Core forecasts growth in ROI advertising market for 2024
Digital advertising expenditure in 2023 increased by 9.28% to €912.84 million and now accounts for 64% of overall advertising revenue in Ireland
Print15 February 2024
Core, a marketing communications company, is predicting further growth in the overall advertising market for the Republic of Ireland (ROI) of 4.1% to €1,533.7 million. Actual growth last year was 4.6%, so this is down slightly.
Expenditure in ROI fell by 11.8% to €4.58 million. The stronger release schedule in 2024 will result in strong growth in 2024. Core forecasts it will grow by 17.7% to €5.39 million.
The TV market revenue in the ROI declined by 5.8% in 2023 to €244.2 million, which is in line with declining consumption. Core forecasts a further decline of 3.9% to €234.7 million in 2024. Increased investment from certain categories including motor, utilities and banking will help slow down the revenue decline versus 2023.
Digital advertising expenditure in 2023 increased by 9.28% to €912.84 million. It now accounts for over 64% of overall advertising revenue in Ireland. In 2024, Core expects the overall online market to increase by 7.85% to €984.51 million. It will continue to account for 64% of advertising expenditure this year. Social media and video investment will once again be the largest categories for growth, increasing by 13.5% and 10.4% respectively.
Core predicts a 1.8% rise in revenue to €157.7 million. As digital audio becomes more prevalent, collaboration between traditional broadcasters and streaming and podcast platforms would be welcomed by the industry.
After two consecutive years of modest growth, 2023 saw a return to declining media spends for the print sector, with an estimated expenditure falling by 11.7% to €75.0 million.
Revenues across the digital side of their business saw an increase of 5.4% to €29.4 million. Core projects a 13.1% decline in print expenditure to €65.2 million in the ROI in 2024.
Digital spends with publishers are expected to rise by 7.1% to €31.5 million this year.
Core forecasts that out of home advertising spending will increase by 6% to €86.2 million in 2024. Despite the continued growth and consistent recovery post pandemic, 2024 spend will be marginally lower than 2019 when it topped €90 million (-4%).
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