2019: I do not see any serious growth prospect in IMC, says Former AAAN President
Former President of the Association of Advertising Agencies of Nigeria (AAAN), Mr. Kayode Oluwasona, has said that there is very little hope for growth in the advertising industry in 2019. He noted that the industry may still suffer from the sluggishness of the outgone year.
Oluwasona said this in an exclusive interview with MARKETING EGE in Lagos, adding that so far nothing has changed on the macroeconomic level to inspire any optimism for the advertising industry in Nigeria.
“I personally do not see any serious growth happening, that is on the macro level for the total agency, because if for anything there is nothing new that is happening now, if for example there was a new industry that is opening up like it happened in the case of the banks and telecommunications, we would have expected more”
Oluwasona’s optimism has been further dampened by the weak political advertising revenue. He added that the streams of revenue expected from the 2019 elections have fallen far below projections from operators.
Economic analysts had predicted that starting from the fourth quarter of 2018, the economy was going to experience a boost as a result of increase in politics related spending. But so far that has not been the case and this is forcing analyst to review their growth forecast.
“It was actually politics everybody was looking at before 2019 being a year of politics but what weve seen so far from last quarter of 2018 till now, there has been curtailment of spending, people will tell you there is no money and that is real, so you find people rationalising expenditure, value purchase and expenditure is what is on now, people want to get much for little or no cost at all and then those days of politics bringing so much money are gone so I dont see politics impacting the wealth pot”
He also advised that the agencies will have to employ Research, rationalising of expenditure, technology, and proper training of personnel so as to carve a niche for themselves in 2019.
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