I read an article about advertising this morning. If the first two words weren’t shocking enough, peep this:
Currently, Africa and the Middle East (combined) make up 2.9% (or $14 billion) of the $482.6 billion (or 100%) of the global advertising market. Those two (the fastest growing markets) are poised to increase to 3.5% by 2014.
Martin Sorrell, of WPP (the world’s largest ad agency by revenue), said WPP generates $500 million from Africa. If you’re familiar with ad revenue, $500 million is not very impressive for an entire continent; however, keep in mind most African country’s advertising markets are delivering what what many of my junk emails promise: double-digit growth percentages!!!1!!
Ad agencies and companies are looking far beyond the progressive, forward-thinking South Africa, which is on track to have an ad spend of $4.7 billion this year.
Countries like Kenya, Ghana, Nigeria, Uganda and Mozambique are all targets of major worldwide agency’s advertising dollars, (or the respective country’s currency).
Subscribe to the WSJ online? Continue reading.