The digital industry is booming in Monaco thanks to an explosion of digital businesses setting up shop in the Principality in the last 10 years. More than 110 new digital companies joined the books in 2023, a year that saw the sector produce close to €1 billion in revenue. 

Monaco’s dynamic digital economy is the focus of a new report by the Monegasque Institute of Statistics and Economic Studies (IMSEE).  

The study, which was published earlier this week, highlights the massive growth experienced by the sector in the past decade as well as its developing status as a major employer in the Principality’s private sector. 

FAST-GROWING 

There were 1,031 digital companies operating in Monaco in 2023, up over 4% on the previous year and nearly 75% more than there were 10 years ago. In real numbers, this means that 112 new digital businesses were founded in the Principality last year.  

Around a half of Monaco’s digital businesses are dedicated to the fields of advertising and communication, owing to a big jump in the need for specialised design work in recent years. Nearly 40% represent information and communication technology (ICT), while content and media make up the rest.  

Perhaps the most striking feature of the digital economy in Monaco is that it generated €947 million in revenue in 2023. That is a €19 million gain on the previous year, with ICT showing the strongest growth in revenue; it produced €598 million over the course of last year.  

Content and media, though down by almost €19 million, recorded a turnover of €209 million, while advertising and communication noted growth of just over 8%, bringing in €138 million.  

2,082 people were in employment in the local digital sector in 2023, 160 more than the previous year, with ICT leading the pack with 1,478 employees. Advertising and communication account for 298 people, and content and media businesses have 294 workers on their books.  

See more: Science and technical activities companies are Monaco’s biggest private sector employers

The industry is male-dominated, with the typical profile of an average worker being a 41-year-old French man living in the Alpes-Maritimes.

In 2023, there were 1,480 men employed in the sector versus 602 women, making the digital sector nearly 10% more male-heavy than the private sector average.  

Though nine in 10 of digital sector workers are recorded as living in France, with most coming from the Alpes-Maritimes, nearly 10% are Monegasque. 

To read the full report, click here.

Read related:

Economy: Revenues exceed €20 billion for the first time in Monaco 

 

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Photo source: Budka Damdinsuren, Unsplash