Advertising in SA and other major markets on the African continent, which were hit hard by the pandemic, have experienced a significant rebound. So says the “PwC Africa Entertainment & Media Outlook 2022-2026”, which came out out this week.The study also says the internet advertising segment will show the largest gains in revenue terms across the five-year forecast period. This is a trend across SA, Nigeria and Kenya as well as at a global level.
The PwC report says last year SA, Nigeria and Kenya recorded robust growth in entertainment & media revenue. Alinah Motaung, of PwC Africa E&M, says the pandemic accelerated changes in consumer behaviour and digital adoption in ways that will affect future growth trajectories. Mobile phones are the most popular format world-wide and across Africa for data consumption, ahead of the “portable devices” category, which includes laptops and tablets, and the “other devices” category, which counts data consumed via devices such as smart TVs and games consoles.
Looking ahead, PwC says it expects future E&M growth to be in the development of the metaverse and the use of non-fungible tokens.