1,100 digital businesses in Monaco in 2024

The digital sector is continuing to grow in Monaco. The barrier of 1,100 active businesses was broken through for the first time.

According to Monaco Statistics’ latest data, the Principality boasts 1,103 businesses in the digital industry in 2024, compared with 1,050 in 2023, an increase of 5% year on year.

Advertising

Looking back over ten years, that growth represents 64.4%, with 432 additional businesses, raising the digital sector’s share to 9.2% of all Monegasque business entities, compared with 7.9% in 2015.

Advertising and ICT as driving forces

Almost half of the digital companies in Monaco (49%) are in the Advertising – Communication sector, with a strong showing for design activities (22.5%) and advertising agencies (14.2%). Information and Communication Technology (ICT) comes second with 38.9% of businesses, dominated by IT systems and software consultancy (13.9%) and programming (10.3%). Digital content and media account for 12% of companies.

In 2024, 115 new businesses were created in the digital sector and 62 were deregistered, providing a positive balance of 53 entities (versus 63 in 2023).

The trend is driven by Advertising – Communication (+23 entities) and ICT (+20).

Modest turnover growth

Overall turnover for the digital sector reached €976.5 million in 2024, a slight increase (0.7%) over 2023.

There are however major disparities between sub-sectors. ICTs fared particularly well, with growth of 6.2% (+€37m), and now account for almost two-thirds of total digital turnover (€637.6m). In contrast, Content and Media were down by 8.7% (-€19.5m) and Advertising and Communications by 7.4% (-€10.5m).

The digital sector’s share of the overall economy (excluding the financial and insurance sectors) remained stable over the year, but there has been a downward trend since 2017, falling from 6.8% to 4.7% in 2024.

Employment down slightly

While overall employment in the Principality’s private sector rose by 3.6%, the digital industry showed a 2% drop, with 2,040 employees in 2024.

This is mainly explained by Advertising and Communication, with 40 fewer jobs (-13.5%). With 1,478 employees, ICT remains the sector’s largest employer.

The typical digital employee in Monaco is a 41-year-old French male who lives in the Alpes-Maritimes. The sector is still predominantly male (71.2% compared with 62.1% in the private sector as a whole), although parity is better in Advertising and Communications.

Of note, 9 out of 10 employees live in France (73.9% in the Alpes-Maritimes), while Monegasques account for only 9% of the workforce.

The most prevalent nationalities are French (83%), followed by Italians (5.2%) and Monegasques (1.5%).