Out of Home revenue bounces back as market embraces digital measurement
The Out of Home (OOH) industry has today announced an increase of 14.8 per cent on net media revenue for Q2 2022, reporting $249.5 million, up from $217.3 million* for the same quarter in 2021.
Digital OOH (DOOH) revenue accounts for 62.4 per cent of total net media revenue year-to-date, an increase over the recorded 58.3 per cent* for the same period last year.
Year-to-date revenue has increased 19.5 per cent and is $478.6 million, an increase from 47.3 per cent* on 2020 and sitting behind pre-pandemic 2019 by -3.9 per cent.*
OMA, CEO, Charmaine Moldrich, said: “The industry continues to strengthen showing our channel’s unique capability to be effective for both short-term activations and long-term brand building.”
“The first six months in 2022 has seen a flurry of activity with the launch in January of a raft of tools making easier to plan and buy Out of Home campaigns. This includes the Neuro Impact Factor (NIF), a qualitative metric which goes beyond attention to measure the impact of Out of Home campaigns. The NIF is part of the upgrade of MOVE which allows for the measurement of digital campaigns; both metrics are supported by industry-wide standards.”
“These initiatives have undoubtably spurred our recovery with increased market confidence in our channel. We have several new tools to introduce in Q3 which will provide even greater transparency about audiences and how they engage with our signs.”
The OMA has added seven new members this year: Civic Outdoor, GoTransit Media Group, Helio, Hivestack, The Media Shop,Tonic Media Network, and Vicinity Centres.
According to figures released by Zenith, Australian advertising spend is expected to grow 5 per cent in 2022, off the back of 18 per cent growth in 2021^.
*Previously released revenue figures have been updated to reflect changes in the OMA membership.
^Zenith Advertising Expenditure Forecasts report, December 2021.