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Saudi Arabia has unveiled a new strategy for its media sector with plans to raise its GDP contribution to 47 billion riyals ($13 billion) by 2030.
The kingdom’s General Authority of Media Regulation, chaired by the Minister of Media Salman bin Yousef Al-Dosari, plans to expand the sector’s position regionally and internationally, and draw in more investments as a part of its Vision 2030 plans.
According to a 2022 report by management consulting firm Kearney, the size of the Saudi Arabia media sector hit SAR 17.4 billion last year, making it a leader in the Middle East and North Africa (MENA) region with about 30% of the total market share.
The report said the sector has shown rapid growth across digital-heavy segments, with an average compound annual growth rate (CAGR) of 26% over the past five years, led by a large and young population demanding more content, a digital-savvy consumer base, a strong demand for local content, and quickly growing consumer spending in the kingdom.
(Writing by Bindu Rai, editing by Brinda Darasha)
