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BizReport : Advertising : September 13, 2021

Rollercoaster effect for OOH advertising during pandemic

While global Out-of-Home (OOH) advertising saw a decline of about 13% in 2020, 2021 is poised for a strong increase in OOH spending. That is a key takeaway from new PQ Media data. Their latest report forecasts that global OOH spending will increase by at least 9% this year, and could see a CAGR of 7.3% through 2022.

by Kristina Knight

In the US, OOH spending decreased by about 23% (2020) to $2.89 billion but is expected to at nearly double, reaching at least $4.43 billion by 2025.

"While the economic damage wrought by the pandemic squelched a decade-long expansion that was building further momentum going into 2020, our research indicates that OOH media, and particularly DOOH media, is poised for strong growth in the second half of 2021, as the healthcare, transit, and corporate & education venue categories are expected to surge ahead with accelerating double-digit growth in 2022," said PQ Media CEO Patrick Quinn. "Among future growth drivers will be the continued expansion of programmatic media buying to OOH media operators outside the top-tier players, increased use of mobile integration tactics and improving ROI metrics driven by smart technology."

Other interesting findings from the report include:

• Average weekly consumer time spent with OOH advertising declined 6% (2020) to about 1 hour 7 minutes
• 2021 global OOH revenue is expected to reach $55 billion
• Global OOH revenues are expected to increase 9% in 2021
• Average weekly consumer time spent with OOH is expected to increase 1.6% (2021)
• Average weekly consumer exposure to OOH is expected to increase 6.3% (2021)

More data from PQ Media's Global Digital Out-of-Home Media Forecast can be accessed here.

Tags: advertising, advertising trends, OOH advertising out-of-home advertising, OOH advertising trends, PQ Media

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