Kenya has risen to the top of Africa’s online ads industry, overtaking titans like Nigeria and South Africa to become the fastest-growing online platform on the continent.
Kenya’s online ad business is expanding at a whopping 16 percent annually, becoming Africa’s top performer, according to a new report by international advisory firm PwC.
According to the PwC Entertainment and Media Outlook report, which was released on Thursday, October 23, more local and foreign companies are now visiting Kenya to sell their products through popular online platforms such as Facebook, Instagram, X (formerly Twitter), TikTok, YouTube, and websites.
The report cites that Kenya’s video advertisement segment is on an even faster course, growing by 29 percent by 2029 as more companies employ short-video content and streaming as a way of reaching audiences.
But while web sites continue to boom, PwC warns that the mainstream press is suffering.
The firm notes that magazines and dailies are losing both readers and advertisers as consumers increasingly get their news and entertainment from the web.
Traditional media like print remain to decline due to the shift to digital mediums,” the report continues. “TV and radio are also growing more slowly as younger consumers make the switch to online and satellite options, though still featured in rural communities.”
PwC also puts online ad revenues at over traditional TV revenues by 2026, and possibly reaching Ksh60 billion by 2029, compared to Ksh43 billion for TV.
The report also predicts a dramatic rise in data consumption, driven by enhanced 4G and 5G coverage and the mounting penetration of smartphones.
Apart from marketing, Nigeria and Kenya are also witnessing strong growth in live music and festivals due to the popularity of Afrobeats and indigenous music genres internationally.
PwC shows the two countries have already bounced back to pre-pandemic levels of revenue because social media is helping promote events and draw in additional crowds.
With its youth population, rising internet penetration, and thriving creative industry, Kenya is rapidly emerging as the center of digital growth and the engine of Africa’s online economy.
