Industry stakeholders set sights on expansive growth in 2024, encourage business leaders to adapt to changing realities

By Zion Rufus

Anticipation for the year 2024 is palpable among stakeholders in Nigeria’s marketing, communications, creative, and entertainment sectors as industry enthusiasts express excitement over the expected growth and excellence in the year ahead.

The prevailing sentiment is that these industries will continue to play a pivotal role in shaping the nation’s cultural narrative, fostering economic growth, and captivating global audiences.

…rapid advancements in technology will demand swift adjustments to meet objectives

Deola Art Alade, the CEO of Livespot360, is entering the new year with heightened optimism, expecting 2024 to be a year marked by creativity, effectiveness, and innovation in Nigeria’s entertainment and creative industries as companies navigate the challenges and opportunities that these evolving industries present.

Reflecting on the transformative journey of 2023, Alade projects that in 2024, evolving economic landscape and rapid advancements in technology will demand swift adjustments to meet objectives.

“In this fast-paced environment, entrepreneurs must prioritize adaptability and continuous learning. It is critical to remain nimble, swiftly adapting to changing realities, while ensuring solutions for clients and projects remain paramount,” Art Alade said.

According to the Livespot CEO, swift adaptation to changing realities ensures that entrepreneurs stay ahead of the curve, seizing opportunities and mitigating challenges. However, amidst this agility, one constant must be upheld—the unwavering commitment to providing solutions for clients as customer-centricity takes center stage and driving innovation remains a competitive advantage.

“The ability to learn and pivot quickly has become a cornerstone for sustainable success in today’s dynamic business world,” she added.

…marketing communications professionals to remain open to testing new avenues

Tolulope Medebem, President of the Experiential Marketers Association of Nigeria (EXMAN) and CEO of Aster Integrated Marketing Services, forecasts 2024 as a rapid-paced year, with significant developments in AI integration across various facets like creatives and videos. Instead of viewing these changes as challenges, she charged business executives on the importance of embracing them as growth opportunities.

“I believe that the leveraging of AI for or within marketing communications, simply means the need to better understand the consumer in order to create tailored and personalized experiences (everyday, the consumer becomes more discerning and expects the brands to understand them or they churn). This entails delving into first-party data and integrating AI for personalized interactions,” she stated.

Speaking further, she encouraged marketing communications professionals to remain open to testing new avenues, buttressing the need for agility, adaptability, and a proactive approach as 2024 will undoubtedly bring more opportunities.

The future is bright!

Sam Onyemelukwe, Senior Vice President of Global Business Development for Trace, also shared insights in a candid conversation with Marketing Edge, shedding light on the substantial economic contribution of the entertainment sector.

Acknowledging the skepticism some may have about the industry’s financial scale, he stated, “The future is bright and 2024 looks great! Here in Nigeria alone, our media and entertainment business generates hundreds of millions of dollars.”

In Sam’s viewpoint, as Nigeria looks forward to 2024, the entertainment industry stands poised to seize untapped opportunities, break new grounds, and affirm its position as a key driver of economic growth and cultural influence.

“The diverse and dynamic nature of the industry, coupled with the innovative spirit of its stakeholders, paints a promising picture for an exceptionally successful and transformative year ahead,” he added.

The future is mixed reality!

In a recent commentary on “The future is mixed reality”, Akinlabi ‘Phisha’ Akinbulumo, a visual storyteller and brand expert, also shared insights into the evolving landscape of technology and its impact on communication.

Anticipating significant advancements in Generative AI while highlighting its integration with mixed reality as a crucial aspect of the future, the visionary expert envisions a future where generative AI plays a pivotal role in enhancing and generating captivating stories.

“The future of communications is Storytelling; it is about how we can tell these beautiful stories that people can connect with. And where the future is going, we will see generative AI advance. The core of what we will see is AI in the use of mixed reality and we will see it in the use of generating and helping enhance the types of stories that we’re going to tell,” Phisha said.