Saudi Arabia saw its investment in Live Nation more than double.
After purchasing a $500 million stake in Live Nation last year–an investment that has more than doubled to an excess of $1 Billion interest—the Kingdom of Saudi Arabia says it now plans to host an additional 500 concerts next year-a whopping 600% increase over 2021.
Justin Bieber Performed to Packed Saudi Audience
The announcement follows performances by artists such as David Guetta, Jason Derulo, and Justin Bieber this year. Bieber headlined the Saudi Arabia Grand Prix concert, held December 4 of this year.
Speaking to those in attendance at Riyadh’s XP Music Conference on December 13, 2021, Princess Haifa bin Mohammed Al Saudi shared Saudi Arabia’s ambitions live-entertainment plans for the coming year.
During the event, the Abu Dhabi-headquartered streaming service Anghami and Sony Music announced joint venture launch, “Vibe Music Arabia.” The “boutique record label” will focus on supporting the “independent Arabic artist community.”
The Saudi royal underscored that her country’s work toward growing its live-music sector was part of a broader “Vision 2030” framework geared toward stimulating economic diversification through various industries, including event tourism.
Princess Haifa also touched on the potential of developing businesses around live-music events or festivals as they grow throughout the country, with almost 35 million domestic residents. She highlighted the current festival framework consisting of little more than the festival itself. “you go, you have your tents, you’re there, the music, the festival finishes, you wrap up and you leave.” However, she sees an increased opportunity for growth. She shared details of a recent discussion with one such potential business. “They want to build…moveable pods.” The pods would act as moveable accommodations allowing a touring festival to take the pods with them as they travel from one location to another. “There’s so much opportunity to be developed,” the Saudi royal concluded.