First ever published revenue from Irish radio operators reports that the Irish radio advertising market generated revenues of €145.1 million in 2021 and the first quarter of this year revenue was up by 22 per cent. For the first time, all of the Republic’s radio stations got together to detailed revenue data based on the actual recorded revenues for each station.
The report, released by Radiocentre Ireland, shows that the revenue figure is considerably up on previous estimates and the body claims that it puts radio’s share of the total advertising market in the Republic at a best estimate 12.6 per cent. The revenue comprised €117.3m of spot revenue (radio commercials) which represents 80.9 per cent of total spend.
Branded content revenue (sponsorships, partnerships, content solutions) came to €24.2 million last year and digital audio revenue was €3.5 million for the same period. Spot revenue and branded content revenue in the first quarter of 2022 grew by 21 per cent and 24 per cent respectively, while digital audio revenue is said to have grown by 48 per cent to €1.14m.
Impact
The digital audio revenue is made up of revenue from Irish radio operators, but does not include revenue from global audio players like Spotify or Acast. Although the revenue figures are higher than previously thought, the pandemic is still having a major impact on direct advertising revenue that largely comes from smaller advertisers around the country.
Radiocentre Ireland was formed by RTE and the IBI, with Ciarán Cunningham (above) as CEO.
Its six-person board comprises three representatives from RTE and three from Independent Broadcasters of Ireland (IBI), the body which represents 34 independent radio stations operating at local, regional and national level. Geraldine O’Leary, Dan Healy and Debbie Kennedy represent RTE and Seán Barry, Simon Myciunka and Tim O’Keeffe represent the IBI.
Elsewhere on the radio front, the IBI is backing South East Radio in its call for an independent investigation into Wexford County Council’s attempts to influence the local station’s editorial content through its advertising. The IBI contacted the Minister for Local Government Darragh O’Brien asking what action he plans to take in response to the matter.
