Irish radio achieved revenues of €158.1 million in 2022, up nine per cent on the previous year, figures released by Radiocentre Ireland indicate. The total advertising market in Ireland is estimated to have had revenue growth of two per cent in 2022. Revenue growth was recorded across various categories with retail up by 20 per cent and finance up by 11 points.
Radio revenue growth was across various categories, with retail up by 20 and finance increasing by 11 points. After Covid lockdowns and restrictions, entertainment and media jumped by 53 per cent while the return of travel saw a spike 54 per cent. Government continued to spend on radio, coming in as the second highest category, after retail.
Ciarán Cunningham (pictured), CEO, Radiocentre Ireland, said that revenue from the motor trade was curtailed last year but it is expected to show growth in 2023. The €158.1m total was made up of €125.6m of spot revenue (radio commercials), up seven per cent. Branded content (sponsorships, partnerships, content solutions) came to €27.1m, up 12 points.
Digital audio revenue came in at €5.4m, up 55 per cent. Digital audio is revenue from Irish radio operators, it does not include revenue from global audio players such as Spotify or Acast. Radiocentre Ireland estimates that 2023 will be another good year for radio with predicted growth of 6.6 per cent. The figures are sourced from Nielsen Adspend.