aug. 11, focuses on critical services that will help businesses operate efficiently and adapt to the Kingdom’s evolving entertainment landscape.
The GEA plans to expand the platform’s offerings, with additional licenses and support mechanisms to be introduced in future phases.
This phased approach underscores the GEA’s commitment to nurturing the entertainment sector, a crucial component of Saudi Vision 2030’s economic diversification goals, reported the Saudi Press Agency.
By integrating services with the Saudi Business Center, the authority seeks to simplify procedures for investors and strengthen collaboration with both the public and private sectors.
The authority issues licenses for entertainment centers, facilities, ticket sales, talent management, crowd organization, and various entertainment events and shows.
The GEA noted a significant increase in visitor numbers and licensing activities during the second quarter of this year.
Over 16 million visitors attended various events, marking a 130 percent rise from the 7 million visitors recorded in the same period in 2023. Licensing activity also saw a 7.3 percent increase, with 1,529 licenses issued compared to 1,425 in the second quarter of last year.
The majority of the new licenses were for live shows in restaurants and cafes, totaling 523. This was followed by 433 licenses for entertainment events, 322 for entertainment shows, 93 for entertainment cities, and 60 for crowd management.
Additionally, the number of licensed entertainment destinations reached 97 in the second quarter of 2024.
The entertainment sector in Saudi Arabia has seen significant growth in recent years, driven by increased government investment and rising demand for both local and international entertainment options.
As of 2024, the Saudi entertainment and amusement market is projected to be valued at approximately $2.55 billion, with expectations to grow to $4.20 billion by 2029, reflecting a compound annual growth rate of 10.44 percent, according to London-based global publishing, research and consultancy firm Oxford Business Group.
By 2030, the broader entertainment sector is forecasted to reach an estimated $1.17 billion, demonstrating an annual growth rate of 47.65 percent.
This growth is driven by an increasing number of entertainment projects, including major developments like the Qiddiya entertainment city in Riyadh.
These initiatives position Saudi Arabia as a leading entertainment hub in the region, attracting significant local and international investments.
Source: https://www.arabnews.pk/node/2567082/business-economy