By James M. KelleherPublishers Weekly,March 11, 2018In a nation where there is a long-standing belief in the value of advertising, it is surprising that Ireland is lagging behind the rest of the world in terms of the value placed on advertising by its advertisers.
A recent report by Deloitte, commissioned by Delos, found that while Ireland’s advertising spending was up by more than $2 billion last year, its share of the total market share fell to 28.3 per cent, the lowest share since the year 2000.
The report also found that Irish advertising was down by almost 3 per cent on the previous year and that the number of companies selling Irish-made products was down 15 per cent from last year.
However, this is not to say that advertising in Ireland has disappeared completely, according to the authors of the report.
The authors believe that Irish ad agencies are still working on getting advertisers to use them and, if the industry is able to do this, it will help to keep them going.
In fact, the report suggests that Ireland may be able to sustain an advertising industry that is competitive with those in the US and Germany.
However this has not happened so far, with Deloittes research finding that the amount of advertising in the country was down 4 per cent in 2018, while total spend was up 10 per cent.
And while the report points out that the industry will be looking for new ways to compete in the years ahead, it seems that it may not be the only one.
According to a recent report, the Irish Advertising Standards Authority is recommending that all ad agencies be required to use local content in their advertising.
The idea is that, if there are enough local ads, it may make advertising more efficient.
But the authors are not so sure.
They argue that local advertising may actually make advertising less effective, because there are fewer local ads and that this could lead to greater costs for the advertiser.
This, in turn, could lead the industry to become more fragmented, as well as make it harder for companies to compete against each other.
And it is not just advertising that is being lost in Ireland.
The use of social media has also seen a dip in advertising.
According a recent Deloiter report, Facebook advertising was up 2.3 times last year compared to the previous one.
But this was because Facebook ads were still up on mobile phones.
Meanwhile, Google has reported that it has seen its advertising spend fall by 13 per cent since it was founded in 2005.
Google said that its revenue grew by more to $6 billion in 2018.
And even though Google is the largest US company in the world, it was up 1.5 times to a record $31.9 billion in its fourth quarter of 2018.
According the authors, it appears that the lack of competition from other advertising companies has caused this.
“We see a lot of these firms that are in this space having difficulty to compete with the big guys,” says Patrick O’Connell, Director of the Deloiteur Institute.
“They need to compete more with the likes of Facebook and Google.”
So what is the solution?
The authors of this report suggest that a new approach to the industry may be needed.
They suggest that it is time for Irish companies to invest more in local advertising.
This could mean investing in local brands.
They also propose that companies should develop local advertising platforms and start working with local businesses to ensure that they are using local content and ads.
But the authors do caution that there may be some challenges.
For example, there is still a long way to go in getting consumers to pay for local ads.
And they say that there is an inherent cost in this sort of approach.
“The cost of creating a new market, especially in the digital advertising space, is to create an artificial barrier to entry,” they say.
“This is a key factor that prevents Irish companies from building an international business.”
So, will the Irish advertising industry survive?
In an ideal world, they say, all ad networks would be required by law to use a local content approach and local ads would be available to consumers in their local area.
However the authors also believe that this may not always happen and that, at the moment, it looks as though there is not a strong market for local advertising in Europe.
This means that the market may be limited to the Irish market.
This is not the only area where the authors point out that Ireland’s market share is lower than in the United States.
They also say that Ireland has struggled to get its advertising businesses into the US market, which may make it difficult for the industry in the future.