Radio revenue last year came in at €163.9 million, up four per cent on 2022, Radiocentre Ireland has reported. The last quarter of 2023 was particularly buoyant with spend up seven per cent for that period. Radio continues to increase its share of the advertising market in Ireland, with industry sources estimating that the total market grew by about two percentage points. Digital again saw growth – albeit slower – while TV and print were down.
The radio spend last year was made up of €127.2m on spot bookings (radio commercials), up by one point. Branded content revenue (sponsorships, partnerships, content solutions) amounted to €29.5m, up nine per cent, while digital audio revenue jumped by 33 per cent (albeit from a modest base) to €7.2m. The digital audio revenue comprises spend from Irish radio operators, and excludes revenue from global players like Spotify or Acast.
Ciarán Cunningham, chief executive, Radiocentre Ireland, said the strongest growth was across motors, pharmaceutical, travel/transport and business to business. The biggest fall in category spend over the period came from Government bodies. Cunningham said that despite an uncertain international environment, the Irish economic fundamentals were strong. He believes 2024 will be another busy year for radio with growth of 6.8 per cent forecast.
Radiocentre Ireland was founded by RTÉ and Independent Broadcasters of Ireland (IBI) to promote radio to consumers and advertisers. The IBI represents 34 independent radio stations around the country. KCLR 96fm’s John Purcell chairs Radiocentre Ireland. Board members include RTÉ’s Dan Healy and Debbie Kennedy. Seán Barry, Wireless Group, Chris Doyle, Bauer Media and Fionnuala Rabbitt, Highland Radio, represent the IBI.
Pictured is Ciarán Cunningham, CEO, Radiocentre Ireland