The Irish radio advertising market has reported revenues of €113m for the period January to September 2003.
This is a 2% increase on the same figure in 2022. Revenue for the third quarter of 2023, meanwhile, was up by 1% when compared to the same period in 2022.
According to Radiocentre Ireland, the €113m revenue was made up of €86.5m in spot advertising, which was flat for the period. However, branded content revenue including sponsorships, partnerships and content solutions was up 7%, to €21.5m, while digital audio revenue continued to grow substantially, rising by 35% to €5.1m.
Sectors that showed strongest growth were motors, pharmaceutical, travel/transport and business to business, according to Radiocentre Ireland. The largest decline in category spend over the period came from Government.
The audio sector continues to outperform the market with latest estimates suggesting the that total Irish advertising market is showing a decrease in revenue of between 1% and 2% for the January to September 2023 period. Industry sources, however, point to a strong Q4.
“It is great to see continued growth in radio revenue, following on from such strong revenue growth in 2022,” says Ciaran Cunningham, CEO, Radiocentre Ireland.
“The recently released Irish Audio Report shows that audio is universally listened to, with 98% of adults listening to audio content every single week. More people are listening every week, and they are listening for longer. And this is at a time when television audiences are challenged in virtually every market and even big digital platforms are struggling to maintain audiences. It is great to see that advertisers recognise the power and the reach of the medium as they continue to increase investment.”