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.”

You might also like

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!

    1. Ivan Agar on Facebook says

      Don’t agree totally – good content is needed, but so too are decent presenters – for example, (in my opinion), the most boring show on radio is Newstalk’s afternoon show with Donoghue and McInerney – not sure what the content is like but they are so dull presenting together – compare that to Ivan Yates when he was on, he could say anything, wing it, but is entertaining.. Hooke (I don’t listen to generally), has awful content but does well because he at least makes it sound interesting with his voice and passion –

    2. Frankie Beats on Facebook says

      Ivan Agar When i say content i include the presenters. Maybe i should have stated that better. Radio in ireland is dull and wether we ilke it or not has a closed door policy on new talent.

    3. Ivan Agar on Facebook says

      Frankie Beats I know that only too well – I presented shows with 103.2 Dublin City Fm for years and trying to get in the door anywhere, especially Newstalk / RTE stations is next to impossible.. Did get to meet a lady in 2FM, 2nd to the MD at the time who told me that ‘2fm were at the cutting edge of radio’… I didn’t stay talking to her for long after that!!

  2. Frankie Beats on Facebook says

    What a stupid comment to make by Kevin Branigan “It’s clear that long term thinking and committed radio investors are needed for radio projects to prosper in Ireland.” Ever hear of good content? Spending big bucks on Colm Hayes?? Very patient investors..

  3. 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..

    1. Ivan Agar on Facebook says

      Who said they were in financial difficulty?? I don’t rate Colm Hayes in any way but you are assuming they are in difficulty and shareholders have a problem with the loss, which many businesses allow for..

  4. Tim Kelly on Facebook says

    It can take time. I will say this, the team in Nova are very dedicated and hardworking and there is a good forward thinking atmosphere, something I haven’t seen for years in radio. My observation.

  5. Frankie Beats on Facebook says

    Agreed, great station, and Kevin has done a great job and please god it will survive, all i’m saying is that it’s not investors that get ratings 🙂

  6. Andrew Looby on Facebook says

    Fantastic bunch of people . Great station . All good but Dublin market far too crowded. BAI issue .

  7. Gareth Parr on Facebook says

    Not surprising considering the current Nova format is not as good as they was when they was pirates who had a strong pop format where as the current Nova format is very much about rock music I don’t think they have the same appeal to its original listeners who love the original Nova format

    1. Liam Byrne on Facebook says

      “They” were never pirates though; they just robbed the name of something that was successful in order to piggyback on it and – with the other two “niche” stations doing likewise – create the holy trinity of names to tap into nostalgia and create an unjustified association (which judging from your post, worked, unfortunately)

      We need stations that ARE different – not ones that do the same shite while calling themselves Rock or Country or whatever while Playlisting 50 songs and getting guys in for 20 mins to voicetrack.

      In short – we need the likes of the real Nova back and similar innovations and listener engagement, not treating the listener as secondary to profit.

    2. Gareth Parr on Facebook says

      Well said Liam I live in the uk however I’ve been following the story behind the real Nova I’ve seen loads of videos on YouTube about them and even remember hearing them in the early 90’s when they broadcasted on SKY tv for a while , The real Nova just like Caroline and Laser 558 was ground breaking what they did was truly amazing and revolutionised pop radio

  8. Lenny Lovett on Facebook says

    A lot of people don’t understand accounting. A €750k loss isn’t the end of the world. Bear in mind its for the financial year 2015 also so if it was likely to be a huge threat to the business it’d have materialized already. I’m sure they budgeted for loss making for a few years when they started. I think feelings of doom for Nova are exaggerated. Bear in mind also that Newstalk has never recorded a profit! As long as the investors see potential and have deep pockets it’ll probably ride out the storm. They’re unlikely to ditch ar this stage if it’s (probably) close to profit.

    1. Lenny Lovett on Facebook says

      Yes. Over a five year period. Much of which, I’m surmising was start up costs so no real news here…

  9. Kevin Branigan on Facebook says

    Hi all, Just to add to the comment I gave to Radio Today, Fora have blown this out of proportion. They’re reporting on figures relating to the year before last and have sensationalised them. They contacted me to ask me questions about the figures but never published my answers. Fora is run by the same company that owns Boards.ie, who have a long-running vendetta against Nova, as can be seen, in part, by the vitriol their moderators allow to be posted about us by certain individuals on a daily basis. All radio stations allow for losses for their first few years of operations and Nova is no exception. 2015 covered most of our 4th full year of operation and some of our 5th. It is not out of kilter with costs and losses at other start up radio stations. What Fora don’t mention is that we actually increased our programming costs during the year in question and invested further in programming. What they also don’t mention, to add context, is that we increased turnover considerably in 2016. We’re very optimistic for the future and are looking forward to 2017.
    Best, Kevin

    1. Eoinindahouze says

      Well done Kevin, Nova is a good station.

  10. Ivan Agar on Facebook says

    Kevin Branigan, you should know better than trying to defend yourself, and if you had taken a ay cut, you would have been in profit!!

      1. Eoinindahouze says

        Kevin may I ask are the rumours true that Colm Hayes might be about to become Programme Director AND new host of thr Nova breakfast show?

        1. Ivan Agar on Facebook says

          Well I sincerely hope they are not true!! Breakfast radio on nearly all stations is so poor, 2fm awful, Newstalk now as bad with their eclectic line up…

          1. Eoinindahouze says

            Well that is what I have heard speculation about Ivan. Colm becoming the new breakfast host and programme director. He did well covering for John Clarke and Greg Gaughran recently. If you don’t like him, I respect that…

  11. Lenny Lovett on Facebook says

    It’s interesting that people think just because a business returns a loss in a financial year it’s in financial difficulties. This is nonsense. Very few businesses turn a profit every single year and very few turn a profit in their formative years. There’s really no story here apart from a company publishing their accounts from the year before last.

  12. 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.

  13. Brian Greene on Facebook says

    Radio audience is holding (says the industry) and why wouldn’t it as adverts have in large amounts headed online. Making more advert clutter free radio to enjoy. Print is being ravaged more so. Co-ops of worker passionate broadcasters could lead radio out of its advertising crisis. Or deep pocket investors. But on the far side of that is consolidation. Fewer owners of media less independence less plurality less choice. Workers management buyouts or communicorporatisation clearchannelization is the choice.

  14. Kevin Branigan on Facebook says

    Ah even by your standards that’s weak Brian. What are you actually talking about? Worker management buy outs wha?

  15. 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.

  16. 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 !!!

Leave A Reply

Your email address will not be published.