00:00How are you seeing Saudi Arabia's entertainment market evolve?
00:03First of all, thank you very much for the invitation.
00:05It's really a pleasure.
00:07So I meant to say that the entertainment industry in Saudi started in 2017.
00:13We started with approximation of 17 events per year.
00:18Then we reached 600.
00:20So you can say that it grows gradually.
00:23And the percentage per year of this growth, it may reach 54% per year.
00:37And this is the worldwide record.
00:39We started with 17 events.
00:41We reached up to 600 events.
00:44If I may to say the events, it's the bigger event.
00:48Each event has its own subsidiary.
00:51So when we say, for example, as a Riyadh Boulevard, we took it as an example as one event.
00:59But if you go there, you can check hundreds of events, hundreds of activities.
01:03Then we can say that the investment in the entertainment industry.
01:07So in 2016, the investment was less than $600 million.
01:13Now we reach $14.6 billion.
01:16So the increase is incredible.
01:19Even if we go and talk about the customer behaviors, the ticket price.
01:27So we were starting, the ticket average price was $1,400 Saudi Riyadh.
01:35But now it got decreased to $250.
01:37This means that the customer perception and behavior got changed.
01:42Now people become more mature about the entertainment, about what type of segment they are related to.
01:50So we started with small concert here and there.
01:55But now the variety in the entertainment industry is very big.
01:59We're talking about entertainment events, sport, tourism, etc.
02:04So when we say that the family-oriented events becomes in the first line.
02:14And when we talk about the female, so female, you know that Saudi sometimes is a closed society and families.
02:23Now in 2016, independent female-attended events wasn't exceeded 2%.
02:29But now we are talking about 48% independent female-attended those events.
02:35So this increase shows you that the entertainment in Saudi becomes more mature, becomes more attractive for all members.
02:47So when it comes to family, people in Saudi, attract people from outside Saudi to invest, attract the event industry
02:55worldwide.
02:57Biggest companies around the world are eager to invest here in Saudi and this sector in practice.
Comments