OOH advertising to witness positive growth in 2024
By Seun Johnson
Out-of-Home Advertising has been projected to experience an incredible growth in 2024 considering several indicators that are ushering the sector into the New Year.
With the earlier anticipated projection of about 5.62% Compound Annual Growth Rate in the outgoing year, experts believe that there will be an upward increment in the coming year.
Speaking exclusively with MARKETING EDGE on what to expect from the industry, Managing Director of Four Pulley Limited, Mr. Lanre Asaolu highlighted some of the positive things that will happen in the sector and certain factors that will trigger the development.
While encouraging players in the industry to embrace non-conventional out-of-home advertising to generate impart, Asaolu reiterated that year 2024 is going to be an interesting year and it is only those who are innovative that will catch up with the trend and outgrow their current position.
He said, “globally, out of home industry is projected to experience year on year growth and the projection includes Africa and Nigeria. So whatever was spent in out of home economy in 2023, there will be an upward increment on that in 2024.
“We should expect more activities.
Aviation is experiencing a growth. We have some local carriers moving into international route, then we need to communicate that development to stakeholders. We also have some international carriers that are resuming operation back in Nigeria in 2024.
“That’s something to cheer about. We have some new manufacturing companies producing consumers’ goods coming onboard. That is also something to cheer about. We have a new budget that is recently presented by the new administration so there is definitely provision for communication across all channels. All of these translate to positive growth for the Industry in 2024.”
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