Irish radio enjoyed revenues of €158.1 million in 2022, up 9% versus 2021. The data is based on the actual recorded revenues for each radio station in Ireland.
This revenue report shows that Irish radio had a very successful 2022. Total revenue for 2022 came in at €158.1 million, up 9% versus 2021. The radio sector is increasing its share of the total advertising market in Ireland, the 9% growth achieved compares very favourably with other media with the latest market estimate indicating that the total advertising market only grew by 2% in 2022.
Radio revenue growth was recorded across many categories with retail growing by 20%* and revenue from the finance category up 11%*.There was massive growth from entertainment and media which was up 53%* while the return of travel meant that this sector also saw a very large revenue increase, up 54%*. Government continued to be a very big investor in radio, coming in as the second highest category of spend, after retail. Supply issues in2022 meant that revenue from the motor category was curtailed but this category is expected to show very strong growth in 2023.
The €158.1 million 2022 revenue was made up of €125.6 million of spot revenue(radio commercials) which was up 7% for the period. Branded content revenue(sponsorships, partnerships, content solutions) came to €27.1 million, up 12%. while digital audio revenue saw rapid growth, coming in at €5.4 million, up 55% for the period.
Radiocentre Ireland estimates that there will be strong growth again for radio in 2023 with a predicted growth of 6.6%.Despite an uncertain economic environment, the audio sector is buoyant and is consistently delivering very strong audience numbers.
More people are listening for longer as the growth in smart speakers and smartphones means they can access audio content at any time anywhere. With hybrid working set to remain in place for the foreseeable future, there is also increased opportunity for people to listen. 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