A new landmark report on the importance of the Irish advertising industry to the overall economy says it contributes in the order of €5.3bn towards GDP and supports 30,000 jobs. The report was launched earlier this week to over 230 people in Dublin’s Mansion House. IMJ, in association with Streamabout.com, the online video production firm, has compiled a special three part video report on the publication which is called, “Advertising: An Engine for Economic Growth.”
The report is the first of its kind in Ireland to quantify and detail the multi-faceted and enormous impact the advertising industry has from job creation to supporting innovation and stimulating competition. The report was sponsored by Core Media, Google Ireland, Independent News and Media and RTÉ and was carried out by Deloitte which has compiled similar studies in other markets.
“Up to now, little has been known about advertising’s role as a stimulant for economic growth through its capacity to drive demand, spread innovation and foster competition. This report on advertising’s impact on the Irish economy provides a valuable contribution to understanding the industry’s role in the economy,” says Alan Cox, CEO of Core Media.
“The key finding from this study tells a remarkable story about the Irish advertising and marketing industry; on average €1 spent on advertising is estimated to generate €5.7 in our economy. This phenomenal finding is based on rigorous and complex econometric analysis, conducted by Deloitte, and described in this report,” he adds.
“We request that policy makers take note of the disproportionate impact our industry has on the economic performance of this country, and we ask Government to consider the benefits that would accrue from a programme which incentivises and encourages businesses to invest in advertising in order to grow demand and employment in Ireland,” says Cox.
The report was launched this morning (Nov 6th) by Pat Rabbitte, the Minister for Communications, Energy & Natural Resources in the Mansion House in Dublin and was attended by over 230 leading marketing and advertising professionals.
Some of the other key findings include:
- Advertising contributes €5.3 billion to Irish GNP
- €1 spent on advertising generates on average €5.7 to Irish GNP
- Advertising supports 30,000 jobs
- 7,000 employed directly in advertising activities in 2012
- Advertising provides 38% of all Irish media revenues
- €938 million was spent on advertising media placement in Ireland in 2012
- €8.3bn in offline sales estimated to be researched on advertising funded websites prior to offline purchase
A full copy of the report can be downloaded HERE