Irish radio operators’ first ever published earnings report that the Irish radio advertising market generated revenues of €145.1 million in 2021 and revenues for the first quarter of this year increased by 22% . For the first time, all radio stations in the Republic have come together to get detailed revenue data based on the actual revenue recorded for each station.
The report, published by Radiocentre Ireland, shows revenue to be significantly higher than previous estimates and the body says it puts radio’s share of the Republic’s total advertising market at a best estimate of 12, 6%. Revenues included €117.3 million in one-time revenue (radio ads), representing 80.9% of total spend.
Revenues from branded content (sponsorships, partnerships, content solutions) amounted to €24.2 million last year and digital audio revenues to €3.5 million over the same period . Spot revenue and branded content revenue in the first quarter of 2022 increased by 21% and 24% respectively, while digital audio revenue would have increased by 48% to reach 1.14 million euros.
Digital audio revenue is made up of revenue from Irish radio operators, but does not include revenue from global audio players such as Spotify or Acast. Although the revenue figures are higher than previously thought, the pandemic is still having a major impact on direct mail revenues which largely come from the country’s smaller advertisers.
Radiocentre Ireland was formed by RTE and the IBI, with Ciarán Cunningham (above) as CEO.
Its six-person board includes three representatives from RTE and three from Independent Broadcasters of Ireland (IBI), the body that 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 supporting South East Radio in its call for an independent inquiry into Wexford County Council’s attempts to influence the local station’s editorial content through its advertising. The IBI has contacted Local Government Minister Darragh O’Brien to ask what action he plans to take in response to the case.