RIYADH: Saudi Arabia’s entertainment sector has surged to 4,000 companies from fewer than 10 since the launch of Vision 2030, according to a top official.
Speaking at the Saudi Media Forum in Riyadh on Feb. 21, General Entertainment Authority CEO Faisal Bafarat said the industry has already created over 150,000 local jobs since the Kingdom’s economic diversification initiative was instigated in 2016.
Bafarat also underscored the importance of high competitiveness among business sectors in creating new forms of entertainment, which is now attracting more capital in the Kingdom, the Saudi Press Agency reported.
Aligned with the economic diversification goals of Vision 2030, Saudi Arabia launched the General Entertainment Authority in 2016.
The organization is currently working toward the development of entertainment options that fit the needs of people from all walks of life in the Kingdom.
The media sector’s contribution to Saudi gross domestic product reached SR14.5 billion ($3.86 billion) in 2023 and is targeting SR16 billion this year.
For his part, Ahmed Al-Mehmadi, the executive director of operations at the General Entertainment Authority, said that media has become a fundamental pillar in the entertainment industry.
According to Al-Mehmadi, effective local and regional media partnerships will catalyze the growth of the entertainment industry in Saudi Arabia.
He added that the authority is committed to diversifying and energizing its platforms to reach various local and global segments of society.
The third edition of the Saudi Media Forum, hosted by the Kingdom’s Broadcasting Authority, was organized in Riyadh from Feb. 19 to 21.
The gathering brought together some 2,000 industry specialists and experts from the region and beyond. The event also showcased the latest technologies and innovations from over 200 local and international companies.
Saudi Arabia has launched multiple initiatives to grow the communications industry, which includes the Media Zone project that provides a dedicated space to gain knowledge of art practices within the industry.
Last week, the Kingdom also launched the Hajj and Umrah Mediathon to improve the quality of coverage of the holy practices.
The Hajj Media Hub was also announced, allowing media professionals to enhance their coverage and showcase their work in an immersive exhibition.
