Expert Foresees Better Profits for PR Practitioners in 2019

… Says Lagos Market ‘Overflooded’

Expert Foresees Better Profits for PR Practitioners in 2019
Public Relations expert and Managing Director, Above Media Limited, Mr. Olakunle Yusuf, has said he foresees better profits for the industry in 2019 in contrast to low margins recorded by practitioners in the past three preceding years, adding that the PR market in Lagos was already overflooded.

Yusuf who made this known recently in Lagos, stated that there are various indications that the economy is bouncing back to normalcy, having scaled through the dark days of recession in 2016 and 2017 respectively.

According to him, there was tremendous growth in the overall economy since the first to the third quarters of 2018, but he added that there was a shortfall in the fourth quarter of 2018.

In his words: “In 2018, the first quarter was good; second good, third quarter good but fourth quarter, clients were not willing to spend money but we believe that 2019 will be better for PR industry because the economy would have been stable.

Yusuf also disclosed that the Ibadan based PR agency, was strategically positioning itself for growth by aggressive exploring new growth opportunities.

He revealed that Above Media has concluded plan to establish its own TV station in Ibadan in the next five years.

He noted that this will give the agency more control over its programmes currently running on several radio and TV channels in the country.

”Our projection is that in the next five years, we should be able to establish a TV station in Ibadan. We operate more in Ibadan because Lagos market is already flooded.”

According to him, despite the challenges of 2018, Above Media enjoyed a relatively successful business year as it won several new businesses.

He added that the investment in the TV station was designed to consolidate on the gains of the last few years.

“This year alone, we got some jobs but part of what we do is that we relate with advertising agencies, we relate with PR firms to sponsor our programmes. We have programmes on radio, and also on TV.

Also as part of efforts to reposition the agency for sustainability and future successes, Above Media recently relocated its Lagos office from Egbeda to Ikeja business district.

The agency’s presence in Lagos according to Yusuf was informed by the need to ensure close proximity to some existing clients and also expand its share of the Lagos PR and media market.

He added that the move also includes training and retraining of its staff to keep abreast of current trends, so as to satisfy and offer valuable services to its numerous clients in the country.

Yusuf said: “When we started off our agency in Lagos, we started at Ikeja and later we moved to Egbeda but now we have relocated back to Ikeja with a bigger office space. It is an improvement on what we had previously and by next year we are planning to move higher.”

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