ADVERTISING/MARKETING: Cork's newest independent radio station, Red FM, went on air yesterday and promised to do battle for advertising revenue with established rival 96 FM.
While 96 FM had a commanding share of the average daily listenership in the Cork area (64 per cent) and consistently attracts an average of almost 52,000 adults between 7 a.m. and 7 p.m. each quarter hour using a well tried format of music, current affairs and news, the new station has signalled that music for the teens to thirty-something age bracket will be its driving force.
According to the latest figures produced by 96 FM, it already has a 63 per cent market share in this sector, so the scene appears set for an interesting dog fight.
Last February, UTV acquired 60 per cent of County Media, which owns the Cork station, for €21.71 million (£17 million). The Northern Ireland company aims to acquire the entire shareholding if the Broadcasting Commission of Ireland permits.
The investor group behind Red FM includes Thomas Crosbie Holdings (with 20 per cent), accountant Mr Vivian Nathan (20 per cent), chief executive Mr Henry Condon (10 per cent) and Mr Hanrahan and Mr Jim Aiken of FM 104.
