The Out of Home advertising industry recorded an 50.5% increase in revenue for the third quarter and is poised to “really take off with increased spend going into the summer period.”
The Out of Home (OOH) industry posted an increase of 50.5 per cent on net media revenue for the third quarter of 2021, reporting $159.2 million, up from $105.8 million for the same period in 2020, according to the Outdoor Media Association (OMA). Digital OOH (DOOH) revenue accounts for 61 per cent of total net media revenue year-to-date, an increase over the 58.3 per cent for the same period last year.
Year-to-date revenue increased 29.3 per cent and is sitting at $533.9 million, an increase from $412.8 million on 2020 revenue.
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| "More people out and about very soon": OMA CEO Charmaine Moldrich |
“Our recovery to July this year indicated advertiser’s unwavering confidence in Out of Home’s effectiveness when lockdowns end,” said OMA CEO Charmaine Moldrich.
“While the current lockdowns in New South Wales and Victoria have momentarily slowed down our compelling recovery story, we are optimistic that quarter four, usually our best quarter, will really take off with increased spend going into the summer period. High vaccination rates are fuelling this optimism, with more people out and about very soon.
“All eyes are now on what we are doing to innovate the channel and make it an even more attractive buy into 2022. In November, the industry will launch a suite of initiatives at a virtual OUT-FRONT event for agencies and advertisers that will set the stage for future audience measurement and campaign planning and buying.”
OMA last month released the findings of its neuroscience study into the impact of OOH signs on the human brain. The research by Neuro-Insight will introduce a qualitative measure that is being built into the industry’s audience measurement system MOVE (Measurement of Outdoor Visibility and Exposure) to help agencies and advertisers plan OOH campaigns.
“For us, it’s full steam ahead to get our new programs and initiatives into the palms of agencies’ and clients’ hands in the new year," Moldrich said. "And with freedom just around the corner, there is much to celebrate about being finally back out, about and together again."
