January to March 2023 advertising revenue for the radio sector is up 6% on the same period last year.
The data shows that the Irish radio broadcasters enjoyed advertising revenues of €38.9 million for the January to March period, up 6% on the same period last year. The €38.9 million revenue was made up of €30.8 million of spot revenue (radio commercials), up 6% compared to the same period last year. Branded content revenue (sponsorships, partnerships, content solutions) came to €6.4 million, down 1%. while the rapid growth in digital audio revenue continues, with the sector recording revenue of €1.7 million, up 49% for the period.
Revenue from media agencies came to €27.7million, up 7% while revenue coming directly from advertisers was €11.2million, up 4%. The sector continues to be buoyant with growth this year following on from very strong levels of growth for the same period last year resulting in a 29% increase in revenue between January – March 2021 and January – March 2023.
The product categories that are driving growth are finance, government and motors. Although the motor category has seen a significant increase in revenue in quarter 1 2023, external factors within the motor industry have restricted spend and there is an expectation that this category will see increased growth during the year.
Ciaran Cunningham CEO Radiocentre Ireland said:
“It is great to see a strong start to the year following on from such strong revenue growth in 2022. At a time when radio ratings in the U.S. among 18–49-year old's now exceed TV for the first time in U.S. media history, advertisers, home and abroad, continue to recognise the unbeatable reach that broadcast audio provides for their brands. And the strong growth in digital audio reflects advertisers’ ability to communicate in an intimate one-to-one environment, but with all the tracking, targeting behavioural and contextual opportunities that you get from visual digital activity.”
