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Tuesday, August 16, 2022

Cinema and music gear up for boom times as newspapers feel the pinch

Irish cinema and live music revenue is set for double-digit post-pandemic growth, even as streaming and mobile broadband booms.

Despite growth in digital advertisements and distribution, consulting firm PwC said print media will suffer, with newspaper revenues expected to decline 5.1 per cent per annum by 2026 and decline by 7.5 per cent.

Overall, Irish entertainment and media revenues are projected to grow 4.5 percent per year on average through 2026, tracking global growth of 4.6 percent.

According to PwC’s latest Global Entertainment and Media Outlook, it could generate revenues estimated here of €6.1bn by 2026, up to €1.2bn in 2021.

Global entertainment and media revenue to reach $2.3tn (just under €2.3tn) in 2021.

Improved Internet access is driving revenue, with Ireland now the third fastest growing Western European market after Spain and Sweden.

Internet access will exceed just 6pc per year by 2026, with revenues exceeding €2bn at the end of the period, up from €1.5bn in 2021.

Mobile will overtake fixed broadband next year, with both generating close to €1bn in revenue by 2026.

Streaming in Ireland is growing faster than around the world, with an average of just over 9pc per year in comparison 7.6 pc globally, although video games and electronic sports are expected to grow more slowly here (5.5 pc) than globally (8.5 pc).

Box office revenue is set to recover the damages of the pandemic next year and will grow an average of 22.4pc annually until 2026, generating revenues of €150m. Global growth is projected to be 18 percent.

The news comes a week after the Hammerlake Studios consortium in Mullinger cleared a major planning hurdle, and just a few months after the S. Tate announces it is backing €300m studio Complex in Wicklow.

According to PwC, live music will grow by an average of 19pc per year until 2026, with revenues reaching €192.8m.

Irish newspaper revenue will fall from €222.5m last year to €151.5m by 2026.

Digital will overtake print advertising by 2026, rising 4pc annually to €63.2m, while print will fall 11.9pc to €58m.

Total Internet advertising revenue in Ireland is growing at about half the rate globally.

Amy Ball, a partner in PwC Ireland’s entertainment and media practice, said every business in the sector is “constrained” and must “learn to adapt”.

World Nation News Desk
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