ADVERTISING contributes €5.3bn annually to the Irish economy and supports 30,000 jobs, a major new report on the advertising industry has revealed.
Communications, Energy and Natural Resources Minister Pat Rabbitte last week launched the innovative report at a ceremony in Dublin's Mansion House. The report was by Deloitte and reviewed the impact to the Irish economy of the advertising industry.
The report, entitled 'Advertising: An Engine for Economic Growth', is the first of its kind in Ireland to quantify and detail the multi-faceted impact the advertising industry has, from job creation to supporting innovation and stimulating competition.
The report was sponsored by Core Media, Google, Independent News and Media (INM) and RTE.
Some key findings of the report were: advertising contributes €5.3bn to Irish GNP; every €1 spent on advertising generates on average of €5.70 for Irish GNP; advertising supports 30,000 jobs; and 7,000 were employed directly in advertising activities in 2012.
The report also found that advertising provides 38 per cent of all Irish media revenues; €938m was spent on advertising media placement in Ireland in 2012; and €8.3bn in offline sales was estimated to be researched on advertising-funded websites prior to offline purchase.
It went on to detail how the approximately €1bn invested by the advertising and marketing industry provided vital funds to the Irish media, enabling its fundamental contribution to society and culture. The report also highlighted several case studies that illustrated how advertising had helped safety awareness campaigns, bolstered broadband penetration, supported exports and could stimulate social change.
The report also explained how advertising stimulated competition by supporting innovation and differentiation.
Alan Cox, CEO of Core Media, said: "We request that policymakers 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."