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MDLBEAST echoes beyond music industry with a socioeconomic ripple effect

MDLBEAST, the premier Saudi-based music entertainment company, is making waves well beyond the realm of music, as a groundbreaking study reveals the profound socio-economic impact of the brand on the Saudi economy and society. In 2022, MDLBEAST’s flagship events, including Soundstorm 22, XP Music Futures, and Balad Beast, attracted a staggering 750,000 visitors, marking a 6% increase over the previous year.

The comprehensive study, which explores the transformative effect of MDLBEAST’s initiatives, highlights economic and societal impact as key areas.

Social Impact
MDLBEAST’s positive social impact encompasses various aspects of Saudi society, including enhancing the job market appeal within the music industry, increasing women’s participation in the economy, fostering community cohesion and pride, promoting creativity, inspiring entrepreneurship, and aligning with the Saudi Vision 2030.

MDLBEAST events help shed light on the progressive and revolutionary ideals of youth culture – giving Saudi Arabian culture equal footing in the international community. More than 10,000 visitors from other countries traveled to Saudi Arabia for MDLBEAST events, with more than 35% of the visitors coming from Europe and 30% from the Americas.

“What I just witnessed was truly special. It felt like a cultural shift. A change. Like Woodstock in the 1960s”

Nationally, Saudi youth found SOUNDSTORM to be “life-changing”. 95% of Soundstorm ’22 visitors feel it was a life-changing experience.

“What I just witnessed was truly special. It felt like a cultural shift. A change. Like Woodstock in the 1960s,” says American actor Armie Hammer.

Notable statistics from the study include:

  • 63% of MDLBEAST’s expenditure supported local Saudi businesses, artists, and staff.
  • MDLBEAST events generated 18,000 – direct and indirect – job opportunities in Saudi Arabia in 2022.
  • 82% of participating Saudi residents agree that MDLBEAST is motivating greater women’s participation in the workforce.
  • MDLBEAST featured 20 female artists at its events out of more than 100 local artists.
  • 81% of participating Saudi residents take pride in MDLBEAST’s contribution to their country.
  • 100% of XP Music Futures participants believe that MDLBEAST plays a pivotal role in the growth of the cultural and creative economy.
  • Over 10,000 visitors travelled to Saudi Arabia for MDLBEAST events – outside neighbouring countries.

Economic Impact
MDLBEAST’s commitment to supporting the local economy is evident, with a remarkable 63% of its spending remaining within Saudi Arabia. In 2022, the events benefited 245 local vendors and reduced reliance on international suppliers. Additionally, visitor onsite spending surged by 131% from the previous year.

The indirect impact on the economy is equally significant, with a total of 450 million SAR stemming from visitor offsite spending, reflecting a 38% increase from the previous year. Three main sectors benefited the most from this spending: travel (36%), accommodation (19%), and entertainment (18%).

MDLBEAST is not just an entertainment company; it’s a transformative force led by a diverse range of Saudi and non-Saudi women and men united in their passion for music and events

The induced impact added a remarkable 840 million SAR to the Saudi economy in 2022, creating revenue opportunities for local businesses and generating 660 million SAR while retaining 184 million SAR that would have otherwise been spent abroad by those travelling to similar music festivals.

The Return on Investment (ROI) for MDLBEAST events in 2022 reached an impressive 221%, demonstrating the increasing efficiency of the organization’s economic endeavours.

MDLBEAST Leadership and Vision
MDLBEAST is not just an entertainment company; it’s a transformative force led by a diverse range of Saudi and non-Saudi women and men united in their passion for music and events. The brand offers a variety of experiences through events, music, and venues, striving to become the leading Live Events player in the MENA region.

MDLBEAST’s sustainability efforts are underpinned by diverse revenue streams, including ticket sales, sponsorships, and private investments, supporting MDLBEAST Records, Gaboo, MDLBEAST Presents, XP Music Futures, and more. MDLBEAST’s ultimate goal is to become sustainable and continue its organic expansion, believing that the power of music transcends borders and has the profound ability to bring people together on ‘the global dancefloor.’

KSA and the wider region are undergoing a profound social and cultural transformation, and MDLBEAST is at the forefront, forging a true connection between the region and the world through the unifying language of music.

About MDLBEAST
MDLBEAST is a leading music entertainment company based in Saudi Arabia, dedicated to showcasing both established and emerging local, regional, and global talent. Through innovative live entertainment experiences, the company aims to connect regional audiences with top artists from around the world. With a focus on events, music, and venues, MDLBEAST is poised to revolutionize the music scene not only in KSA, but throughout the MENA region.

 

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