Core forecasts that total media spend in Ireland will grow by 10.85 per cent in 2022 to €1,233.6 million. Despite having various levels of Covid-19 restrictions in place for long periods of 2021, which hindered all areas of advertising investments and mediums, 2022 started off healthily with the overall market having grown by 20.5 per cent to €1,112.9m last year.
Similar to previous years, Core’s Outlook report predicts digital and online will deliver market growth across the year. Despite advertising investment in print media increasing for the first time in five years in 2021 by 2.9 per cent, the continued accelerated growth of the digital sector means the future of print is still likely to decline in 2022 by 4.8 per cent.
Key forecasts:
Television
- The TV market witnessed significant growth in 2021, 21.6 per cent to €259.8m, showing confidence has returned to the industry. This year, Core predicts continued growth in this sector with a further 6.3 per cent growth in TV spend to €276.3m in 2022.
Online Video
- The online video market (OVM) increased by 39.4 per cent to €206m last year.
- Facebook (including Instagram) accounted for 71 per cent of the OVM for advertising.
- OVM will see an increase of 21.3 per cent to €249.9m, with Meta accounting for 79 per cent.
Cinema
- Cinema advertising grew by 68.2 per cent to €2.17m last year – just one third of the volume recorded in 2019.
- Cinema ad spend is set to grow by 82.5 per cent to €3.96m in 2022.
Print & Digital Media
- Investment in print advertising across the ROI increased by 2.9 per cent to €82.6m in 2021.
- Digital has been increasing year on year since 2020, particularly with national titles in 2021, where ad spend grew 43.2 per cent to €33.5m.
- Core predicts investment in digital media will continue to increase again this year by an estimated 11.6 per cent to €37.4m, while investment in print this year is likely to contract by 4.8 per cent to €78.6m.
Online
- Advertising spend across search, social, classified and display grew by 26.2 per cent to €602.9m in 2021.
- Google and Meta (Facebook and Instagram) continued to be the main beneficiaries of this growth and now account for 85 per cent of online ad spend, totalling €512.9m.
- The overall online market will increase by 15.3 per cent to €695.1m with Google and Meta continuing to grow by 12.6 per cent and 23 per cent respectively in 2022.
- Although Meta saw a recent fall of 26 per cent in their share price due to Apple’s IOS update, privacy changes and increased competition, it has yet to really impact Meta’s bottom line with TikTok only accounting for five per cent of the social media market.
Radio & Digital Audio
- Core is forecasting continued growth across the radio market by 3.2 per cent to €112.1m.
- Digital audio (podcasts and online streaming) investment has seen a considerable surge since March 2021 and it is set to continue to grow with investment reaching around €10.1 million in 2022, up 16.1 per cent on last year.
Out Of Home (OOH)
- Investment rose by 17.4 per cent in 2021 to €56.8m, with retail and alcohol the biggest spending categories last year.
- In 2022, advertising spend across the OOH sector is expected to increase by 18.8 per cent to €67.5m – significantly below the €90.7m recorded in 2019.
- Digital OOH formats accounted for about one third of all OOH investment across the island last year.
For the full report, click on https://www.linkedin.com/smart-links/AQG_CDDsK-llKA
Pictured above is Aidan Greene, CEO-designate, Core
