Oireachtas Joint and Select Committees

Tuesday, 6 October 2015

Joint Oireachtas Committee on Environment, Culture and the Gaeltacht

Socio-Economic Contributions of Music in Ireland: Irish Music Rights Organisation

2:15 pm

Mr. Victor Finn:

As I said in my closing comments, we believe the recommendations contained in the report have the potential to boost what we term GVA, the gross value added, of the industry by up to €25 million per annum and over a period of three to five years to create up to 800 jobs. We have asked Deloitte as part of the research to do a cost-benefit analysis on the benefits accruing, as opposed to the cost to the Exchequer. It informed us that for every one euro invested, between €4.10 and €7.40 could be generated by the industry. That compares very favourably with any other sectors where there is State involvement and encouragement. The economics of the case for assistance are clear. We think the first stage is the formation of a task force without delay so that we can get on and do the work that needs to be done.