Radio NOVA losses climb to over €5 million
Radio NOVA losses climb to over €5 million
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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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0 33 2438 08 January, 2017 Industry 7:13 pm 20171 Sunday, January 8th, 2017

About the author

Roy Martin is the Managing Editor of Radio Today. You can follow him on Twitter @roymartin or email roy.martin@radiotoday.ie

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33 comments

  1. Frankie Beats

    “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!

    Reply
  2. Frankie Beats

    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..

    Reply
  3. Jacob Lang

    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.

    Reply

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