Global OOH spending sees strongest growth in a decade
The 2018 growth as not been seen thus far in 2019, but according to the experts, because of the Olympics and the upcoming 2020 election cycle, brands can expect another surge in OOH spending over the next year. They suggest the 2020 OOH spend could increase by at least 8.5%.
What is driving the increase in OOH spending?
“Our research indicates that brands and agencies are turning to OOH media more than ever, which has made it one of the fastest growing ad-driven media worldwide, both in operating company revenues and consumer exposure time,” said PQ Media President Patrick Quinn. “Media buying across multiple OOH networks has become easier through programmatic technology and brand marketers are finding that their messages are less likely to appear near objectionable content via OOH media, a drawback that is frequently cited in relation to the use of online and mobile advertising and marketing.”
Researchers found that consumers are spending about 67 minutes per week with OOH media, an increase of about 1.3% globally (2018 to 2019) with Digital OOH driving much of the increase over traditional and ambient OOH spending. Digital OOH spending holds a 28% share of the market, and increase of 8% YoY. The six largest OOH companies, including Clear Channel Outdoor, Outfront Media and Lama all brought in over $1 billion in revenue for the 2018 year.
As to the OOH markets, China is the leader for spending, with the US a close second. The US OOH market reached $10.3 billion in 2018; the Japanese OOH market reached $8 billion for the year. Other big OOH markets include the UK, Germany, France and Australia, all bringing in more than $1 billion for the 2018 year.