The Irish entertainment and media landscape is at a tipping point with advertising revenue outpacing consumer revenue as the migration to digital, continues according to a new report.
PricewaterhouseCoopers’ Global Entertainment and Media Outlook report also highlights the emergence of mobile, multi-platform and on-demand services and the clear need for businesses to find models that monetise the digital consumer, with two thirds of revenue growth forecast for the industry projected to arise from digital.
Over the next four years, the sector is forecast to grow at a rate of 2.3% in Ireland, reaching a spend of €4.25bn in 2018.
The growth forecast is behind the global growth rate of 5% over the same period, due to a decline in home advertising, the expected contraction of newspaper publishing, and a decline in filmed entertainment in this country.
The report also predicts that digital revenues in the entertainment and media sector here will outstrip traditional revenue sources by 2020.
Non-digital media will continue to account for the largest share of global spending over the next four years but digital revenues will have dramatically narrowed the gap with non-digital due for an overall decrease of 1.6% in contrast with the predicted 8.8% growth expected across digital.
The report also predicts steep declines across publishing, with the greatest rate of decline forecast for newspaper publishing, with a 7.1% contraction expected over the period to 2018.
While print will account for the majority of all newspaper publishing spend by 2018, it is set to decline across both circulation (-5.6%) and advertising (-11.7%) in the five year period from 2013.
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