Social Media Advertising - Western Africa

In Western Africa, ad spending in the Social Media Advertising market market is projected to reach US$252.00m in 2024.
This ad spending is expected to exhibit an annual growth rate (CAGR 2024-2030) of 9.92%, leading to a projected market volume of US$444.60m by 2030.
In a global context, the majority of ad spending will be generated China, which is anticipated to reach US$84.65bn in 2024.
Within the Social Media Advertising market market in Western Africa, 70% of total ad spending is expected to be generated through mobile by 2030.
Furthermore, the number of users in the Social Media Advertising market market in Western Africa is projected to amount to 143.3m users by 2030.
In Nigeria, social media advertising is increasingly becoming a vital tool for brands to engage with the youth demographic and foster brand loyalty.

Definition:
Social Media Advertising is a form of online digital marketing in which paid banner and video ad campaigns are run on social media platforms to reach the target audiences. Marketers can promote brands, products, and services and increase purchase intention.

Additional information:
Social Media Advertising comprises advertising spending, users, average revenue per user, and key players. The market only displays B2B spending. Figures are based on advertising spending and exclude agency commissions, rebates, production costs, and taxes. Key players in Social Media Advertising include Facebook, Instagram, Twitter, TikTok, LinkedIn, Weibo, Naver, and Kakao. For more information on the data displayed, use the info button right next to the boxes.

All ad spending generated by social networks
Sponsored posts

Ads within online games playable on social networks
Revenue generated from membership subscriptions or premium fees

The Social Media Advertising market in Western Africa is experiencing significant growth and development.

Customer preferences: Customers in Western Africa are increasingly turning to social media platforms for various purposes, including communication, entertainment, and information sharing. As a result, businesses and advertisers are recognizing the potential of reaching their target audience through social media advertising. With the proliferation of smartphones and internet connectivity, more people in the region have access to social media platforms, creating a larger audience for advertisers to engage with.

Trends in the market: One of the key trends in the Social Media Advertising market in Western Africa is the rise of influencer marketing. Influencers, who have a significant following on social media platforms, are being utilized by businesses to promote their products or services. This approach allows advertisers to tap into the trust and credibility that influencers have built with their followers, resulting in more effective advertising campaigns. Additionally, businesses are increasingly leveraging user-generated content to enhance their social media advertising efforts. By encouraging users to create and share content related to their brand, businesses can generate organic engagement and reach a wider audience.

Local special circumstances: Western Africa is a region with a diverse cultural landscape, and advertisers need to consider these cultural nuances when developing their social media advertising strategies. Each country in the region has its own unique customs, traditions, and languages, which can impact the effectiveness of advertising campaigns. Advertisers must tailor their content to resonate with the local audience and ensure that it is culturally appropriate. Furthermore, there may be variations in internet penetration and access to smartphones across different countries in Western Africa, requiring advertisers to adapt their strategies accordingly.

Underlying macroeconomic factors: The growth of the Social Media Advertising market in Western Africa is also influenced by underlying macroeconomic factors. The region has experienced steady economic growth in recent years, leading to an expansion of the middle class and increased consumer spending power. This growth has resulted in a larger consumer market for businesses to target through social media advertising. Additionally, the increasing urbanization in Western Africa has contributed to the growth of the market, as urban areas tend to have higher internet penetration rates and greater access to social media platforms. In conclusion, the Social Media Advertising market in Western Africa is developing rapidly due to customer preferences for social media platforms, the rise of influencer marketing, and the utilization of user-generated content. Advertisers must consider the local special circumstances, including cultural nuances and variations in internet penetration, to effectively engage with the target audience. The underlying macroeconomic factors of economic growth and urbanization are also driving the expansion of the market in the region.

Data coverage:

Data encompasses enterprises (B2B). Figures are based on social media advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers social media advertising generated by social networks or business networks such as Facebook, Tiktok, Instragram, Pinterest, and LinkedIn.

Modeling approach:

A combined top-down and bottom-up approach determines the market size. Starting with the top-down approach, we calculate global social media advertising by aggregating revenues from key players (Meta Platforms (Facebook and Instagram), ByteDance (Tiktok and Douyin), Twitter, Snapchat, and Microsoft (LinkedIn)). Followed by the bottom-up approach, we justify global, country, and region results using web traffic and the number of app downloads. Lastly, we distribute the results to each country individually with relevant indicators such as GDP, internet users, social media users, and digital consumer spending by country.

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.

This report presents a comprehensive analysis and additional information on the Advertising & Media market, in a PDF format.

Social media is no longer just for connecting with friends; now brands meet customers, and trends are born in these platforms. As social media advertising spending is projected to continue to grow during the second half of the decade, buying behavior is consistently impacted by likes, comments, and shares. Social influence has led marketing strategies to align with platforms that promote video content. In 2024, TikTok and social media ranked among the top three leading consumer trends according to marketers surveyed around the globe, making such channels unavoidable for most advertising strategies. The social media advertising market is not limited to one region; countries across all continents are investing in social media advertising, with the United States and China recording the highest expenditures worldwide.