This revenue report shows that 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 €163.9million 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 €7.2million, 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. Revenue from media agencies came to €114million, up 3% while revenue coming directly from advertisers was €50 million, up 6%.
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.
Revenue by quarter, broken down by spot, branded content and digital audio revenue is listed below.
More people are listening for longer as the growth in smart speakers and smartphones means they can access audio content at any time anywhere. New formats and technologies present many exciting opportunities for advertisers and digital audio platforms continue to evolve and find new ways to attract audiences. The audio space is thriving, and many advertisers are increasing investment in the medium as these revenue figures show.