Out of Home industry reports robust growth in Q1
The Out of Home (OOH) industry has today announced an increase of 11.8 per cent on net media revenue for Q1 2023, reporting $259.4 million, up from $232.1 million* for the same quarter in 2022.
Digital OOH (DOOH) revenue accounts for 67.6 per cent of total net media revenue year-to-date, an increase over the recorded 57.6 per cent* for the same period last year.
The Outdoor Media Association’s (OMA) new CEO Elizabeth McIntyre said, “The OOH industry has never been as nimble, focused and unified, with a flurry of activity to start the year. From the Healthy Returns OOH campaign reaching 12 million Australians to encourage healthy food choices; to launching the OOH Toolkit which gives greater transparency into Attention, Reach, and Impact metrics for all signs; and, just last week, we hosted our first conference in partnership with the IAB, Powering DOOH, focused on the potential of programmatic OOH for advertisers.”
“Coming off the back of $1 billion in revenue in 2022, the sky is the limit for OOH and I look forward to leading the OMA and MOVE to drive this growth,” concluded McIntyre.
The OMA added two new members in quarter one: Gawk, a leading OOH provider in regional Victoria, and S&J Media Group who specialize in transit advertising from the Sunshine Coast to the Gold Coast, and Melbourne.
The Out of Home (OOH) industry is projecting an annual compound growth rate of nine per cent over the next four years. The forecast adds to PwC’s conservative projections with the industry’s knowledge of its continued investment in inventory, the launch of the new measurement platform MOVE 2.0, and the growth of programmatic buying.