MDLBEAST, the leading Saudi music and entertainment company, has established its headquarters in JAX District of Diriyah, Riyadh. The inauguration event announced the results of a comprehensive research study, highlighting the company’s socio-economic impact in Saudi Arabia over the course of 2022Operating from its new base, MDLBEAST supports the music industry as an enabler to the Saudi creative economy. It will foster local talent, aid local businesses, enhance the quality of life, and elevate the global ranking of the Saudi cities. Ramadan Alharatani, CEO of MDLBEAST, commented, "Our headquarters’ location at the heart of the Saudi cultural heritage and creativity positions us at the epicenter 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 the local and global talents, introducing the Saudi music to the world. Moreover, this new locale will bolster MDLBEAST's presence at the crucial regional events."MDLBEAST shared with attendees a detailed study of its social and economic impacts. The study underscored MDLBEAST's increasing economic impact, with 63% of its spending dedicated to support the Saudi businesses, artists, and employees. MDLBEAST provided direct and indirect 18,000 job opportunities in 2022. The study also confirmed that MDLBEAST supplies 100% of its partners with promising business prospects.The study also provided insights into MDLBEAST's societal impact in the Kingdom, revealing that 83% of participants now see a career in music and entertainment as a viable choice. Moreover, 85% of respondents identified these activities as a source of diverse job positions, making the Kingdom an attractive job market. Remarkably, 82% of participants noted the role of these activities in prompting broader 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."According to the study, MDLBEAST's impact extends globally. In addition to a wide base of visitors from neighboring countries, MDLBEAST events attracted 10,000 tourists, with around 35% from Europe and 30% from the Americas. Strikingly, 77% of these attendees consider MDLBEAST festivals instrumental in reinforcing Saudi Arabia as a tourist destination.MDLBEAST collaborates actively with the relevant Saudi entities to support the Kingdom's music sector through education, production, performance, distribution, support, licensing, and intellectual property rights protections. Interestingly, MDLBEAST has experienced remarkable success in its short lifespan, hosting musical events in tandem with major Saudi occasions, such as Formula 1 and Formula E. Specific events, like the Soundstorm Festival, saw massive attendance exceeding 750,000, featuring over 200 local and international music stars.