The Irish radio advertising market grew by 22% in the first quarter of this year, according to the first-ever national report by Radiocentre Ireland.

The report compiles revenue data from every radio operator in Ireland – and shows that the sector is in rude health.

The report shows that radio stations earned €145.1m from advertising in 2021 – a much larger figure than previously thought.

It puts radio’s share of the total advertising market in Ireland at a best-estimate 12.6% share.

Things are looking even better for this year with revenues hitting €36.7m between January March – up 22% on the same time last year.

Radiocentre Ireland was formed earlier this year in a bid to promote the Irish radio sector.

It is 50% funded by RTÉ and 50% by Ireland’s commercial radio stations.

Ciaran Cunningham has been appointed CEO of Radiocentre Ireland.

On Breakfast Business this morning, Radiocentre Ireland CEO Ciaran Cunningham said this first report from the agency shows the sector is in good health.

“You wouldn’t believe that for many years, we didn’t know the exact size of the sector but now because all the radio stations are cooperating, we do,” he said.

He said the figures show that Irish radio has a far higher share of the advertising market than the sector commands in other regions like the UK.

“The UK would only have a 6% or 7% share,” he said.

“Commercial radio in Ireland has been around since the 20s and it is hugely strong in terms of its listenership and that now has come through in the amount of money advertising are spending in the medium and with the medium.”

The report notes that revenues are still being impacted by the pandemic – particularly on revenue from radio commercials.

Direct advertising tends to come from smaller companies based all over the country and Radiocentre Ireland will now focus on highlighting the value of radio advertising to direct advertisers.

It said it aims to achieve a return to pre-pandemic levels within the current year.