{"id":85574,"date":"2024-04-28T00:00:00","date_gmt":"2024-04-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/04\/28\/gaming-will-nearly-break-the-usd-1-bn-barrier-in-saudi-this-year\/"},"modified":"2024-04-28T00:00:00","modified_gmt":"2024-04-28T00:00:00","slug":"gaming-will-nearly-break-the-usd-1-bn-barrier-in-saudi-this-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/04\/28\/gaming-will-nearly-break-the-usd-1-bn-barrier-in-saudi-this-year\/","title":{"rendered":"Gaming will nearly break the USD 1 bn barrier in Saudi this year"},"content":{"rendered":"

The local gaming sector is expected to bring in some USD 998.2 mn (SAR <\/strong>3.7 bn) <\/strong>in <\/strong>revenue this year<\/strong>, driven by the Kingdom\u2019s large, young population and growing incomes, according to data from the Hamburg-based market research firm Statista<\/a>. That\u2019s nearly 11% year-on-year growth. <\/p>\n

Set to boost trend upwards:<\/strong> The market for video games will expand at an annual growth rate of 8.5% until 2027 to USD 1.3 bn. Meanwhile, the number of players is forecast to hit 2.8 mn within the same timeframe. User penetration will likely edge up to 7.4% in 2027 from its current level of 6.9%. <\/p>\n

Mobile games hold the lion\u2019s share: <\/strong>Mobile games will account for about half of all spending on games this year at USD 467.6 mn, according to the research<\/a>. The number of mobile game players will hit 6.1 mn in 2027 as the market swells at a compound annual growth rate (CAGR) of 6.6% until 2027. <\/p>\n

Meanwhile, online games will generate USD 33.4 mn in revenue in 2024<\/strong>, which is expected to grow at a CAGR of 6% to 39.8 mn in 2027<\/a>. Local gaming networks\u2019 market is projected to record a revenue of USD 55 mn this year, increasing at an 8.4% clip to USD 70 mn by 2027<\/a>.<\/p>\n

For reference- China is set to maintain the world\u2019s top spot in video games revenue<\/strong>, with a projected total of USD 94 bn in 2024 \u2014 mobile games will account for more than 34% of that figure. <\/p>\n

IN CONTEXT- Saudi wants to be a leading gamer in the industry: <\/strong>PIF-owned Savvy Games and recently acquired ESL FACIT are working to launch the upcoming Esports World Cup<\/a> this summer. Multi-bn USD development Qiddiya<\/a> is also set to be home to the world\u2019s first gaming and esports district. This is part of the Kingdom\u2019s efforts to diversify its economy, with the industry expected to contribute<\/a> SAR 50 bn to the economy by 2030.<\/p>\n","protected":false},"excerpt":{"rendered":"

Mobile games will account for about half of the total market share this year<\/p>\n","protected":false},"author":1,"featured_media":85575,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2525],"tags":[10,459,1672,1893,65,482,1892],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-85574","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-_newspack_entertainment","tag-enterpriseam-ksa","tag-entertainment","tag-gaming","tag-mobile-games","tag-qiddiya","tag-savvy-games","tag-video-games","wpautop","entry"],"acf":{"mongo_id":"cb413357-ff17-44df-891a-5daffda105c3","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/1889.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Gaming will nearly break the USD 1 bn barrier in Saudi this year","related_issue":[85567],"teaser":"Mobile games will account for about half of the total market share this year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.fe1035b1-a459-4959-8945-9751c0ebc90f.mp3"},"yoast_head":"\nGaming will nearly break the USD 1 bn barrier in Saudi this year - 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