Market Insights Advertising & Media Advertising Audio Advertising

Digital Audio Advertising - Ghana

Ghana

Ad spending in the Digital Audio Advertising market in Ghana is forecasted to reach US$371.70k in 2024.
The ad spending is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 5.96%, leading to a projected market volume of US$496.40k by 2029.
With a projected market volume of US$7,078.00m in 2024, the majority of revenue will be generated the United States.
In Ghana, the Digital Audio Advertising market is expected to see the number of listeners amounting to 834.9k users by 2029.
The average ad spending per user in the Digital Audio Advertising market is estimated to be US$0.57 in 2024.
Within the Digital Audio Advertising market, 77% of total ad spending is forecasted to be generated through mobile in 2029.
Ghana's Digital Audio Advertising market is rapidly expanding, driven by the increasing popularity of streaming services and targeted ad campaigns.

Key regions: United States, France, India, Asia, Japan

Market

Region

Region comparison

Currency

Analyst Opinion

The Digital Audio Advertising market in Ghana is experiencing significant growth and development.

Customer preferences: Customers in Ghana are increasingly turning to digital audio platforms for their entertainment and information needs. With the widespread availability of smartphones and affordable data plans, more Ghanaians are accessing digital audio content, such as music streaming services and podcasts. This shift in consumer behavior has created a lucrative opportunity for advertisers to reach their target audience through digital audio advertising.

Trends in the market: One of the key trends in the Digital Audio Advertising market in Ghana is the rise of programmatic advertising. Programmatic advertising allows advertisers to automate the buying and selling of ad inventory, making it more efficient and cost-effective. This trend is driven by the increasing adoption of programmatic technology by digital audio platforms in Ghana, which enables advertisers to target specific audiences based on their demographics, interests, and behavior. Another trend in the market is the growing popularity of native audio ads. Native audio ads are seamlessly integrated into the digital audio content, providing a non-intrusive and engaging advertising experience for listeners. Advertisers are leveraging the power of storytelling and audio creativity to capture the attention of listeners and deliver their brand message effectively.

Local special circumstances: Ghana has a vibrant music industry and a strong culture of storytelling through audio. This cultural context provides a fertile ground for the growth of digital audio advertising. Advertisers in Ghana can leverage local music and storytelling elements to create relevant and impactful audio ads that resonate with the audience. Additionally, the high mobile phone penetration rate in Ghana further enhances the reach and effectiveness of digital audio advertising.

Underlying macroeconomic factors: Ghana's economy has been experiencing steady growth in recent years, resulting in an expanding middle class with increased purchasing power. This growing middle class represents a valuable consumer segment for advertisers, and digital audio advertising offers an effective way to reach this audience. Furthermore, the government of Ghana has been implementing policies to promote digital innovation and entrepreneurship, which has contributed to the development of the digital advertising industry, including digital audio advertising. In conclusion, the Digital Audio Advertising market in Ghana is thriving due to the increasing customer preferences for digital audio content, the adoption of programmatic advertising, and the popularity of native audio ads. The local special circumstances, such as the vibrant music industry and high mobile phone penetration rate, further contribute to the growth of the market. Additionally, the underlying macroeconomic factors, including the expanding middle class and government support for digital innovation, create a favorable environment for the development of the digital audio advertising industry in Ghana.

Methodology

Data coverage:

Data encompasses enterprises (B2B). Figures are based on digital audio advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers pre- and in-stream audio ads and podcast streaming ads.

Modeling approach:

Market size is determined by a combined top-down and bottom-up approach. We use annual financial reports of the market-leading companies and industry associations, third-party reports, web traffic, and survey results from our primary research (e.g., Consumer Insights Global Survey) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as GDP, media consumption, internet users, and digital consumer spending.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the market. For instance, the S-curve function is well suited to forecast digital products due to the non-linear growth of technology adoption, whereas exponential trend smoothing (ETS) is more suited for projecting steady growth in traditional advertising markets.

Additional notes:

Data is modeled using current exchange rates. The impacts of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice per year in case market dynamics change.