Driven by growth in traditional media segments like newspapers and TV as well as internet and video games, the Irish entertainment market will growth 7.1pc every year to achieve revenues of US$4.1bn by 2010, according to a report by PricewaterhouseCoopers (PwC).
Ireland is clearly bucking the international trend as globally the entertainment and media markets will growth at a rate of 6.6pc to reach US$1.8 trillion by 2010.
Digital technologies, chiefly broadband internet and mobile, are becoming established and increasingly lucrative distribution channels that are changing the way consumers acquire entertainment and media content.
Global spending via online and wireless channels reached US$19bn in 2005 and will increase to US$67bn by 2010, the PwC Outlook says.
Digital technologies consist of five categories: online rental subscriptions and digital streaming in filmed entertainment, licensed digital downloads and mobile music in recorded music, online and wireless video games, electronic books and online casino gaming.
“Likewise, the Irish market is forecast to experience healthy growth over the next four years, with a number of sectors such as television, radio and internet access currently growing at rates greater than those in any other country in western Europe, commented Bartley O’Connor, associate director of PwC’s entertainment and media practice.
“This is due to increased activity in the TV and radio sectors, which has seen a number of new entrants, and the ramp-up in broadband adoption,” O’Connor said.
By John Kennedy
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