Cinema and music are booming, while newspapers are under pressure

Irish cinema and live music revenues will post double-digit growth after the pandemic, even as streaming and mobile broadband boom.

However, print media will suffer as newspaper revenues are expected to fall 5.1 percent a year and circulation by 7.5 percent through 2026, said consultancy PwC, despite growth in digital ads and distribution.

Overall, Irish entertainment and media revenues are forecast to grow at an average of 4.5 per cent per year through 2026, reflecting global growth of 4.6 per cent.

That could generate an estimated €6.1 billion in revenue by 2026, up €1.2 billion from 2021, according to PwC’s latest Global Entertainment and Media Outlook.

Global entertainment and media revenues reached $2.3 trillion in 2021.

Better internet access is driving revenues higher, with Ireland now the third fastest growing Western European market after Spain and Sweden.

Internet access will grow at just over 6 percent per year through 2026, with revenue topping €2 billion by the end of the period, up from €1.5 billion in 2021.

Mobile is set to overtake fixed broadband next year, with both set to generate nearly €1 billion in revenue by 2026.

Streaming is growing faster in Ireland than globally, compared to an average of just over 9 per cent per year 7.6 percent globally, with video games and electronic sports growing slower here (5.5 percent) than globally (8.5 percent).

The cash receipts are expected to compensate for the pandemic losses in the next year and grow by an average of 22.4 percent per year until 2026 and generate income of 150 million euros. Global growth is forecast at 18 percent.

The news comes a week after the Hammerlake Studios consortium cleared a major planning hurdle in Mullingar, and just months after the S tate announced that it would support a €300 million studio Complex in Wicklow.

According to PwC, live music will grow by an average of 19 percent per year until 2026 and reach revenues of 192.8 million euros.

Irish newspaper revenues are set to fall from €222.5 million last year to €151.5 million by 2026.

Digital will overtake print by 2026, growing 4 percent annually to €63.2 million, while print will fall 11.9 percent to €58 million.

Total internet advertising revenue in Ireland is growing at almost half the rate of global growth.

Amy Ball, a partner in PwC Ireland’s entertainment and media practice, said every company in the industry “is facing disruption” and must “learn to adapt”.

https://www.independent.ie/business/media/cinema-and-music-set-for-boom-time-as-newspapers-feel-the-pinch-41856247.html Cinema and music are booming, while newspapers are under pressure

Fry Electronics Team

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