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WeBook to Boost Saudi Entertainment Sector Profits

People are seen at Boulevard Riyadh City. (Asharq Al-Awsat)
People are seen at Boulevard Riyadh City. (Asharq Al-Awsat)
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WeBook to Boost Saudi Entertainment Sector Profits

People are seen at Boulevard Riyadh City. (Asharq Al-Awsat)
People are seen at Boulevard Riyadh City. (Asharq Al-Awsat)

Saudi Arabia’s General Entertainment Authority (GEA) plans to double WeBook’s revenues, the official ticketing platform for Riyadh Season, by adding new features.

These include exclusive live streaming of events and concerts. The goal is to boost profits, diversify income sources, and benefit the Saudi economy.

Turki Al-Sheikh, GEA Chairman, also revealed plans to list WeBook on the Saudi Stock Exchange, with expectations for it to become a billion-dollar company.

WeBook has already achieved impressive results, with ticket sales exceeding SAR 1 billion ($266.6 million) and over 11 million tickets sold. It has 5 million users from more than 160 countries.

During Riyadh Season, WeBook became the most downloaded app, with over 5 million downloads, giving access to more than 520 global events.

At a press conference on Wednesday for the upcoming Riyadh Season, Al-Sheikh announced that all events will be exclusively streamed on the WeBook platform. There will be two viewing options: a free version with ads and a subscription-based option without ads.

He also introduced a new feature allowing viewers to interact with artists during live concerts. Users will be able to vote for their favorite songs through the platform, enabling direct engagement between fans and performers.

WeBook’s new subscription options offer various packages tailored to user preferences and access to exclusive, limited-edition products. Subscribers can also join live discussions and bid on unique experiences and rare items.

The platform has enhanced the ticket-buying process with features like waitlists, improved resale options, a loyalty program, and faster payments via Apple Pay.

WeBook is working with authorities to fight ticket fraud, creating a team dedicated to this issue.

They have canceled over 18,000 counterfeit tickets and shut down eight black market sites. The platform has also banned over 5,000 accounts and monitored more than 3 million transactions.

In the past year, WeBook generated over SAR 45 million ($12 million) in revenue, served more than 65,500 users, and facilitated over 100,000 resales.

Additionally, WeBook has signed a deal with the Saudi Pro League to be the exclusive ticket platform for the next three seasons, starting in 2024-2025, allowing for early ticket sales.

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Libya's Oil Output Falls More Than Half

A general view of Ras Lanuf Oil and Gas Company in Ras Lanuf, Libya, August 28, 2024. REUTERS/Mohammed Al-Hadad
A general view of Ras Lanuf Oil and Gas Company in Ras Lanuf, Libya, August 28, 2024. REUTERS/Mohammed Al-Hadad
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Libya's Oil Output Falls More Than Half

A general view of Ras Lanuf Oil and Gas Company in Ras Lanuf, Libya, August 28, 2024. REUTERS/Mohammed Al-Hadad
A general view of Ras Lanuf Oil and Gas Company in Ras Lanuf, Libya, August 28, 2024. REUTERS/Mohammed Al-Hadad

More than half of Libya's oil production, or about 700,000 barrels per day, was offline on Thursday and exports were halted at several ports as a standoff between rival political factions over the central bank and oil revenue threatens to end a four-year period of relative peace.

The crisis over control of the Central Bank of Libya threatens a new bout of instability in the country, a major oil producer that is split between eastern and western factions that have drawn backing from Turkey and Russia.

Ports in Libya's hydrocarbon-rich Oil Crescent - Es Sidra, Brega, Zueitina and Ras Lanuf - halted export operations on Thursday, two engineers at the ports told Reuters.

Four vessels had loaded 600,000 barrels of oil each in the eastern region that accounts for the bulk of the country's exports - two at Es Sidra, one at Brega and one at Zueitina - and departed earlier on Thursday, the engineers said.

Output at oilfields controlled by Waha Oil Company, a subsidiary of the National Oil Corporation, has dropped to 150,000 barrels per day (bpd) from 280,000 bpd and is expected to fall further, engineers told Reuters on Thursday.

Production has also been halted or reduced at the Sharara, Sarir, Abu Attifel, Amal and Nafoora fields, engineers have said.

That has taken roughly 700,000 bpd of oil output offline, according to Reuters calculations. Libya pumped about 1.18 million bpd in July.
Consulting firm Rapidan Energy Group has estimated production losses could reach between 900,000 and 1 million bpd and last for several weeks.

Eastern factions have vowed to keep oil production shut off until the internationally recognized Presidency Council and Government of National Unity in Tripoli, in the west, return veteran central bank governor Sadiq al-Kabir to his post.

The Presidency Council, headed by Mohammed al-Menfi, said on Aug. 18 it was dismissing Kabir, a move rejected by the eastern-based House of Representatives parliament, and eastern commander Khalifa Haftar's force called the Libyan National Army.