Digital advertising netted N81.2 bn, to increase this year
By Oghale Mafuru
Latest industry report has revealed that digital advertising in Nigeria was valued at N81.2 billion in 2022 with a projection that it will rise further this year as online advertising in Nigeria is forecast to generate 133 million U.S. dollars in revenue.
Statista, the online data company, stated that the digital advertising market in Nigeria is projected to peak at $197.10 million in 2023 with 7.06% growth rate between 2023 and 2027 resulting in a market volume of $258.90 million in 2027.
The report adds that while Ad spending in the Digital Advertising market is projected to reach $197.10m in 2023, the market’s largest segment is Video Advertising with a market volume of $90.41m in 2023.
In its assessment of global ad spend, the company said that most ad spending will be generated in the United States (US$297.40bn in 2023).
The average ad spending per user in the Social Media Advertising segment is projected to amount to US$1.17 in 2023.
In the Digital Advertising market, 69% of total ad spending will be generated through mobile in 2027 as 81% of the Digital Advertising revenue will be generated through programmatic advertising in 2027.
In global comparison, most ad spending will be generated in the United States (US$297.40bn in 2023).
Global digital advertising expenditure was projected to increase from an estimate of 173 billion U.S. dollars in 2016 to just over 272 billion by 2020. Spending on internet advertising was estimated to end 2017 with the second highest year-over-year growth in advertising spending in comparison to other mediums.
In line with this global trend, internet advertising revenue in Nigeria has shown significant improvement in the last years, and is projected to continue to rise.
The online ad market in Nigeria has seen an unprecedented growth between 2015 and 2018, as revenue growth of this medium ranged between 39 percent and 25 percent during that time period.
The growth rate is projected to slow down in the coming years though. By 2023, online advertising in Nigeria is projected to generate 133 million U.S. dollars in revenue.
RECOMMENDED ARTICLES
Comment
No comments found.