The Irish radio advertising market saw a growth in revenue of 22% in Q1 2022, and larger than expected overall revenue for 2021.
For the first time, all radio operators in the country worked together to provide detailed revenue data for the Irish radio market.
The figures are based on the actual recorded revenues for each radio station in Ireland.
The report, released today by Radiocentre Ireland, shows that the Irish radio advertising market enjoyed revenues of €145.1 million in 2021. This figure is much larger than previous estimates and puts radio’s share of the total advertising market in the Republic of Ireland at a best estimate 12.6% share.
Growth in digital
The report shows that the €145.1 million revenue in 2021 was made up of €117.3 million of spot revenue (radio commercials).
Branded content revenue (sponsorships, partnerships, content solutions) came to €24.2 million in 2021, and digital audio revenue was €3.5 million for the same period.
The report also shows that 2022 has started strongly for the sector with revenue for January to March 2022 reaching €36.7 million, up 22% on the same period last year. There's been particularly strong growth in digital audio revenue, which grew by 48% to €1.14 million over this period.
Pandemic still affecting advertising revenue
Although the figures are higher than previously estimated, the pandemic is still having an impact on direct advertising revenue in particular. This tends to come from smaller advertisers, and it still has not recovered to pre-pandemic levels.
It is Radiocentre Ireland’s intention to highlight the value of radio advertising to direct advertisers. Ciaran Cunningham CEO Radiocentre Ireland said
“I am delighted to see that the revenue figure of €145 million in 2021 shows that radio commands a much higher share of advertising budgets than previously estimated. I am also very pleased that 2022 has got off to such a strong start with revenue growth of 22% in quarter 1. Recent research from Radiocentre Ireland revealed that more people were listening to radio for longer as they worked from home. 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”.
About Radiocentre Ireland
Radiocentre Ireland was established by RTE and IBI.
It is managed by a Board which comprises three representatives of RTE and three representatives from Independent Broadcasters of Ireland, the organisation representing Ireland’s 34 independent radio stations operating at local, regional and national level.
