N13.4bn media advertising spend unaccounted for in 2016

By Princewill Ekwujuru

ABOUT N13.4 billion representing 54 percent of media advertising spend by companies in the country were unaccounted for in 2016, according to a media and marketing research report.

The report produced by MarketingEdge said the amount was either for advertisement jobs not executed nor implemented on time as agreed between the media owners and the advertisers. The situation, according to the report, was compounded by allegations that some media monitoring service providers may have been conniving with some radio and television stations as well as media agency employees to issue questionable, even fraudulent media compliance report over the years.

Commenting on the issue, a statistician and media specialist, Mr. Taiwo Olowokere, attributed the problem to poor awareness and lack of interest by captains of industries and business owners to scrutinize the reliability of their service provider and the veracity of the media compliance reports that they provide.

According to him, “companies and corporations will continue to spend huge billions of Naira on media advertising without gaining requisite value for money as long as the Chief Executive Officers of these corporations fail to show more than a passing interest in the yearly media budget and how it was spent”.

According to the report, a radio station in the North claimed 100 percent compliance in the month of January 2017 but was proved wrong after back checks by a media monitoring service provider. Also the report said that in another situation, one of the three media monitoring service providers had given a zero compliance on a media campaign that none of the advert spots earlier booked by an advertiser was carried at all or on time as planned and ordered.

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from Vanguard News