The Irish advertising market will grow 3.2 per cent next year to €1.32 billion after a rise of 3.1 per cent in 2023, but both print and television revenue will decline again in 2024, according to forecasts by media agency owner GroupM Ireland.
Print advertising will drop off by a further 5 per cent in 2024 after a 9 per cent plunge this year, it said. Within this, newspaper advertising will decline 4.6 per cent to €87.3 million, while magazine advertising will plummet 11.1 per cent to €8.5 million.
“Print continues to face significant challenges, despite the increased focus on digital offerings, as demand declines and production costs increase,” said GroupM, which is the media investment arm of global advertising giant WPP and led in Ireland by chief executive Bill Kinlay.
Having commanded a 20.7 per cent share of the Irish advertising market as recently as 2015, newspapers’ share will fall to just 6.6 per cent in 2024, the forecasts suggest.
The woes of the television market will be less severe, with GroupM expecting a 1.3 per cent decline next year to €209.9 million. Traditional – or linear – television ad revenues will fall 3 per cent to €184.7 million next year, while broadcaster video-on-demand and connected TV revenue will surge 12.8 per cent to €25.2 million.
This follows a difficult 2023, which saw total television advertising spending fall more than 6 per cent amid “macroeconomic uncertainty and micro-inflationary pressures”. These conditions have “knocked advertisers’ confidence in what is arguably their most considered media investment”, GroupM said, with the decline in linear television viewing time exacerbating the situation.
Nevertheless, it expects linear television revenue to edge up again after 2024 as a degree of stability returns to viewing levels after the volatility of the post-pandemic years, while there is a “far more positive” outlook for advertising