Media

In Western Africa, revenue in the Media market is projected to reach US$8.98bn in 2024.
The largest market of this market in the region is TV & Video, with a market volume of US$3.69bn in 2024.
In a global context, the most significant revenue will be generated the United States, amounting to US$541.20bn in 2024.
Furthermore, in the Media market, 33.79% of total revenues in Western Africa will be generated through digital Media market in 2029.
In Nigeria, the media market is increasingly dominated by digital platforms, reflecting a shift towards online content consumption among younger demographics.

Definition:

The media market encompasses a diverse array of platforms and channels that facilitate the creation, distribution, and consumption of content, such as news, entertainment, and information. It includes traditional outlets like television, radio, and print publications, as well as digital platforms like social media, streaming services, and online news websites. This market plays a central role in shaping public discourse, cultural trends, and the dissemination of information on a global scale, making it a critical component of modern society.

Structure:

The market consists of several parts, namely Books, Games, Music, Radio & Podcasts, Newspapers & Magazines and TV & Video. These markets encompass digital and traditional revenues.

Additional Information:

The market comprises revenues, users, average revenue per user, penetration rates and advertising spendings. Revenues are generated through purchases, subscriptions, consumer spending or ad spendings. Key players of the market are companies, such as Netflix, Spotify, Activision or Amazon.
Market numbers for all the digital markets can also be found in the Digital Media topic.

Traditional media with non-digital revenues from TV, radio, music, print, and video games
Digital media with digital revenues from OTT video, music streaming, video games, digital versions of Newspapers & Magazines with ePapers & eMagazines, and eBooks

Movie theater ticket sales
Public licence fees collected in form of a tax (e.g. income tax in the Nordic countries)
Demo/trial versions
Esports & gaming advertising revenues

The Media market in Western Africa has been experiencing significant growth and development in recent years. Customer preferences in the Media market in Western Africa have been shifting towards digital platforms and content. With the increasing availability of smartphones and internet access, consumers are increasingly turning to online sources for their media consumption. This shift is driven by the convenience and accessibility of digital platforms, as well as the wide variety of content available online. Additionally, there is a growing demand for local content that reflects the culture and values of the region. Trends in the market indicate a growing number of media companies and content creators in Western Africa. This is due to the increasing demand for digital content and the relatively low barriers to entry in the market. As a result, there is a wide range of media content available across various platforms, including social media, streaming services, and online news outlets. This has led to increased competition among media companies, as they strive to attract and retain audiences. Local special circumstances in Western Africa contribute to the development of the Media market. The region is home to a young and vibrant population, with a high percentage of internet users. This demographic is highly engaged with digital media and is driving the demand for online content. Additionally, Western Africa has a rich cultural heritage, which provides a unique opportunity for media companies to create content that resonates with local audiences. This has led to the emergence of local content creators who are able to cater to the specific needs and interests of the region. Underlying macroeconomic factors also play a role in the development of the Media market in Western Africa. The region has been experiencing steady economic growth, which has led to an increase in disposable income and consumer spending. This has allowed more people to access digital media platforms and services. Additionally, the growing middle class in Western Africa has contributed to the demand for high-quality media content and entertainment. In conclusion, the Media market in Western Africa is developing and evolving rapidly. Customer preferences are shifting towards digital platforms and content, and there is a growing number of media companies and content creators in the region. Local special circumstances, such as the young and engaged population, and the rich cultural heritage, contribute to the development of the market. Underlying macroeconomic factors, including economic growth and a growing middle class, also play a role in the growth of the Media market in Western Africa.

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.

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

Online video streaming has visibly transformed the global media landscape and impacted viewing behavior around the world. Driven by rapid leaps in internet adoption, widespread availability of mobile devices, and the ever-increasing popularity of online video content, the global video streaming market has experienced unprecedented growth in the last decade. In 2023, the over-the-top (OTT) video revenue reached an estimated 288 billion U.S. dollars, with the United States accounting for the largest share of revenue worldwide. Considering that the list of international streaming services and the catalog of online video content continue to expand at a rapid pace, the number of OTT users worldwide is expected to reach new heights in the future.