There was some good news for the Irish media and entertainment industry during the week – it was told what every sector is dying to hear: to expect plenty of growth.
A report from PwC (‘Global Entertainment & Media Outlook 2013 2017’) estimated that the market would grow by as much as 4.2 per cent annually until 2017. Happy days then for all involved in the sector. And who do they have to thank
Well, according to the report, they can all start to send flowers and thank-you cards to the digital sector. Yes, the global entertainment and media market is set to grow over the next five years fuelled primarily by increasing internet access and the proliferating use of smartphones.
Irish companies are now able to connect with their customers to a far greater degree thanks to an improved internet infrastructure in Ireland. We all now enjoy higher data speeds on mobile network services and increased penetration of high bandwidth fixed line broadband services. Naturally, an ever-increasing amount of web users means an ever-increasing amount of opportunities for companies. With the public now looking towards the web for constant access to the entertainment, firms are looking to better understand customers’ online patterns and predict their future buying behaviours. They then adapt their models to maximise their revenue potential.
While the report is focused on the ongoing growth in the media and entertainment industry, the findings are relevant for all industries. Traditional forms of advertising are slowly waning, with non-digital media posting a decline of 0.3 per cent from last year. Digital, on the other hand, has grown at a rate of 13.2 per cent. The sooner companies become literate in all things digital, the sooner they will start to feel the benefits. It is that simple.
