Irish radio attracted advertising revenues of €145.1 million in 2021, according to the first official figure on the size of the market to be published by an organisation representing operators.
The actual recorded radio revenues for last year are higher than recent estimates made by media agencies, which have been calling for better and more detailed market information.
The data was released on Tuesday by Radiocentre Ireland, a new body formed by RTÉ and Independent Broadcasters of Ireland (IBI) to promote the growth of the radio market.
This year has also got off to a positive start, Radiocentre Ireland said, with revenues increasing 22 per cent year on year.
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The figure of €145.1 million puts radio’s share of the total advertising market in the Republic at an estimated 12.6 per cent. It comprises €117.3 million in spot advertising, while branded content revenue – which includes sponsorship fees and other partnerships – arrived at €24.2 million.
Spot advertising revenues have increased 21 per cent year on year in the first quarter, while branded content revenue is up 24 per cent, Radiocentre Ireland said.
Digital audio revenues of €3.5 million were recorded in 2021, meanwhile, with this component seeing “very strong growth” in the first quarter of 2022, rising 48 per cent to €1.14 million. The digital audio market figures exclude the revenue made in Ireland by global audio platforms such as Spotify and Acast.
The pandemic is having a lingering impact on direct advertising revenue in particular, Radiocentre Ireland said, notwithstanding the first-quarter rise in revenues and the fact that the overall market is bigger than previously thought.
Direct advertising revenue, which tends to come from small advertisers based across the regions, has not yet recovered to pre-pandemic levels, with the organisation saying it intended to highlight the value of radio advertising to direct advertisers and achieve a return to pre-pandemic business within the current year.
Radiocentre Ireland chief executive Ciarán Cunningham said he was “very pleased” to see strong upward momentum in the market in the first quarter.
“Recent research from Radiocentre Ireland revealed that more people were listening to radio for longer as they worked from home,” he said.
“With hybrid working set to remain in place for the foreseeable future, this will continue to provide advertisers with access to robust and valuable audiences, in a trusted environment, at all times of the day.”
