Outdoor media has resumed its place as a growth media, as Australians taste freedom from pandemic restrictions.
Ad spend, as measured by media agency bookings, showed January just 2.6% behind pre-COVID 2019, according to SMI (Standard Media Index). The Outdoor Media Association (OMA) reported a 25.5% increase to $228.1 million in net media revenue for the March quarter this year, up from $181.7 million for the same three months in 2021.
And industry players are forecasting a return to pre pandemic levels this year. Investment bank Jefferis: “Our analysis suggests outdoor ad revenues have commenced a strong recovery phase.”
The bank’s analysts see earnings for ASX-listed oOh!Media to fully normalise by the 2023 financial year to above pre-COVID: “Thereafter, the outdoor industry should continue its pre-COVID market share gains that were evident for ten years up to 2019.”
Charmaine Moldrich, chief executive, OMA: “While our signs are big, and our reach is just as great as TV and online, we attract only 7% of media share overall. In dollar terms that represents $1 billion of net media revenue annually. The evolving media landscape over the last decade has seen us graduate from sixth to third most bought media channel in agency land.”
In 2014, a little over 17% of OOH revenue was attributed to digital signs. Eight years on it’s 60% of revenue from DOOH.
Moldrich: “Add to this, that you can now measure digital signs alongside classic in MOVE 1.5 and produce an impact factor for every campaign, means that buyers and planners have more information than they have ever had before.
“Our focus now as an industry is to educate agencies and advertisers about these new metrics and show how OOH can be used alongside online (and mobile) and TV for both brand building/awareness as well as more targeted sales activations, for effective campaigns.”
Tim Murphy, chief sales officer, oOh!media: “What is exciting and should be encouraged is that the other media are very interested in OOH due to the power of the medium and how it can be so collaborative as part of a wider audience solution.
“As a lover of and believer in outdoor media, it’s heartening to see the bounce-back in people out and about, and the related revenue growth.”
Pia Coyle, Avenue C.
“Whether it be the big TV, digital or tech networks, there is an appreciation
