Key regions: United States, India, China, Japan, United Kingdom
The TV & Video Advertising market in Nigeria has been experiencing significant growth in recent years, driven by changing customer preferences and the increasing availability of digital platforms. Customer preferences in Nigeria have shifted towards digital media consumption, with a growing number of people accessing content through smartphones and other digital devices. This has led to a rise in demand for TV and video advertising on digital platforms, as brands seek to reach their target audience through these channels. Additionally, the popularity of social media platforms has further fueled the growth of TV and video advertising, as brands recognize the potential of reaching a large and engaged audience on these platforms. In terms of trends in the market, there has been a shift towards programmatic advertising in Nigeria. Programmatic advertising allows brands to target specific audiences based on their demographics, interests, and online behavior. This targeted approach has proven to be more effective in reaching the right audience and driving higher engagement. As a result, more brands are adopting programmatic advertising strategies in their TV and video campaigns. Another trend in the market is the increasing use of native advertising. Native advertising involves integrating branded content seamlessly into the user experience, making it less intrusive and more engaging for the audience. This form of advertising has gained popularity in Nigeria as brands look for ways to capture the attention of consumers in a cluttered media landscape. Local special circumstances in Nigeria also contribute to the development of the TV & Video Advertising market. Nigeria has a large and diverse population, with different cultural and linguistic groups. This diversity presents both opportunities and challenges for advertisers, as they need to tailor their campaigns to resonate with different segments of the population. Additionally, Nigeria has a high mobile penetration rate, which provides a unique opportunity for advertisers to reach a large audience through mobile advertising. Underlying macroeconomic factors also play a role in the development of the TV & Video Advertising market in Nigeria. The Nigerian economy has been growing steadily in recent years, which has led to an increase in consumer spending power. This, in turn, has fueled demand for advertising services as brands seek to capitalize on the growing consumer market. In conclusion, the TV & Video Advertising market in Nigeria is experiencing growth due to changing customer preferences, the rise of digital platforms, and the increasing availability of programmatic and native advertising. Local special circumstances, such as the diverse population and high mobile penetration rate, further contribute to the development of the market. Overall, the positive macroeconomic factors in Nigeria support the growth of the TV & Video Advertising market in the country.
Data coverage:
Data encompasses enterprises (B2B). Figures are based on TV and video advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers traditional TV advertising (non-digital formats such as terrestrial TV, cable TV, satellite TV, and linear TV) and digital video advertising (video ad formats: web-based, app-based, on social media, and connected devices).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) 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, population, media consumption, internet users, consumer spending, 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.
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