Operating from its new location, MDLBeast supports the music industry as an enabler to the Kingdom’s creative economy.
Saudi Arabia-based music and entertainment company, MDLBeast, has officially inaugurated its headquarters in the JAX District of Diriyah, Riyadh. The event not only marked this significant move but also unveiled the outcomes of an extensive research study highlighting MDLBeast’s socio-economic contributions to Saudi Arabia throughout 2022.
Operating from its new base, MDLBeast aims to serve as a catalyst for Saudi Arabia’s creative economy within the music industry. The company is committed to nurturing local talent, supporting indigenous businesses, enhancing quality of life, and elevating the global status of Saudi cities.
Commenting on the development, Ramadan Alharatani, CEO of MDLBeast, said: “Our headquarters’ location at the heart of the Saudi cultural heritage and creativity positions us at the epicentre 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 the crucial regional events.”
During the inauguration, MDLBeast shared comprehensive insights from a detailed research study on its social and economic impacts. The study highlighted MDLBeast’s growing economic footprint, with 63% of its expenditures dedicated to supporting local Saudi businesses, artists, and employees. Impressively, MDLBeast generated direct and indirect employment for 18,000 individuals in 2022. Additionally, the study revealed that MDLBeast delivered promising business opportunities to 100% of its partners.
The research also delved into MDLBeast’s societal influence within the Kingdom, revealing that 83% of participants now view music and entertainment careers as viable options. Moreover, 85% recognised these sectors as sources of diverse job roles, contributing to Saudi Arabia’s allure as a vibrant job market. Notably, 82% acknowledged the role of these activities in fostering greater women’s participation in the workforce.
Alharatani added: “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.”
The research highlighted MDLBeast’s global reach as well. Alongside visitors from neighbouring nations, MDLBeast events drew 10,000 tourists, with approximately 35% from Europe and 30% from the Americas. Impressively, 77% of attendees credited MDLBeast festivals for bolstering Saudi Arabia’s reputation as a sought-after tourist destination.
In line with its commitment to the Saudi music sector, MDLBeast actively collaborates with relevant local entities to support education, production, performance, distribution, licensing, and protection of intellectual property rights. In a relatively short period, MDLBeast has achieved remarkable success, hosting musical events aligned with major Saudi occasions like Formula 1 and Formula E. Standout festivals, including the Soundstorm Festival, attracted more than 750,000 attendees, featuring over 200 local and international music stars.