Record year for Monaco’s Digital Economy

Monaco’s Digital Economy is booming, with the sector responsible for generating close to a billion euros in revenue in 2022.

According to the latest report by Monaco’s statistics agency IMSEE, the Principality now has close to 1,000 establishments in the digital economy.

There were 115 newly created entities in 2022, and 59 definitive strike-offs, bringing the total number of active establishments in the digital economy in Monaco to 984. That’s a 6% increase on 2021, or 56 additional entities, and it is 18% higher than the pre-crisis period of 2019.

Within 10 years, the number of digital establishments in Monaco has increased significantly by 68.8%. They now represent 8.8% of all economic activity in the Principality.

Advertising-Communication accounts for almost one in two of the digital structures, followed by Information and Communications Technology (ICT), which accounts for 39.8%. These two groups, according to IMSEE, record the most creations and definitive strike-offs, and more than one in 10 is included in the Content and Media groups, which had three additional entities enter the realm in 2022.

Digital revenue approaches €1 billion

Digital revenue reached as high as €919.9 million in Monaco in 2022, an increase of 5.7% compared to 2021. ICT again carried the weight with 61.8% and saw the most marked growth: +€37 million/7%.

Nearly a quarter of digital revenue was generated by the Content and Media sector, which grew by €12.5 million last year.

Advertising-Communication, which posted the strongest relative growth in 2021, stagnated at 0.4% in 2022.

Despite the increase in revenue, says IMSEE, revenue in the digital economy is yet to exceed that of the Monegasque economy which sits at 15%, compared to 4.9%.

The number of digital economy employees is on the rise

At the end of 2022, the digital economy in Monaco employed 107 more people than in 2021, an increase of 5.9%, bringing the total number of employees to 1,922.

According to the report, the increase is mainly driven by ICT, which saw an additional 72 employees and is the only group to employ more people than in 2019.

In the digital economy as a whole, more than seven out of 10 employees are men, which is almost 10 percentage points more than for all private sector employees.

The average digital employee

Almost nine out of 10 digital employees, or 1,660, live in France. This share is 7.5 points higher than that of the entire private sector workforce. The majority, 70%, live in the Alpes-Maritimes. Monegasque residents account for more than 10% of digital employees, a proportion that has increased on the previous year. Residents of Italy account for only 1.7% of the digital sector, compared to 8.7% overall.

With an average of 41.1 years, digital employees are slightly younger than the overall population of 42.4 years.


Podcast Interview: Frédéric Genta on the great digital transition


Photo source: Unsplash