Online growth will see digital advertising revenue hit €575m
Internet advertising, video games and online access will increasingly dominate the Irish entertainment and media industry, according to new predictions from the consultancy firm PricewaterhouseCoopers.
Internet advertising revenue will reach €575m by 2021, a growth of 63pc in the period, according to PwC. Mobile internet advertising already accounts for more than one-third of total online spend here, with the amount spent in this sector forecast to grow 13.4pc annually to 2021.
Overall, the Irish entertainment and media industry is set to grow 3.3pc annually over the next four years.
This is equivalent to revenues of €4.8bn, PwC claims. The sectoral analysis covers internet and out-of-home advertising, internet access, TV subscriptions and licences, radio, video games, filmed entertainment, newspapers and book and magazine publishing.
The company's prognosis for the print sector is grim, with a predicted fall in daily circulation from 525,000 to 392,000 units by 2021. PwC also predicts total newspaper revenue to fall from €571m to €441m in 2021, a decline of approximately 5pc annually. "While there is lots of investment in online and digital, publishers continue to be challenged to monetise online and digital revenues, but there are significant opportunities over the long term," said the report.