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Out of Home breaks through 5% barrier
According to reports global spending on Out of Home advertising reached $41.9bn in 2023, up 16% on 2022's $36.2bn, breaking through the 5% barrier even as online continues to dominate media growth tables. OOH now accounts for 5.2% of global ad expenditure, up from 2022's 4.7%.
Source: www.unsplash.com
breakthrough
The breakthrough was highlighted in World Out of Home Organisation President Tom Goddard's opening address to the WOO Annual Congress in Hong Kong this week (June 6.)
Last year in Lisbon , Goddard set the industry the target of exceeding 5% and moving forward to its deserved share of 10% plus.
According to WOO's own global expenditure survey all major regions posted strong growth in 2023 with APAC rising by a spectacular 25%, boosted by a post Covid bounce-back in Mainland China and continued strong growth in Australia of almost 10%.
Europe overtook North America for the first time breaking through the $10bn mark with Latin America and Africa also posting strong growth numbers with plenty of room to grow faster.
In terms of the rapidly growing digital Out of Home element (DOOH), Europe now leads on 40% with APAC and North America in the mid-thirties. At country level Australia leads the field with 75%, followed by the UK at 65%, with China, South Korea and Malaysia joining Australia in the top ten ranking.
Double growth
2024 is set to record further double growth with the Olympics, the Euros football championships and some 50% of the world's population going to the polls, boosting political advertising.
Among the main growth drivers, Goddard said, are better and more effective measurement, consolidation among media owners and increased AdTech investment coming into the market, as the realisation dawns that OOH is the only traditional medium worldwide growing share alongside online.
Goddard concluded: "We can now see an exciting new horizon for Out of Home as more and more advertisers and agencies acknowledge that we're now a progressive medium, popular with consumers and the cities where the much-needed infrastructure we pay for adds to the quality of urban life.
"Importantly we're the only major advertising medium that comes together to speak with one voice - at this Annual Congress for example - and believes in the benefits of collaboration even as we compete with each other. There has never been a better or more exciting time to be in Out of Home.”
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