Media buying & planning professionals forecast growth in 2023
By Abimbola Mohammed
The global media planning and buying market was driven by the global media expenditure, which attained a value of nearly USD 425 billion in 2020. According to a report by Expert Market Research (EMR), a market research and business intelligence company, the global media expenditure is likely to grow at a CAGR of 4% and is also estimated to witness a healthy growth in the forecast period of 2023-2028 to reach USD 537.6 billion by 2026.
In the same vein, the media planning and buying professionals in Nigeria have estimated that there will be slight growth in the sector depending on some factors.
Jude Odia, Managing Director of Starcom Media Perspectives while speaking with MARKETING EDGE ON TV crew, noted that some of the things that will drive advertising spend are global big events, economic outlook, sponsored branded content and outcome of the 2023 elections.
“For me, those are possibly big events that could drive spend this year. It looks like two or three of them. There is something that is also growing, which is called branded content – that is what people naturally call sponsored content. I think it’s growing and brands are embracing and spending big money on branded content. I think they are getting value for it,” he said.
He noted that the industry is going to see lots of branded content, big budget ones that will help stakeholders locally and globally, while adding, however, that the elections will not help very much.
“We have seen that the elections will not help, but a post-election Nigerian economy will pick up. Whoever wins will add a sense of hope to businesses and foreign investors to see spending pick up in quarter 2, 3 and hopefully Q4 will be better than last year. We may not see a double digit growth this year but I see a growth, maybe single digit,” he said.
On his part, Seyi Iwayemi, Senior Group Head/Project Director, Channels Management, Maximedia Global Communication, said: “The national budget seems not to offer any hope. We may have to explore new opportunities, come up with fresh and unconventional ideas to run and sustain our various businesses.
“The outcome of the forthcoming general elections will drive directions for the Nigerian economy. We remain prayerful for a favourable election that will drive business recovery for our industry and every other sector of the Nigerian and global economy. We also remain hopeful that an amicable solution will be agreed for the Russian-Ukrainian war.”.
Akam-Ekpo Enoch, Head of Procurement, Buying & Investments, Starcom Media Perspectives, is of the view that this year is still on forecast and a lot of brands are still waiting for the elections.
“The trends to expect are more digital innovative investments and to be integrated across media mediums. Rates have increased and economic factors are also affecting advertising; so media budgets might reduce or remain as of 2022, marginal increase based on outcome of elections and financial capacity of the target market.
“Work never stops; we will keep trying to solve brand issues with the hope of approval to execute,” she said.
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