Key regions: United States, China, Japan, United Kingdom, Germany
The Media market in Ghana has been experiencing significant growth and development in recent years. Customer preferences have shifted towards digital media platforms, leading to the rise of online news outlets and streaming services. This trend can be attributed to the increasing internet penetration rate in the country, as well as the growing popularity of smartphones.
Customer preferences: Ghanaians are increasingly turning to digital media platforms for their news and entertainment needs. This shift can be attributed to several factors. Firstly, the internet penetration rate in Ghana has been steadily increasing over the years, making it easier for people to access online content. Secondly, the affordability and availability of smartphones have made it more convenient for Ghanaians to consume media on the go. As a result, traditional media outlets such as newspapers and television are facing stiff competition from online news outlets and streaming services.
Trends in the market: One of the major trends in the media market in Ghana is the rise of online news outlets. These platforms offer real-time news updates and a wide range of content, catering to the preferences of the digitally-savvy population. Online news outlets are able to reach a larger audience compared to traditional newspapers, as they are not limited by geographical boundaries. Additionally, the interactive nature of online news platforms allows for greater engagement and participation from readers. Another trend in the market is the growing popularity of streaming services. Ghanaians are increasingly subscribing to streaming platforms such as Netflix and YouTube, which offer a wide variety of content including movies, TV shows, and music. This trend can be attributed to the convenience and affordability of these services, as well as the increasing availability of high-speed internet connections.
Local special circumstances: One of the unique aspects of the media market in Ghana is the dominance of local content. Ghanaians have a strong preference for local news and entertainment, and this has led to the growth of local media outlets. Local television stations, radio stations, and online platforms have been able to capture a significant share of the market by catering to the specific needs and interests of the Ghanaian population.
Underlying macroeconomic factors: The development of the media market in Ghana can be attributed to several underlying macroeconomic factors. Firstly, the country has experienced steady economic growth in recent years, leading to an increase in disposable income. This has allowed more Ghanaians to afford smartphones and internet subscriptions, driving the demand for digital media platforms. Secondly, the government of Ghana has been supportive of the media industry, implementing policies and initiatives to promote its growth. This includes the provision of subsidies and incentives for media companies, as well as the establishment of regulatory frameworks to ensure fair competition and consumer protection. In conclusion, the Media market in Ghana is experiencing significant growth and development, driven by changing customer preferences and underlying macroeconomic factors. The rise of digital media platforms, such as online news outlets and streaming services, has transformed the way Ghanaians consume news and entertainment. The dominance of local content and the support of the government have also contributed to the growth of the media market in Ghana.
Data coverage:
The data encompasses B2C enterprises. Figures are based on media spending (on traditional media as well as digital media). All monetary figures refer to consumer spending on digital goods or subscriptions in the respective segment. This spending factors in discounts, margins, and taxes.Modeling approach / Market size:
Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., Consumer Insights), as well as performance factors (e.g., user penetration, price per product, usage). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, number of internet users, and internet consumption. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Consumer Insights data is reweighted for representativeness.
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