OOH hits record high of ad spend, Kevin Jones is named CEO for Adams Outdoor, more news on Adstruc acquisition. A weekly recap of the top OOH stories you missed may have, along with colorful commentary from BB for week ending May 18, 2024.
1. Kevin Jones Is Adams Outdoor New CEO
B.B.’s Take: Tech and software experienced guy as CEO at Adams Outdoor. Nothing more needs to be said.
2. Q1 OOH Revenue Highest In History At 6.8%
In Q1 2024, the OOH industry saw almost $2 billion in revenue-its highest first quarter volume ever! DOOH and Transit continue to be the fastest-growing OOH segments. DOOH grew 10.3% YOY. Transit saw 18.8% growth, and Place-based advertising had 12.7% growth.
Over 70% of the top 100 OOH advertisers increased their OOH spending from Q1 2023, and almost one-quarter (23%) more than doubled their spending.
B.B.’s Take: 6.8% is lightly, SLIGHTLY better than 4 and 5%. Keep the Champaign on ice and get back to work. This is not worth celebrating.
3. Adstruc Acquisition: Everything Starts with a Drink
The biggest complaints about OOH are that it’s not simple, it’s not standardized, and it’s not easy to do. Vistar Media acquired Adstruc in part to help position itself at the forefront of getting the industry to adopt a common language and standards. Adstruc will also help Vistar Media address a common customer complaint—they want to buy static media in addition to programmatic and digital. PJX media still retains the benefit of getting to use the platform that started their company. They also get to focus on just doing one thing really well— managed services.
B.B.’s Take: Doesn’t this fully validate Vistar as a buying service? Some agencies believe so.