Thursday, April 25, 2024

OOH recovery continues

Out of Home (OOH) advertising felt the full brunt of the pandemic at the height of lockdowns in Q2 2020, but recovery is underway.

The OOH industry this week announced an increase of 125% on net media revenue for the second quarter of 2021, reporting $203.3 million, up from $90.3 million for the same period in 2020.

Digital OOH (DOOH) revenue accounts for 61% of total net media revenue year-to-date, an increase over the recorded 57.9% for the same period last year.

Year-to-date revenue has increased 22% and is sitting at $374.6 million, an increase from $307 million on 2020 revenue.

OMA CEO Charmaine Moldrich says each month this year has been better than the previous month, and the industry is “only down by 17% on pre-pandemic revenue from Q2 2019”.

“We are determined to see OOH revenue recover to pre-pandemic levels by December 2021, she said.

“We are also determined to innovate the way we sell OOH, making it easier for advertisers to measure its value. We are not only making it easier to buy by updating our audience measurement system, but we are also introducing a new value-based currency in Q3 following an extensive neuroscience research study we have conducted over past two years. These innovations have attracted 10 new members who have joined the membership in the last six months.”

Figures released by the Australian Bureau of Statistics this month showed the Australian economy grew 1.8% in Q1 to pre-pandemic levels; one of only five other global economies to do so.

Advertising spend is also on track to report growth this financial year according to Standard Media Index, with OOH bookings year-on-year up 198% in May.

Related Articles

Stay Connected

533FansLike
944FollowersFollow
699FollowersFollow

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.