Growth in the Saudi online ticketing industry is likely to slow to more modest levels in the coming years, after enjoying strong double-digit expansion during the early days of the kingdom opening up to new forms of mass entertainment.
Platinumlist, a Dubai-based ticketing company, says the market has grown annually by an average of 30 to 40 percent in the last three years while the number and variety of events has increased exponentially since 2018.
This year, CEO Cosmin Ivan says the company projects a more modest growth rate of between 10 and 15 percent, not because of geopolitical tensions such as the Israel-Iran conflict, but simply because the market is maturing and cannot sustain such rapid growth long term.
“There will still be growth,” says Ivan, who said a plateau in ticketing revenue “was expected because we have almost seven years since the market was enabled and can now see a bit of natural balancing”.
The company said it has also observed the average price for tickets come down from above SAR1,400 ($373) in 2018 to around SAR250 this year, making events more affordable and indicating a stabilisation of the market.
“That’s a very healthy average,” says Ivan, “where supply and demand matches the income of the people that can afford to go out.”
Saudi Arabia’s events industry is relatively nascent: the country did not have public cinemas before 2018. Since then, the formation of the General Entertainment Authority (GEA) and other government initiatives have supported the growth of events and hospitality with a much more diverse range on offer.
“In 2016, there were only Arabic [pop] events,” said Ivan. “And they were saturated.”
In 2024, 24 percent of tickets Platinumlist sold were for experiences, including festivals, while 23 percent were for concerts and the rest divided between sports, commercial conferences and more niche events.
The growth aligns with the country’s Vision 2030 development strategy. This includes the “Quality of Life Programme”, which aims to allow “culture, entertainment, sports and tourism to flourish in Saudi Arabia”.
Platinumlist has also seen women form a larger part of their user base. The proportion of women buying online tickets rose from less than 2 percent of total customers in 2017 to 43 percent last year.
A recent report from Irish marketing company Research and Markets suggests that the Saudi events industry could more than double from $2.5 billion last year to $6 billion by 2033.
The UAE’s event industry remains the largest in the region at about $14 billion, according to Mordor Intelligence.
Earlier this year, Riyadh-based Webook, Saudi Arabia’s largest booking platform for events and experiences, told AGBI the company was looking to overseas markets as part of its expansion plans.
“Global expansion is very important,” co-founder and chief operating officer Farrukh Bandey said. The company aims to go public within three to five years.
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