Irish radio advertising revenues grow 4% to €164m

The Irish radio sector attracted advertising revenues of €164 million in 2023, up 4 per cent on the year before, figures from industry body Radiocentre Ireland show.

As industry estimates point to growth of 2 per cent across the Irish advertising market last year, this points to an outperformance by radio and an increase in its share of the total market.

Revenue of €163.9 million secured last year by radio companies included €127.2 million of spot advertising revenue, which was up 1 per cent on 2022. Branded content revenue – comprising sponsorships, partnerships and paid-for content – arrived at €29.5 million, up 9 per cent.

Digital audio revenue, meanwhile, surged 33 per cent to €7.2 million. This figure relates to the digital audio business of Irish radio operators and does not include the revenue made in this market by global audio players such as Spotify or podcast platform Acast.

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Motors, pharmaceutical companies, travel and transport and business-to-business were the sectors that delivered the strongest growth in radio revenues last year, with Government advertising the category showing the largest decline in spend.

Overall, the figures confirm that Irish radio has emerged from the pandemic in good shape.

Radiocentre Ireland – an organisation formed by RTÉ and Independent Broadcasters of Ireland (IBI) to promote the growth of the radio market – estimates that 2024 will bring strong expansion once more, with revenues predicted to increase as much as 6.8 per cent.

“It is great to see that advertisers recognise the power and the reach of the medium as they continue to increase investment, and we are positive about 2024,” said Ciarán Cunningham, chief executive of Radiocentre Ireland.

“Despite an uncertain international environment, Irish economic fundamentals are strong. And 2024 has already started very encouragingly with strong growth being experienced by radio broadcasters in January and February.”

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