Media revenues in 2024 amounted to 30.3 billion ISK. Of this total, user-generated revenues accounted for just under 18.7 billion ISK, while advertising revenues totaled 11.6 billion ISK. Adjusted for constant prices, total media revenues declined by 3% compared to the previous year. This decrease is attributable to a 4% reduction in user revenues and a 2% contraction in advertising revenues.
Since 2010, overall media revenues have increased by 4%. This growth has been driven primarily by user revenues, which have risen by 12% over the same period, while advertising revenues have decreased by 8%, measured in 2024 price levels. Nearly nine out of every ten ISK in media revenues accrued to five operators. The share of the public service broadcaster, The Icelandic National Broadcasting Service, in total media revenues increased slightly between years, rising from 27% to just under 29% in 2024. Consequently, approximately three out of every ten ISK of media revenues were allocated to the public broadcaster.
Following modest growth in the aftermath of the Covid-19 pandemic, real media revenues have once again declined. In 2024, revenues fell by 1 billion ISK compared with the previous year. Approximately two-thirds of this decrease can be attributed to a contraction in user revenues, which declined by 746 million ISK, while one-third is explained by a reduction in advertising revenues of 262 million ISK. After a period of revenue growth between 2015 and 2017, total media revenues have declined by 18%. This contraction is largely driven by decreasing advertising revenues, which are now approximately 36% lower than their peak in 2016 and 8% lower than in 2010. The decline in advertising revenues is primarily explained by the outflow of advertising expenditure to foreign entities. In contrast, user revenues have increased by 16% since 2010.
Revenue developments vary substantially across media types. Print media—daily and weekly newspapers, magazines, and other periodicals—have experienced significant long-term declines. Over a 15-year period, revenues from daily and weekly newspapers have decreased by 34%, driven primarily by a 35% reduction in advertising revenues and a nearly 28% decline in user revenues. Revenues from magazines and other periodicals have declined by approximately one-quarter over the same period. By contrast, other media sectors have grown. Radio revenues increased by 23%, television revenues by 18%, and online media revenues have nearly quadrupled. Podcast revenues have increased ninefold over the five-year period since 2020.
Changes in media consumption patterns are reflected in the distribution of revenues across media types. In 2024, 55% of total media revenues accrued to television and 15% to radio. Daily and weekly newspapers accounted for 12% of revenues, as did online media. Magazines and other print media, as well as podcasts, represented relatively small shares at 3% and 2%, respectively.
Since 2010, the share of daily and weekly newspapers in total media revenues has declined from 27% to 12%, while the share of magazines and other print media has fallen from 7% to 3%. Over the same period, the share of other media types has increased.
The proportion of media revenues derived from users has increased over a number of years, concomitant with declining advertising revenues. In the table below, the internal distribution of media revenues by category is presented for the period 2010 to 2024.
The proportion of revenues derived from users has risen steadily, alongside declining advertising revenues. User revenues increased from 57% to 62% of total media revenues between 2010 and 2024, while the share of advertising revenues fell from 43% to 38%, a decrease of five percentage points. Trends differ across media types: user revenue shares have increased significantly in newspapers, more modestly in television and radio, and have declined most in magazines and other periodicals.
Of the total 30.3 billion ISK in media revenues in 2024, approximately 8.7 billion ISK accrued to the public broadcaster, compared to 21.6 billion ISK for privately operated media. The public broadcaster’s share of total media revenues rose by two percentage points year-on-year to 29%. Its share within broadcasting (radio and television combined) increased to 41%, driven entirely by growth in television revenues (from 32% to 34%), while its share in radio remained unchanged at 64%.
Over the longer term, the public broadcaster’s share of total media revenues increased from 24% in 2010 to 29% in 2024. This rise is primarily attributable to increased user revenues rather than advertising. Between 2010 and 2024, its share of user revenues increased by five percentage points (from 28% to 33%), while its share of advertising revenues rose by three percentage points (from 19% to 22%).
The public broadcaster’s share of total advertising revenues increased by one percentage point between 2023 and 2024, from 21% to 22%. However, its share of television advertising revenues declined from 57% to 53%, and its share of radio advertising revenues decreased from 37% to 36%. Since 2010, its share of television advertising revenues has increased from 45% to 53%, while its share of radio advertising revenues has declined from 42% to 36%.
Taking into account the distribution of revenues across media firms, the Icelandic media market exhibits a high degree of concentration. In 2024, 88% of total media revenues accrued to the five largest operators, including the National Broadcasting Service. These firms accounted for 94% of user revenues and 79% of advertising revenues.
When considering only privately operated media, the five largest firms accounted for 85% of total revenues, 93% of user revenues, and 75% of advertising revenues.
About the data
Data on media revenues are obtained from media operators (reported to the Media Commission since 2011) and from financial statements. In cases where operator data are unavailable, revenues are estimated based on value-added tax records and other available information. Previously published data may be revised as new information becomes available.
Media are defined here as daily and weekly newspapers, magazines and other periodicals, radio, television, online media, and podcasts. Revenue data for other media are published separately.
Media revenues are defined as revenues from users, i.e. subscriptions, single-copy and program sales, as well as the broadcasting fee levied on taxable individuals and legal entities to finance the statutory activities of the National Broadcasting Service, and from advertising, including sponsorships. Revenues from other activities and direct government subsidies to private media are excluded.
Data on revenues of individual private media companies are not disclosed.