New figures published by Radiocentre Ireland show that revenues generated by the Irish radio sector rose by a modest 2% in the first quarter of 2024.
According to the Radiocentre figures, revenues of €39.6m in the first three months of the year, a 2% increase on the same period in 2023. This follows on from two consecutive years of strong growth in 2022 and 2023.
The €39.6m revenue was made up of €30.7m in spot revenues (radio commercials) which was flat for the period. Branded content revenue (sponsorships, partnerships, content solutions) came to €7.1m, up 10.8% while digital audio revenue came in at €1.8m, up 3% for the period.
Broken down, the figures also show that revenues from media agencies came to €28.2m, up 2% while direct advertising from clients also rose 2% to €11.4m. Radiocentre Ireland also notes that it is expecting a strong revenue performance for the remainder of 2024, with full year growth estimated at 5.2%.
“It is great to see continued growth in radio revenue, following on from such strong revenue growth in 2023 and 2022. Advertisers recognise the power and the reach of the medium as they continue to increase investment,” says Ciaran Cunningham, CEO, Radiocentre Ireland.
Pictured: Ciaran Cunningham, CEO, Radiocentre Ireland
