Saudi Arabia’s entertainment sector receives a multi-million dollar tech upgrade
Saudi Arabia has invested $55 million in HyperSpace, a three-year-old startup that designs digital theme parks within shopping centers. The funding came from Riyadh Season, a government-backed entertainment initiative under the Public Investment Fund.
Other participants in the financing round included US-based Galaxy Interactive, Georgia SEGA Ventures, and UK-headquartered Apis Venture Partners. HyperSpace offers a mix of digital and physical entertainment, including gaming attractions, immersive theater experiences, and interactive areas for content creation.
The company opened its latest venue, House of Hype, in Riyadh as part of the fourth edition of Riyadh Season, dubbed the world’s largest winter entertainment event. The 60,000 sq. foot park uses an in-house currency called HyperCoin and generates gaming challenges using artificial intelligence data.
HyperSpace was founded in Dubai in January 2021 and comprises a team of multi-disciplinary industry experts from well-known companies such as Google, SNAP, The Mill, Amazon, Unity, and Apple. The company is bridging the gap between the allure of AAA video games, social media, and other forms of digital entertainment and the timeless appeal of in-person fun with friends and family.
Riyadh Season, opening in October and closing in April 2024, is a popular attraction for local and international visitors. The event features 60 new experiences, including the world of “Barbie,” Disney’s castle, “Dancing Fountains,” “Blippi Wonders,” and the Zero Latency Experience.
The fourth edition aims to create over 200,000 jobs and enable nearly 2,000 local and international companies. Riyadh Season covers over 7 million sq. meters of entertainment experiences and aligns with Saudi Arabia’s Vision 2030 plan to reduce its dependence on oil revenues.
The Kingdom’s entertainment and amusement sector is expected to be worth $1.17 billion by 2030. The buzz around entertainment reflects the Kingdom’s Vision 2030 blueprint, which aims to improve the quality of life for Saudi citizens through cultural, entertainment, and sports activities.
