Growing urbanization, amplifying per capita income coupled with enhancing corporate and wedding, photo shoots events have aided the growth in the photo studio industry of Saudi Arabia.
Photo studio industry in Saudi Arabia has witnessed stable growth over the period 2011-2016. During this period, Riyadh has been the largest market contributing over 35% to the overall revenues of the Saudi Arabia industry during the period. Riyadh accounts for highest number of weddings being organized in Saudi Arabia. Future Opportunities in Photo Studios Market, Number of Corporate Events Saudi Arabia, Female Photography Saudi Arabia ,Male Photography Saudi Arabia, Riyadh Wedding Market, Mecca Number of Marriages, Growth Drivers Photo studios, The capital city is also considered as the corporate centre of Saudi Arabia. The capital city hosted almost half of the corporate events in Saudi Arabia during 2016. According to The Saudi Exhibition and Conventions Bureau, huge number of licensed activities, including exhibitions, forums, conferences, workshops and meetings were organized in Riyadh during 2016 generating considerable revenue for photo studios in the area. Within Riyadh, Al-‘Olayya and Sulaymaniyyah district is considerably popular among the photo studios in the city. These areas are part of Riyadh’s business district with 30+ photo studios located in the area. These districts comprises of some of the top hotels which host multiple events that generate considerable demand for photography services in the city. Burj Rafal Hotel Kempinski, Hyatt, Four Seasons, Al Faisaliah, Hilton Garden Inn and many others are located on Al-‘Olayya and Sulaymaniyyah district. Moreover, Riyadh International Convention and Exhibition center and the Kingdom Center are also located on Al Olayya district making it one of the best places to establish a photo studio in Riyadh.
The report titled “Saudi Arabia Photo Studio Market Outlook to 2021 – Growing Number of Weddings and Corporate Events to Propel Demand” by Ken Research suggested a robust CAGR of 2.0% in revenue of the Saudi photo studio market by 2021 with growing wedding and meetings and conferences industry driving the revenues of this market in the future. A new entrant to the photo studio industry should target Riyadh and Jeddah. These two cities are highly urbanized and account for the maximum number of big corporate events, high profile marriages in the Kingdom.
Riyadh should be specifically targeted as almost 50% of the total licensed corporate events in Saudi Arabia are organized in the capital City. Moreover, over 28,000 weddings are celebrated in Riyadh each year leading to demand for photographers and videographers.