Print and Out-of-Home (OOH) advertising media recorded the slowest Compound Annual Growth Rates (CAGR) of -5.1 per cent and -3.2 per cent, respectively, in the country's marketing communication over six years from 2018 to 2023.
Print and Out-of-Home advertising media recorded the slowest Compound Annual Growth Rates of -5.1 per cent and -3.2 per cent, respectively, in the country's marketing communication over six years from 2018 to 2023.Print and Out-of-Home advertising media recorded the slowest Compound Annual Growth Rates of -5.1 per cent and -3.2 per cent, respectively, in the country’s marketing communication over six years from 2018 to 2023.
According to the report, the top three contributors to marketing communication spend were cable at 25.5 per cent, digital at 18.5 per cent, and creative content production at 13.4 per cent. The Creative and content production spending accounted for 13.4 per cent of total MARCOM spend, with a cumulative expenditure of N274.9 billion and a CAGR of 15.8 per cent.
Adelusi said the decline in OOH growth was attributed to the increased adoption of digital advertising, which offers the benefits of measurability and adaptability. Additionally, the production and airing of radio ads are quicker than those for TV or print, providing a fast-advertising solution. Adelusi stated that the proliferation of smartphones, increased social media engagement, and the real-time appeal of online content have boosted spending on creative and content production.
Speaking earlier, the Director General, ARCON, Dr Olalekan Fadolapo, said the marketing communications industry’s contribution to the economy and GDP is significant. The National Insurance Commission has urged industry stakeholders to prioritise regulatory adherence to realise new agenda of increasing insurance penetration and ensuring efficient prompt claims settlements in Nigeria.
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