![[Marketing Week Africa] Bob Koigi: Out of Home advertising is taking the market by storm](ArticleImages/2023/Q2/Bob_Koigi_Marketing_Report.jpg)
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[Marketing Week Africa] Bob Koigi: Out of Home advertising is taking the market by storm
The worldwide revenue for Out of Home advertising is forecast to exceed $40 billion for the first time with a market share against other media of 5.1%, up from 4.7% in 2022.
This is according to a Global Out of Home Media Spend Index conducted by The World Out of Home Organization from its from 200 members. The news comes as industry players explore the growing prominence and importance of both static out of home (OOH) and digital out of home (DOOH) media in running campaigns.
This, as the global market for Mobile Analytics estimated at US$7.9 Billion in the year 2022, is projected to reach a revised size of US$31 Billion by 2030, growing at a CAGR of 18.6% over the analysis period 2022-2030. This is according to a report by Research and Markets.
Mobile Advertisement & Marketing Analytics, one of the segments analyzed in the report, is projected to record 20.6% CAGR and reach US$18 Billion by the end of the analysis period.
The Ugandan Committee on ICT and National Guidance is to consider a petition by the National Association of Broadcasters (NAB) on the directive to have all government advertising carried on Uganda Broadcasting Corporation and New Vision platforms only.
In the tech space, Flapmax, an artificial intelligence (AI) company, has announced its strategic partnership with Intel, the global technology leader, to foster AI innovation and drive economic empowerment in Africa.
The collaboration will provide technology access, training, mentorship, and funding opportunities to entrepreneurs in emerging markets, starting with Africa, through the FAST Accelerator program.
At the same time, Reporters Without Borders (RSF) and its partners are launching an international committee to develop a charter aimed at regulating the use of AI in media. The committee consists of 21 distinguished members from 13 different countries, academic and professionals in the fields of journalism, AI and digital technologies and its role is to develop a set of principles, rights, and obligations for information professionals regarding the use of AI-based systems.
And a recent Gartner, Inc. poll of more than 2,500 executive leaders, 45% reported that the publicity of ChatGPT has prompted them to increase artificial intelligence (AI) investments. Seventy percent of executives said that their organization is in investigation and exploration mode with generative AI, while 19% are in pilot or production mode.
In news making headlines in the appointments front, Standard Bank has appointed Diana Springer as the new group head of brand and marketing.
Springer will be responsible for the strategic positioning of the Standard Bank brand and the execution of the brand and marketing operating model.
And, Yahoo has announced the appointment of Tressie Lieberman as Chief Marketing Officer (CMO), following an extensive executive search process.
Elsewhere, Heineken (brand value up 10% to USD7.6 billion) has overtaken Corona Extra (brand value up 6% to USD7.4 billion) to become the world’s most valuable beer brand. Despite the inflationary pressures being faced by consumers, beer brands continue to see brand value growth. Further, Heineken also ranked second in terms of brand strength.
Finally, Ipsos has announced the acquisition of Omedia, a multi specialist market research company established in Senegal, Ivory Coast and Mali.
Omedia is an agency in Western Sub-Saharan Africa and performs a large span of marketing research surveys, as well as audience measurement, advertising, editorial and digital monitoring.
Bob Koigi is an editor at Marketing Report Africa
