Radio NOVA losses climb to over €5 million

Dublin-based Radio NOVA made a loss of just over €750,000 in the 12 months to the end of December 2015.

Added to the accounting figures from the last five years, the station’s accumulated losses now stand at over €5 million.

The numbers have been reported by the Fora.ie website, quoting the most recently submitted accounts, which also highlights the number of people employed by the company increased from 23 to 25.

NOVA’s CEO, Kevin Branigan has explained more to RadioToday.ie: “There’s no doubt that radio is an expensive business and not for the faint-hearted. Dublin is a very competitive market and the cost of building a strong brand is high. The quoted figures are from 2015 and we’ve grown revenues considerably since then. Our shareholders remain committed to Nova. It’s clear that long term thinking and committed radio investors are needed for radio projects to prosper in Ireland.”

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35 Comments

  1. Frankie Beats says

    “It’s clear that long term thinking and committed radio investors are needed for radio projects to prosper in Ireland.”

    You are so wrong Mr Branigan, good content always prevails.. FAIL!

  2. Frankie Beats says

    By the way, i’m not saying that Colm Hayes is bad (He’s good) but if your in financial difficulty you don’t throw big bucks at big name presenters..

  3. Jacob Lang says

    Mr Brannigan knows the radio business and I suspect someone like him knows what Nova have to do in 2017 and beyond. There is one issue I have with them and there compulsion to hire big name presenters such as John Clarke and Colm Hayes. These people are draining some of Nova’s finance as they are excellent and experienced radio people in their own right and yet need to be paid. What do you do? That’s Mr Brannigan challenge for this year. Incidentally Newstalk which I listen to also has serious losses and that needs to be discussed.

  4. alan says

    Just getting away from the actual topic and this is my first post. I grew up in the 1980’s and I feel so privileged and lucky to have experienced Dublin radio from that era.
    Radio was much more exciting back then and it was not down to expensive branding etc. it was down to what was coming out of the radio receivers speakers. I know that this is not just me getting older as I experienced this shift as early as 1989 when the fist legal radio stations started broadcasting.
    Unfortunately it is now ALL about branding and profit (too many people thinking they are radio doctors!) and from reading this website it’s also about careers, the listener is way down the list.
    I wish people like Robbie Robinson, Chris Carey (deceased) and Bill Cunningham (deceased)could return to Dublin radio, because whatever you may think of each one of those people they each left a mark and made people like me think of radio as like a theatre of the mind and something to be in awe of.
    I don’t feel like this about Irish/Dublin radio anymore, it’s bland, boring and that is why people are switching off radio in great numbers.
    When I say this, it is no way to disrespect anyone, you can run with the name but it is the sound that really matters.

  5. Johnny Holmes says

    I would have to say that the JNLR figures speak for themselves and Nova 100 are way up there at the top of the list in terms of growth. Radio Today News need to be a little more careful with their slightly misleading publications without proper accurate and precise information and lacking in sufficient research. Yes, of course Nova is Branded. It has to be and it DOES have a Great Sound and it’s Very Entertaining. Do your own survey to find out for yourself !!!

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