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Out of Home breaks through 5% barrier says trade body WOO

Global spending on Out of Home advertising reached $41.9bn in 2023, up 16% on 2022’s $36.2bn, breaking through the 5% barrier even as online continues to dominate media growth tables. OOH now accounts for 5.2% of global ad expenditure, up from 2022’s 4.7%.

The breakthrough was highlighted in World Out of Home Organization President Tom Goddard’s address to the WOO Annual Congress in Hong Kong.

At last year’s meeting in Lisbon, Goddard set the industry the target of exceeding 5% and moving forward to a share of 10% plus.

According to WOO’s own global expenditure survey all major regions posted strong growth in 2023 with APAC rising by a spectacular 25%, boosted by a post Covid bounce-back in Mainland China and continued strong growth in Australia of almost 10%.

Europe overtook North America for the first time breaking through the $10bn mark with Latin America and Africa also posting strong growth numbers with plenty of room to grow faster.

In terms of the rapidly growing digital Out of Home element (DOOH), Europe now leads on 40% with APAC and North America in the mid-thirties. At country level Australia leads the field with 75%, followed by the UK at 65%, with China, South Korea and Malaysia joining Australia in the top ten ranking.

2024 is set to record further double growth with the Olympics, the Euros football championships and some 50% of the world’s population going to the polls, boosting political advertising.

Among the main growth drivers, Goddard said, are better and more effective measurement, consolidation among media owners and increased AdTech investment coming into the market, as the realisation dawns that OOH is the only traditional medium worldwide growing share alongside online.

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