Media expert projects N47.2 billion billings for OOH advertising sector in Nigeria in 2020
An Out-of -Home advertising industry specialist, Ade Akinde has projected that overall billings in outdoor sector of Nigeria’s Integrated Marketing Communications (IMC) industry would hit the N47.2 billion mark by end of the business year 2020.
Akinde, Chairman, Committee on OOH Standard Operating Procedure (SOP) Panel disclosed also that the outdoor advertising sector alone accounted for about N45 billion of the total advertising industry billings in Nigeria estimated at N162 billion in 2019. The figure, representing conservatively 27.8 percent of the total advertising expenditure, excluded branding, marketing and promotional activities in the course of the period under review.
Addressing a forum of industry stakeholders during the official presentation of the SOP draft document, held at Sheraton Hotel and Towers in Lagos, the veteran practitioner observed that despite the near 100% advertising revenue accruing from the industry, the media owners lived with a mindset of not being part of the advertising industry.
According to him, the development owes to the fact that the media owners (TV, Cinema, Radio, Press, safe for the out-of-home segment of the media sector) were constantly at ‘pains to differentiate’ their advertising function from their editorial / program function which is to inform and entertain.
Making specific references to the PWC (PricewaterhouseCoopers) research report on Entertainment and Media in Nigeria, the media specialist highlighted the various positive contributions of OOH adverting sector to growth and development of the Nigeria economy, including among other things, provision of employment opportunities running into a few thousands, with an average of five dependants per income earner.
Other contributions of the sector that he highlighted include the dependence and investment of the advertisers and the agencies’ sectors on OOH offerings, added value to the environment as well as the ultimate unquantifiable benefits to the general public who are the beneficiaries of the advertised products and services.
“As we all know, the advertising industry consists of three near-autonomous sectors: the advertisers’ sector, the ad agencies’ sector such as full creative firms, media independents, brand consultants, etc, and the media sector.
“Despite the near 100% advertising revenue from the industry, the media owners have a mindset of not being part of the advertising industry, because they are at ‘pains to differentiate’ their advertising function from their editorial/program function, which is to inform and entertain,” he said.
He continued: “Today, we are addressing the OOH segment of the Media Owners, which exclusively carries advertisements, and it is big and attractive for several reasons.”
While commending the initiative of the industry regulator, Advertising Practitioners Council of Nigeria (APCON) for granting its support and endorsement for the SOP for OOH sector in Nigeria, Akinde called on stakeholders to show understanding and be supportive of the positive change in the manner of conducting the business of advertising in Nigeria.
“APCON in its regulatory role in the Industry believes that the operations in this strategic segment of the Media sector of the Ad Industry should be supported and protected through a Standard Operating Procedure (SOP).
“Today marks a watershed in the practice of Out-of-Home media in Nigeria, and I want to appeal, as well as crave your indulgence that, as we listen to our presenters and contributions from stakeholder groups, we should seek to understand and support this improvement and positive change in the way we conduct the business of Adverting in Nigeria,” he concluded.
RECOMMENDED ARTICLES
Comment
No comments found.