The Irish entertainment and media industry is lagging the global recovery in the industry due to the uncertain economic conditions here.
A new report on the industry from PricewaterhouseCoopers shows that 2010 saw another fall in the value of the overall market in Ireland. However, the decline was slower than that seen in 2009.
PWC says the decline came on the back of a further decline in advertising spending. However, the other part of the industry - consumer spending - grew due to increased online spending.
The overall E&M market here last year was valued at $4.26 billion, down from the $4.3 billion seen in 2009. The market is expected to return to 2009 levels this year and to grow in 2012. PWC said the over a five year period from 2011 to 2015, the overall market is predicted to show an average growth rate of 3.5% a year. This would bring it to just over $5 billion by 2015.
Globally, the E&M market is expected to grow by 5.7% over the next five years.
The report noted that growth in internet spending has not been impacted by the recession and is expected to continue growing at double digit growth over the next five years.
It said that the key areas of growth for the industry over the next five years will be on digital platforms, in line with global trends.
