Skip to main content
  1. Market Insights
  2. Advertising and media
  3. Advertising
  4. Audio Advertising

Digital Audio Advertising - Nigeria

Nigeria
  • Ad spending in the Digital Audio Advertising market in Nigeria is forecasted to reach US$6.32m in 2024.
  • The ad spending is anticipated to demonstrate an annual growth rate (CAGR 2024-2030) of 3.13%, leading to a projected market volume of US$7.61m by 2030.
  • With a projected market volume of US$6.59bn in 2024, a significant portion of revenue will be generated the United States.
  • In Nigeria, the Digital Audio Advertising market is expected to have around 0.0users listeners by 2030.
  • The average ad spending per user in the Digital Audio Advertising market is estimated to be US$0.36 in 2024.
  • Additionally, in Nigeria, 65% of the total ad spending will be derived from mobile platforms by 2030.
  • Nigeria's digital audio advertising market is rapidly growing, driven by increased internet penetration and mobile device usage among its tech-savvy population.

Definition:
Digital Audio Advertising includes all ad revenue generated through pre- and in-stream audio ads that appear in music (music also includes all kinds of radio services) and podcast streaming services. Formats can be single spots, tandem spots, or popular special advertising formats such as presenting, on-air promotions, and infomercials, directly embedded in the audio file or dynamically inserted.

Structure:
  • Music streaming advertising is ad supported on music-streaming services
  • Podcast advertising is ad supported for ads placed within podcast channels

Additional information:
Digital Audio Advertising comprises advertising spending, users, and average revenue per user. The market only displays B2B spending. Figures are based on advertising spending and exclude agency commissions, rebates, production costs, and taxes. Key players in Digital Audio Advertising include Amazon Music, Apple Music, YouTube Music, Tencent Music, and Spotify. For more information on the data displayed, use the info button right next to the boxes.

In-Scope

  • Digital Audio Advertising through pre- and in-Stream Audio Ads that appear in music and podcast streaming services

Out-Of-Scope

  • Banner or Video ads included only in the web player of the streaming service
Audio Advertising: market data & analysis - Cover

Market Insights report

Audio Advertising: market data & analysis

Study Details

    Ad Spending

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Key Players

    Most recent update: Mar 2024

    Source: Statista Company Insights

    Analyst Opinion

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

    Customer preferences:
    Customers in Nigeria are increasingly turning to digital audio platforms for their entertainment and information needs. This shift in consumer behavior is driven by several factors, including the increasing availability of affordable smartphones and internet connectivity, as well as the convenience and personalization offered by digital audio platforms. Additionally, the younger population in Nigeria, which constitutes a significant portion of the market, is more inclined to consume content through digital channels.

    Trends in the market:
    One of the key trends in the Digital Audio Advertising market in Nigeria is the rise of streaming platforms. With the increasing popularity of platforms such as Spotify, Apple Music, and Deezer, advertisers are recognizing the potential of reaching a large and engaged audience through audio advertising. These platforms offer targeted advertising options based on user preferences, demographics, and listening habits, allowing advertisers to tailor their messages to specific segments of the population. Another trend in the market is the integration of programmatic advertising in digital audio. Programmatic advertising enables advertisers to automate the buying and selling of ad inventory, making the process more efficient and cost-effective. This trend is gaining traction in Nigeria as advertisers seek to optimize their advertising budgets and reach their target audience more effectively.

    Local special circumstances:
    Nigeria has a large and growing population, with a significant portion of the population being young and tech-savvy. This demographic profile presents a unique opportunity for advertisers in the Digital Audio Advertising market. Advertisers can leverage the popularity of digital audio platforms among the younger population to effectively reach their target audience and drive brand awareness and engagement.

    Underlying macroeconomic factors:
    The Nigerian economy has been experiencing steady growth in recent years, with a focus on diversifying from oil dependence to other sectors such as technology and entertainment. This diversification has created a favorable environment for the development of the Digital Audio Advertising market. Additionally, the increasing internet penetration and smartphone adoption rates in Nigeria have provided a solid foundation for the growth of digital advertising, including digital audio advertising. In conclusion, the Digital Audio Advertising market in Nigeria is experiencing significant growth and development. Customer preferences are shifting towards digital audio platforms, and advertisers are recognizing the potential of reaching a large and engaged audience through audio advertising. The rise of streaming platforms and the integration of programmatic advertising are key trends in the market. Nigeria's large and young population, along with the favorable macroeconomic factors, provide a unique opportunity for advertisers in the Digital Audio Advertising market.

    Reach

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Global Comparison

    Most recent update: Oct 2024

    Source: Statista Market Insights

    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.

    Advertising & Media

    Access more Market Insights on Advertising & Media topics with our featured report

    Audio Advertising: market data & analysis - BackgroundAudio Advertising: market data & analysis - Cover

    Key Market Indicators

    Notes: Based on IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Explore more high-quality data on related topic

    Podcast advertising in the United States - statistics & facts

    Podcasts are still the cool kid in the media family. Even though podcast advertising revenues remain lower than that of established media such as pay TV or out-of-home, the industry is thriving and has successfully reached the threshold of two billion U.S. dollars in annual ad revenue in the United States. The U.S. is the country with the highest number of podcast listeners worldwide, with an estimated 76 million people or 23 percent of the population consuming that audio content on a regular basis.
    More data on the topic

    Contact

    Get in touch with us. We are happy to help.