Advertising industry worth €1bn to Irish economy – survey

New study reveals majority of companies expect business to increase in next 12 months

Guinness’ outdoor advertising for the hurling championship. A new study shows that the advertising industry is worth more than €1 billion to the Irish economy

Guinness’ outdoor advertising for the hurling championship. A new study shows that the advertising industry is worth more than €1 billion to the Irish economy

 

Advertising is worth more than €1 billion a year to the Republic’s economy, according to a leading industry body.

The Institute of Advertising Practitioners in Ireland published the results of its sixth yearly census, a guide on the Republic’s commercial, creative and media industry.

The study shows that the advertising industry is worth more than €1 billion to the Irish economy.

According to the institute, companies are aware that they face “macro-economic” challenges.

However, almost two out of three predict that their own businesses will increase over the coming 12 months, while just 11 per cent of them foresee a fall.

‘Ever-evolving’ industry

An increasing number of Irish advertising businesses are bidding to win international contracts.

The census shows that 81 per cent are actively pursuing global accounts or are seeing business from existing multinational clients increase.

Charley Stoney, the institute’s chief executive, said that the results showed an “ever-evolving” industry.

“While Brexit is a looming threat to every industry in Ireland we, along with our member agencies, will approach with caution and continue to do the fantastic work which has seen us celebrated on the European stage at Cannes Lions already this year,” he added.