Irish radio had a very successful 2023. Total revenue for 2023 came in at €163.9 million, up 4% versus 2022.
Quarter 4 (October to December) was particularly buoyant with radio revenues up 7% for that period.
The radio sector continues to increase its share of the total advertising market in Ireland, with industry sources estimating that the total advertising market grew by c2%.
Digital (search, social, display) continues to grow but at lower growth rates compared to previous years while there were revenue declines for television (traditional and on demand) and publishing.
The €163.9 million 2023 revenue was made up of €127.2 million of spot revenue (radio commercials) which was up 1% for the period.
Branded content revenue (sponsorships, partnerships, content solutions) came to €29.5 million, up 9%, while digital audio revenue continues to enjoy rapid growth, coming in at €7.2 million, up 33% for the period.
The digital audio revenue is made up of revenue from Irish radio operators, it does not include revenue from global audio players such as Spotify or Acast.
Sectors that showed strongest growth were motors, pharmaceutical, travel/transport and business to business.
The largest decline in category spend over the period came from Government.
Radiocentre Ireland estimates that there will be strong growth again for radio in 2024 with a predicted growth of 6.8%.
Ciaran Cunningham CEO Radiocentre Ireland said:
“It is great to see continued growth in radio revenue, following on from such strong revenue growth in 2022. It is great to see that advertisers recognise the power and the reach of the medium as they continue to increase investment. And we are positive about 2024. Despite an uncertain international environment, Irish economic fundamentals are strong. And 2024 has already started very encouragingly with strong growth being experienced by radio broadcasters in January and February.”
