Digital drives growth: Nigerian media market to hit $433.20 million in 2024
SAT Chief Executive Officer Farai Muvuti
Nigeria’s publishing media market is projected to reach $433.20 million in 2024
The digital segment is expected to reach $258.20 million in 2024
User penetration is estimated to reach 13.8% by 2029
The Southern African Times is expanding its operations into Nigeria
A report cited by the Southern African Times (SAT) has indicated that Nigeria’s publishing media organisations will rake in $433.20 million before the end of 2024.
The report also projected that the digital segment of the market would hit US$258.20 million before the end of 2024.
SAT Chief Executive Officer Farai Muvuti, in a statement on Sunday, estimated that user penetration would reach 13.8%, with the number of readers projected to hit 28.8 million by 2029.
Muvuti, however, said that globally, the United States would generate the most revenue in the media sector, amounting to US$41.08 billion in 2024.
“Reports suggest that Nigeria’s market revenue in the newspapers and magazines sector is forecast to hit US$433.20 million by 2024, with an annual growth rate (CAGR 2024–2029) of 4.53%, leading to an estimated market volume of US$540.50 million by 2029,” he said.
“The digital segment is particularly promising, with the digital newspapers and magazines market projected to reach a volume of US$258.20 million in 2024.
“User penetration in this sector is expected to be at 13.8%, with the number of readers projected to reach 28.8 million users by 2029. The average revenue per user (ARPU) is forecast to be US$33.32.
“The Nigerian market, however, is experiencing a significant shift towards digital platforms due to increased internet penetration and changing reader preferences, making this an opportune moment for the Southern African Times to expand its digital footprint.
“Nigeria presents a great growth opportunity for the Southern African Times.
“The partnership with Dr. Williams, who will spearhead our operations in the country, enables us to tap into a growing market.”
According to him, SAT facilitator and Editor-at-Large, Mercy Gilbert, would strengthen the publication’s presence in the West African media landscape.
“In partnership with Naijoinfo News and the Global Migration Research Institute (GMRI), under the leadership of Professor Williams Ijoma, Publisher of Naija News and President of GMRI, the Southern African Times aims to tap into Nigeria’s vast and dynamic market of 218.5 million people,” he added.
“This venture aligns with the opportunities presented by the African Continental Free Trade Area (AfCFTA), promising substantial growth and development.”
Professor Williams Ijoma expressed enthusiasm for the feat, stating: “Our vision for Africa’s wealth is colossal. We believe in telling our own stories, our own way, and highlighting Africa’s rich culture.”
