According to a new report by UnivDatos Market Insights, the Middle East Media and Entertainment Market is expected to reach USD ~ billion by 2032 by growing at a CAGR of ~8%. The media and Entertainment industry in the Middle East is evolving at a tremendous pace due to new technology platforms, shifting consumer trends, and the emerging power of digital media. So as the region economists switch away from dependence on oil export, and people rely less on their traditionally restrictive cultural values to create their unique brands of entertainment and media experiences – they want more, and they need more different content. This article is an attempt to understand the trends in media and entertainment, their adoption rate, and their place in the Middle East.
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Rise of Streaming Services
Among the most important trends currently defining trends operating within the media industry, is the strong growth of streaming services. Services like OSN Streaming I, Shahid, and Netflix have also become very popular, providing their audiences with a diverse choice of movies, series, and program productions and their interesting regional offers. The latter has shifted over the years and has been influenced by the pandemic as a result of the lockdowns, consumers had no option but to find entertainment at home. New studies show that SVOD services in the Middle East are set to expand considerably shortly because of improved broadband connections and smartphone adoption.
In addition, local players are starting to combat this threat by developing their inventory of content that can popularly cater to the locals. For example, Shahid has recently released a few authentic Arabic series that successfully became popular and gained millions of viewers proving the increase in the demand for localized content.
Social media and user-generated content
Middle Eastern media consumers and producers have been using social media sites as a primary source of media consumption. Social media apps such as TikTok, Instagram, and YouTube not only mean entertainment media, but they are social media for influencers and individual content makers. Amateur content has become prominent in media nowadays, and a person with storage space on his smartphone can tell the world a story.
Specifically, the Internet has seen a phenomenal rise in usage, with more users taking to it than ever before, with specific emphasis on social media platforms such as TikTok in particular with young people. Companies using these platforms are engaging influencers to help them market their products to the intended audience. This trend perhaps signifies the increased uptake of other formats of content that are more engaging than media formats.
Promotion of Local Productions
With Online Video now rapidly growing as a form of entertainment and information delivery, there has been an influx of investments made toward funding local programs. Various nations and liberal private players are waking up to the fact that the entertainment industry can be the growth engine. For instance, Saudi Vision 2030 vision to steer the economy to other productive sectors and open up cultural and entertainment halal sectors saw huge investment in movies and series production.
Saudi Arabia has recently experienced a huge increase in interest in the entertainment industry and has plans to release films and series through partnerships with foreign studios to depict Saudi culture and history through the Red Sea International Film Festival. The idea here is that such investments are expected to breed local talent and build a healthy market for media production.
Regional Collaboration and Global Partnerships
The Middle East media outlook is also marked by growing partnerships between regional players and international media firms. Strategic alliances are being made with the view of increasing clients' products and services and optimizing the complementary assets of the two parties. For example, regional players are partnering with streaming giants offering unique content that will increase viewership.
Also, global media organizations are acknowledging the region’s ability to sustain or become a growth market. Some of the significant players in the region have implemented a strategy of market entry, and have localized most of the company’s platforms as well as content such as Disney. When it comes to delivering content from around the world specifically in the Asia Pacific region, this trend stresses the need to keep an eye on cultural tastes and demands.
Technology Integration and Immersive Experiences
The developments in technology are changing the way both content creation and consumption happen in the Middle Eastern region. Advancements such as VR, AR, and AI are extending the viewpoint of the viewer. Similarly, VR accessibility is expanding to other areas of entertainment as complementary tools, such as videos based on VR experiences in attractive promotions to involve the spectators.
Regulatory Developments
They examined how as the business models and technologies within media and entertainment change, so too are the regulatory environments. Today, the governments of the region are trying to develop rules that would contribute to development and at the same time, control content and protect information products’ rights.
For example, the UAE’s National Media Council has not lagged in setting out rules and regulations depicting how content is likely to be produced and circulated to encourage safe and active media. Its regulations exist to promote investment in the business field, as well as exercise a filter over content deemed unsuitable for cultural consumption.
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Conclusion
The Middle East media and entertainment industry is still experiencing significant transformation, propelled by the significantly growing use of digital content, local content funding, and moving away from passive experiences. Since the regional players are extending their offerings and partnering with international organizations, the sector is ready for skyrocketing expansion. About technologies and knowing the audience’s desire, the progress of the media and entertainment industry in the Middle East is already stepping up to be one of the world’s epicenters of creativity and innovative ideas. Consumers and content creators have many opportunities in the future, and people will receive incredible entertainment over the course of several years.
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