RIYADH: Saudi music and entertainment company MDLBEAST has opened its new headquarters in the JAX district of Diriyah, in Riyadh.
During an official inauguration ceremony on Tuesday, officials revealed the results of a study highlighting the firm’s socio-economic impact in Saudi Arabia over the course of 2022.
Operating from its new location, MDLBEAST supports the music industry as an enabler to the Kingdom’s creative economy. It will foster local talent and aid businesses, while also aiming to improve quality of life and the global ranking of Saudi cities.
Ramadan Alharatani, CEO of MDLBEAST, said: “Our headquarters’ location at the heart of Saudi cultural heritage and creativity, positions us at the epicenter of the cultural, social, and economic developments happening in Riyadh.
“As a Saudi company, our contribution to creativity and music makes the Saudi people feel proud. It also cements our leadership in the music sector and our capacity to interact with local and global talents, introducing Saudi music to the world.
“Moreover, this new locale will bolster MDLBEAST’s presence at crucial regional events,” he added.
The study’s finding showed that 63 percent of MDLBEAST’s spending had been dedicated to support Saudi businesses, artists, and employees, and that in 2022 it created 18,000 direct and indirect job opportunities.
The survey also revealed that 83 percent of people questioned considered a career in music and entertainment a viable option, 85 percent felt the diverse offerings made the Kingdom an attractive job market, and 82 percent of respondents noted the role of the activities in prompting broader women’s participation in the workforce.
Alharatani said: “This study emphasizes MDLBEAST’s broad, positive impact extending beyond the music industry economically and socially, presenting sustainable development and growth opportunities.
“Our ability to generate such a positive impact within and beyond the Kingdom reaffirms our fundamental aim to address a pressing demand within the Saudi audience, successfully establishing a steadily increasing customer and partner base.”
According to the study, in addition to a wide base of visitors from neighboring countries, MDLBEAST events attracted 10,000 tourists from further afield, with around 35 percent of that number from Europe, and 30 percent from the Americas.
Of those quizzed, 77 percent considered MDLBEAST festivals instrumental in reinforcing Saudi Arabia as a tourist destination.
“The event that we offer is the only event locally that has an economic impact similar to major events, such as F1, and promoting the event is done by attracting the target audience from countries that have easy access to visas, nearby and neighboring countries, and musical capitals in the world, and it is known that its audience travels and discovers music festivals.
“We aspire to meet international music venues and begin to introduce local talents to global talents. We have an ongoing process of talent coming here and learning about our culture and our music.
“We carried out a reciprocal operation this summer in Spain, in Ibiza, Tomorrowland (music festival) in Belgium, and in America, in Berlin, and we sell tickets in international forums. We hope that the global audience knows about us, buys a ticket, and visits us in Saudi Arabia,” Alharatani added.
MDLBEAST collaborates with relevant Saudi entities to support the country’s music sector through education, production, performance, distribution, licensing, and intellectual property rights protections.
The company has hosted musical events in tandem with major Saudi occasions, such as Formula 1 and Formula E.
More than 750,000 people attended the Soundstorm Festival, a special event which involved at least 200 local and international music stars.