Riyadh, Saudi Arabia – Saudi Arabia aims to increase the media sector’s economic contribution, targeting a GDP share of 47 billion riyals ($13 billion) by the end of the decade. The goal underlines the country’s intent to diversify its economy and bolster the non-oil GDP, Saudi Press Agency reported.
Recent data from a 2022 Kearney report highlighted the sector’s impressive growth. In 2022, Saudi Arabia’s media sector surged to SAR 17.4 billion ($4.6 billion), reinforcing its prominence in the Middle East and North Africa (MENA) region, commanding approximately 30% of the market share.
The growth trajectory has been primarily propelled by a a tech-savvy consumer base, marked by a surge in demand for local content, and a significant increase in consumer spending within the Kingdom. The report specifically noted an impressive compound annual growth rate (CAGR) of 26% across digital-centric segments over the past five years, indicating a robust and accelerating trajectory.
