Investment in advertising in most media categories is expected to grow this year with digital once again the dynamo driving the growth according to the latest annual Outlook15 report from Core Media.
According to Core Media advertising sped on TV, radio, OOH, digital and cinema is expected to grow this year with newspapers and magazines only category likely to see a decrease in advertising spend.
Core Media is forecasting that investment in TV advertising will rise from, €212.9m in 2014 to €223.5m, buoyed along by increased competition in the market following the entry of UTV into the market in the Republic of Ireland.
Online advertising, according to Core Media, will once again post a significant increase in 2015 to €243.1m, up from €2067.9m in 2014.
Following a number of difficult number of years for the radio sector, advertising spend is expected to rise to €117.3m from €115m last year while OOH is also expected to post some solid gains from €63.9m in 2014 to €68.4m this year. Cinema advertising is also expected to see some gains, rising from €7.0m last year to around €7.4m this year.
The only sector that is likely to show a decline, according to Core Media is press and magazines. Last year Core estimates that some €141.7m was invested in newspaper and magazine advertisers. This year, however, this could fall to around €135.1m.
Elsewhere, Core Media estimates that the sponsorship market could be worth in the region of €120.8m, up from €111.8m in 2014.
According to the Outlook15, “advertising investment levels in 2014 increased for the first time in seven years in the Republic with a lift of 4.2%. Demand in the North grew by a lower rate of 3.1%. Looking to this year, despite a bumpy first month, we expect spend levels to grow by 6.3% in the South, with digital driving forward at a rate of 17.5%. Growth will edge up in Northern Ireland, where demand will increase by 3.6%.”