A new report shows that the Irish radio advertising market reported revenues of €145.1m in 2021, which was much higher than previous estimates.
The Radiocentre Ireland report marks the first time that all radio operators in Ireland have co-operated with each other to provide "robust and detailed" revenue data for the Irish radio market.
Radiocentre Ireland was established by RTÉ and the Independent Broadcasters of Ireland.
Its board includes three representatives of RTÉ and three representatives from Independent Broadcasters of Ireland, which represents the country's 34 independent radio stations.
Radiocentre Ireland said the revenue figure is much larger than previous estimates and puts radio's share of the total advertising market in the Republic of Ireland at a best estimate 12.6% share.
The €145.1m revenue was made up of €117.3m of spot revenue (radio commercials) which represented 80.9% of total radio revenue.
Branded content revenue (sponsorships, partnerships, content solutions) came to €24.2m in 2021 and digital audio revenue was €3.5m for the year.
But the report also noted that the Covid pandemic is still having an impact on direct advertising revenue in particular. Direct advertising tends to come from smaller advertisers based all around the country and direct revenue has still not recovered to pre-pandemic levels.
Radiocentre Ireland said that 2022 has started strongly for the sector with revenue for January to March 2022 reaching €36.7m, up 22% on the same time last year.
Radiocentre Ireland said that 2022 has started strongly for the sector with revenue for January to March 2022 reaching €36.7m, up 22% on the same time last year.
Spot revenue and branded content revenue in the first quarter of this year grew by 21% and 24% respectively while there was very strong growth in digital audio revenue which grew by 48% to €1.14m.
Ciaran Cunningham, CEO of Radiocentre Ireland, said it was great to be able to provide robust revenue data for the Irish radio market.
"I am delighted to see that the revenue figure of €145m in 2021 shows that radio commands a much higher share of advertising budgets than previously estimated. I am also very pleased that 2022 has got off to such a strong start with revenue growth of 22% in quarter 1," Mr Cunningham said.
"Recent research from Radiocentre Ireland revealed that more people were listening to radio for longer as they worked from home. With hybrid working set to remain in place for the foreseeable future, this will continue to provide advertisers with access to robust and valuable audiences, in a trusted environment, at all times of the day," he added.
