Social media advertisement spending on the rise
Manama : Bahrain’s advertising expenditure in digital and social media has witnessed sharp increases, as high as 20 per cent, notwithstanding slight declines in the Kingdom’s total advertising expenditures.
According to the Chairman of the International Advertising Association (IAA) Bahrain Chapter, Khamis Al-Muqla, Kingdom’s advertising expenditure dropped slightly to US$74 million in 2016 from US$76m in 2015.
Al-Muqla said this during an orientation session organised by the Bahrain Bourse (BHB) on Bahrain Investment Market (BIM), an equity market launched in March 2017 for growing business ventures in Bahrain and the wider MENA region.
“The traditional media model has become outdated due to the change in people’s media consumption behavior brought on by technology, forcing companies in this sector to re-think their strategy,” said Al Muqla, while explaining the decline in advertising expenditures.
He added that the media landscape, like many other industries, has witnessed a dramatic shift in the last 15 to 20 years due to the emergence of new technologies and media platforms, as well as the increase in Internet penetration.
“Companies in our sector must embrace this change and adapt their services accordingly,” said Al Muqla.
In this regard, he pointed out that the Bahrain Investment Market provides valuable advantage to companies that are looking for efficient and relatively low-cost means of raising capital.
“Savvy businessmen know that today’s globalized economy and new technologies mean companies must constantly innovate in order to compete. This often requires substantial capital investment which the companies may find difficult to attain through traditional means,” said Bahrain Bourse CEO Shaikh Khalifa bin Ebrahim Al Khalifa.
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