Newspaper ads market to hit $27.94m in 2025 amid declining growth rate
By Seun Johnson
The newspaper advertising market in Nigeria is projected to reach a market volume of $27.94 million by 2025.
This projection is contained in a recent report by Statista. However, the industry is said to be facing serious challenges as the compound annual growth rate (CAGR) for newspaper advertising is expected to decline by -5.22% between 2024 and 2029.
This downward trend clearly illustrates the steady shift toward digital advertising, as businesses and brands increasingly prioritize online platforms to engage their digitally inclined audiences.
According to the report, the decline also testified to the broader challenges that are confronting traditional print media, including rising production costs and dwindling readership among younger demographics as well as the economic pressures impacting advertisers’ budgets.
Notwithstanding this projected decline, the newspaper advertising might continue to hold relevance for certain brands and audiences.
For instance, Advertisers who are targeting older and rural demographics or those looking to leverage the credibility of print media are expected to maintain their presence in the market.
Experts however suggest that innovation is key to the survival of newspaper advertising in Nigeria. By integrating digital solutions like e-papers and hybrid advertising models, newspapers can stay relevant and cater to changing consumer preferences.
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