Nigerian traditional TV ad spend to reach $448.50m by 2029
By Oluwaseyi Lawal
The traditional TV advertising spending market in Nigeria has been forecasted to demonstrate an annual growth rate (CAGR 2024-2029) of 2.85%, leading to a projected market volume of US$448.50m by 2029.
The ad spending is anticipated to reach US$389.80m in 2024. This is according to standard market research platform, Statista.
The market in scope includes moving image formats broadcasted over traditional transmission channels such as terrestrial and digital terrestrial (DTTV, DTT, DTTB) TV, cable TV, satellite TV, and linear TV delivered over Internet Protocol networks (IPTV) and the spending for pay-TV operators and networks as well as free-to-air networks and free-to-air spin-off digital channels from terrestrial network operators.
Traditional TV Advertising refers to ad spending on moving image formats broadcasted via traditional transmission channels such as terrestrial and digital terrestrial (DTTV, DTT, DTTB) TV, cable TV, satellite TV, and linear TV delivered via Internet Protocol television (IPTV).
Traditional TV Advertising comprises advertising spending, users, average revenue per user, and user demographic. The market only displays B2B spending and users. Figures are based on Traditional TV Advertising spending and exclude agency commissions, rebates, production costs, and taxes.
Nigeria’s economy, the largest in Africa, has shown promising signs of growth. This economic revival is critical for the advertising sector, as businesses are more inclined to increase their marketing budgets. A healthier economy means more disposable income for consumers, leading to higher spending on goods and services. This is bound to make brands eager to invest heavily in traditional TV advertising to reach broader audiences.
The Nigerian television industry is experiencing a change in content quality and variety. Local TV networks are investing in high-quality programming that appeals to a wide range of viewers. The diversity of content is attracting large audiences. This surge in viewership will make TV an attractive platform for advertisers seeking to engage with consumers in meaningful ways.
The Nigerian traditional TV ad market is not without its obstacles, despite its bright future. Notable challenges include the competition from digital platforms and high production costs. But there are also chances for creativity because of these difficulties.
In order to combine the precision of digital marketing with the wide audience reach of television, advertisers are investigating hybrid techniques. Brands now have the opportunity to develop integrated, multi-channel advertising experiences that maximise effect by combining TV campaigns with internet activities.
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