Experts in media and marketing communications have predicted that the industry will grow at 4.2 percent between 2019 and 2023.

They explained that the growth will be propelled by advertising spend which will be driven by internet advertising, adding, however, that over the next five years, the growth will lag behind global gross domestic product (GDP).

They stated that within this overall growth, global advertising revenue will also increase at the same rate of 4.2percent.

Speaking to Vanguard, Osakwe Ihugba, Technology, Information, Communications and Entertainment Director at Vent communications said:

"This may seem a downward to what was obtained in 2019, 5.1 percent, but to achieve this growth, changes in technology, user behaviour and business models will have to open up a gap between how consumers want to experience media offerings, and how companies produce and distribute them.

To deliver it, he said, "companies must pursue two related strategies. First, build businesses and brands anchored by active, high-value communities of fans, united by shared passions, values, and interests. And second, capitalize on emerging technologies to delight users in new ways and provide superior user experiences."

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Ihugba also said:

"Over the next five years, I see the media industry grow at 4.2percent, lagging behind the growth of global GDP. Within this overall increase, global advertising revenue will also grow at 4.2percent - down from 5.1percent in last year's Global outlook."

Tosin Olanrewaju, Co-Founder, MaxCom Media, Lagos adds:

"The steady growth of digital technology has ushered in a more direct-to-consumer environment characterized by greater choice and user control."

On how businesses are maximizing this growth, Group Head, Retail Marketing & Analytics of Access Bank Plc, Chioma Afe said:

"As you know, marketing communications has evolved from purely traditional advertising (largely one way communication) to a more interactive, two way consumer engagement via digital platforms driven by the rapid growth in social media content creation and consumption especially by millennials."

allafrica.com