CMOs in Nigeria should be more deliberate about CTV marketing, experts
By Zion Rufus
Although the growth of CTV in Nigeria can be credited to the rise in streaming devices and increased purchases of Smart TVs, its adoption remains relatively low according to experts.
In 2022, Nigeria’s connected TV ad spending in the video advertising segment hit US$1.99m and is expected to show an annual growth rate (CAGR 2022-2027) of 12.47%, resulting in a projected market volume of US$3.58m by 2027.
The emergence of Connected TV (CTV) as the future of TV advertising further disrupts an already fragmented ad landscape as it provides advertisers with more channels to engage with their target audiences, at the right time, through user-controlled viewing experiences which can also be retargeted on other screens such as mobile, tablets or PCs.
Connected TV is a television that is directly connected to the internet and can stream content on the big screen. This can be a smart TV or it can also be connected to the internet through streaming media player devices, gaming consoles or internet enabled set top boxes.
CTV also provides media planners with opportunities to measure their investments to get advanced reporting and insights about their audience.
“The adoption rate is still very low right now,” said Chibuike Goodnews, Dochase Adx co-founder.
“It’s pretty new and growing, but can be better. It is sad that a lot of people still do not know much about the CTV, but the awareness is growing,” he explained.
According to the ad professional, a major concern about the CTV is the number of digital TV channels in the country.
He shared: “Digital TV hasn’t been our thing due to the cost of the internet. That will soon change as the 5g and other cheaper internet is gaining more ground. At Dochase, we are pushing the budget to drive better adoption. The younger people are more inclined to video content than reading, that’s the reason we have more of them searching TikTok and Instagram. Same video environment is created by the digital TV channels like AVO TV where you watch your favorite TV channels on mobile.”
“Dochase is the exclusive advertising and monetization partner for AVO TV. This gives our advertisers a great advantage at adopting CTV. We are also encouraging our existing and recent advertisers and agencies to explore CTV.”
In his final submission, Chibuike advised that marketing professionals need to be more deliberate about using CTV in their marketing.
He pointed out: “More customers are watching videos than reading text. The advertising environment is 96%mobile and CTV is your best way to connect to mobile audiences who prefer video content. This share of attention will continue to grow in the next one year.”
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