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An “experience economy” based on selling experiences rather than products is booming. As the pandemic has brought about the popularity of virtual experiences, consumers are increasingly demanding everything from augmented and virtual reality and the metaverse to cryptocurrencies.
The World Economic Forum even predicts that the only companies that will exist a decade from now are those that create and nurture the human experience. Offline experience has become the key to people’s happiness.
Even from a business perspective, customer experience has become a key brand differentiator beyond product and price. There are many answers to the question of why this happens, and one of them is a phenomenon known as “commodification of things.”
It’s easier to get products from around the world, and many brands offer free shipping, which reduces the perceived value of these products. This is a rich question; when something is not scarce or scarce, people are no longer interested in it.
Holidays, concerts, restaurant dinners, etc. are placed at a higher value level, a change driven by millennials. 55% of millennials say they are spending more than ever on events and live experiences after years of restriction. Today’s need to record and publish shareable moments has changed what people look for in their lives. All in all, the potential is huge.
Following the success of Expo 2020, entertainment and leisure activities in the MENA region are expanding significantly, with new destinations being planned and existing ones being updated. The UAE is a prime location for the industry to expand as it has years of brilliance to keep growing.
What FIFA 2022 means for the UAE
Keeping in mind what we know about the experience economy, the Middle East is anticipating one of the biggest sporting events in the world. Most aspects of any global sporting event revolve around lifestyle and entertainment. Take the Super Bowl in the United States, where a concert was held during the halftime of the opening ceremony — ushering in an era of using sports spectacles to entertain audiences.
Global sporting events define the lifestyle and community engagement of an entire city or country. From themed events at local gatherings to themed sales and offers at the mall during the event (or even before the event), there’s something for everyone.
According to a report by Allied Market Research, the global sports tourism market was valued at $323 billion in 2020 and is expected to exceed $1 trillion by 2030. This includes sectors such as hotels, airlines, retail, events, entertainment and the arts. With 1.2 million to 1.5 million tourists expected to travel to Qatar to watch the World Cup, there are many opportunities for FIFA to stimulate the development of the local and regional entertainment industry. Taking Dubai alone, Deloitte estimates that sponsorship of major sporting events in Dubai generates an estimated $100 million a year in revenue.
Dubai has yet to host the FIFA World Cup or the Olympics, but during the 2014 Motorsport World Cup, restaurant and cafe business grew by 500%. For a market like Dubai, there is also huge potential to entertain and entertain sports fans with immersive events that will help them feel engaged during FIFA events.
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We are developing some of these projects in partnership with the DIFC District – Dubai’s M2L Market. On the roof of Gate Avenue Mall, there will be a temporary entertainment area connected to the various fan areas, where spectators will be able to cheer on their teams on a huge live screen and participate in a variety of cultural and educational immersion activities.
These can be themed concerts and community sports events for all ages, dining experiences and business talks, and more. The UAE has years of experience enhancing its entertainment industry, and FIFA 2022 promises to bring more of these concepts that will only drive the experience economy upwards.
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