The MENA region will become a pioneer in the music industry

 

View in browser

MBW PARTNER PROMOTION

'The MENA region will become a pioneer in the music industry.' Growth in the MENA region has been a major highlight for the global music industry in recent years. According to global recorded music body IFPI, recorded music revenues in the Middle East and North Africa grew by 35% in 2021, making it the fastest-growing music region in the world. Furthermore, some 95.3% of those revenues in the wider region in 2021 were generated from music streaming.   Saudi Arabia, one of the key music markets in the MENA region, boasts a population size of an estimated 35.95 million and an internet penetration rate of a whopping 98% of that total population size. The country is also home to prominent Arabic music company Rotana, which is claimed to be the largest record label in the Middle East, and has recently struck licensing deals with TikTok and Spotify. Saudi Arabia's mature digital footprint and active domestic music market arguably make it an ideal location for a MENA-focused music industry conference, hosted in the form of the XP Music Futures event, the second edition of which was held in November 2022. "Saudi Arabia is currently experiencing an incredible transformation," says Nada Alhelabi, Strategy Director at MDLBEAST & XP Music Futures Program Director. Alhelabi explains further that Saudi Arabia's music business previously operated under the radar of the global music industry, but that Saudi-based music and entertainment company MDLBEAST aims to change that by turning XP, and its other operated events, into key fixtures on the global music calendar. "Previously, our music community could only thrive underground, but now we are hosting major international and regional artists and festivals with thousands of attendees," explains Alhelabi. "XP Music Futures is our effort to bring together music industry [professionals] to network and collaborate." MDLBEAST, the company behind XP, originally launched in 2019 as a music festival called 'MDLBEAST Soundstorm', which it claims on its website "was a cultural catalyst for Saudi youth". The company has since expanded to comprise a record label, as well as the XP Music Futures conference, which officially launched in 2021. MDLBEAST's SoundStorm Music Festival, meanwhile, held in the capital city Riyadh, was headlined in 2022 by superstars like Bruno Mars, DJ Khaled and Post Malone. Looking to the future, Alhelabi explains that MDLBEAST aspires to become known, not just as an entertainment company, "but for developing the region’s music economy and defining the next generation of music and entertainment". "We want it to inspire future generations to consider a career in the industry and promote music as a vehicle for job creation and innovation, making it a sustainable industry from which they can grow and build a strong profitable work experience," explains Alhelabi. Here, Nada Alhelabi, Strategy Director at MDLBEAST & XP Music Futures Program Director, gives us an insight into the company's origins, its plans for the future, and challenges and opportunities for the music business in Saudi Arabia and the wider MENA region... READ THIS ARTICLE ONLINE AT MBW THROUGH HERE