The top three contributors to marketing communication spending were cable TV, digital media, and creative and content production.
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Mr Fadolapo added that the findings of the report underscore the industry’s paramount role as a catalyst for consumer demand, business expansion, employment, and innovation across sectors.Presenting findings from the study, the Chairperson of the Multiplier StudyARCON, PWC, multiplier effect noted that the marketing communications sector has emerged as a “formidable economic powerhouse.
“Additionally, the surge in digital media spend, fueled by increased internet and mobile penetration, as well as the rise of social media and video-on-demand platforms, has reshaped the marketing landscape,” he said.The Chairperson of the National Advertising Conference, Tunji Adeyinka, in his remarks, noted that the 2022 ARCON conference highlighted a gap in understanding the industry’s GDP contribution, “prompting the decision to engage PwC for a credible assessment.
According to PWC, the projected growth is linked to the rising availability of mobile technology and internet access. “The investment by video-on-demand platforms like Netflix and Amazon Prime in Nigerian productions, particularly in the thriving Nollywood industry, has further bolstered this segment,” Mr Adelusi added.
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