According to Radiocentre Ireland, increased revenues from digital audio and branded content such as sponsorships and other partnerships contributed significantly to the growth of the Irish commercial radio sector’s commercial revenues in the first half of 2024.
Overall, the Irish radio advertising market saw a 2% increase in revenue to €77.9 million for the period January to June 2024. Of this, €77.9 million was from spot revenue (radio advertising), which remained flat for the period. However, revenue from branded content (sponsorships, partnerships, content solutions) was €14.8 million, up 9%, while digital audio revenue for the period was €3.5 million, up 8.3%.
According to Radiocentre Ireland, digital audio revenues come from Irish radio operators; the figures do not include revenues from global audio players such as Spotify or Acast.
As for the breakdown of revenue sources, €54.2 million came from bookings from media agencies, up 2.6% from 2023, while €23.7 million came directly from advertisers, up 2.6% from 2023, while revenue from the million increased by 2.6%, while revenue coming directly from advertisers remained stagnant at €23.7 million.
According to Radiocentre Ireland, the categories with the highest expenditure on radio are retail, household services (utilities, telecommunications providers), government, finance and motors.
“It is great to see further growth in radio revenues following strong revenue growth in 2022 and 2023,” says Ciaran Cunningham, CEO of Radiocentre Ireland.
“It’s also great to see advertisers recognizing the power and reach of the medium and continuing to increase their investment. And we’re optimistic about the rest of 2024, with May and June seeing the highest revenue growth to date.”
