Kenya has been ranked as the fastest-growing digital marketplace, beating the likes of Nigeria and South Africa, to emerge top in internet advertising across the continent.
According to the global advisory firm PwC, in its Entertainment and Media Outlook report published on Thursday, October 23, Kenya has a compounded annual growth rate of 16 per cent in internet advertising.
This means that a lot of businesses across the globe prefer Kenya as the best online marketplace for their products through digital platforms such as Facebook, X, YouTube, Instagram, TikTok and websites.
While the current growth stands at 16 per cent, the report reveals that the broadening of video advertisement in Kenya is expected to expand by 29 per cent in 2029.
At the same time, the advisory firm warned that advertising through mainstream media and radio is expected to experience a drastic drop in the coming years as more consumers shift to the digital space.
In its report, the consultancy company further noted that several newspaper and magazine producers were experiencing a consistent drop in circulation and revenue, depicting a worrying trend for the media industry.
"Traditional media, like print media, continue to decline due to the ongoing migration to digital formats, with newspapers and magazines seeing a consistent drop in circulation and advertising revenue," the report highlighted.
It added, "TV and radio are showing slower growth as audiences, especially younger ones, transition to online and satellite alternatives, although these traditional media sources still hold relevance in rural and underserved regions."
PwC further revealed that advertising revenue is set to overtake traditional TV revenue in 2026 and grow by 16 per cent to Ksh60 billion in 2029, compared to traditional TV’s Ksh43 billion.
Additionally, the report revealed that Kenya's data consumption is expected to grow rapidly between this year and 2029, mainly driven by an increase in mobile internet usage and expanded 4G and 5G coverage.
The report also disclosed that Kenya and Nigeria are also stepping up their investment in live music and festival culture, driven by a growing appetite for Afrobeat and regional genres.
"Both markets have surpassed pre-pandemic revenue levels, indicating a strong rebound in in-person entertainment. This resurgence is increasingly amplified by digital platforms and social media, which help drive attendance," the report revealed.
