Acquisition of media products in digital format increased, but industries only saw their revenues rise slightly
According to a report published the Joint Research Centre, digital spending - the acquisition of media products in digital format - tripled from 2006 to 2010 worldwide. However, worldwide, industries only saw their revenues rise slightly up until 2010. The digital success of the music sector contrasts other media and content industries, which are moving at a slower pace towards digital with distribution.
"The media and content industries. A quantitative overview" report published by the Joint Research Centre from the European Commission shows that new digital techniques result in efficient distribution, unleash new markets and bring lower costs for the consumer. However, worldwide, industries' only saw their revenues rise slightly up until 2010. The study also highlights the increasing interconnection and convergence of the content industries sector with the information and communication technologies sector. The content and ICT industries together are growing globally, for the period 2006-2010 at an annual rate of 8.4%, while the content sector grew at a rate of 4.9%. The Commission presented its Creative Europe programme which intends to boost cultural and creative industries in the EU in November 2011.
The digital success of the music sector contrasts other media and content industries, says the report, which are moving at a slower pace towards digital with distribution. Only 6% of film/video, newspapers, magazines and book sales were digital. Máire Geoghegan-Quinn, Commissioner Research, Innovation and Science highlighted that the report provides a valuable insight both for the industries and policy makers and will help the EU institutions shape the right answers together.
The digital shift offers new opportunities for the content and media industry to recoup investments through the exploitation of new distribution channels and devices, according to the European Commission. In addition, seizing full advantage of opportunities to distribute media and content cross-borders will be essential to maximise audiences, readers and revenues.