Out of Home revenue hits $1 billion
The Out of Home (OOH) industry has today announced an increase of 27.6 per cent on net media revenue for 2022, reporting $1,060.5 million, up from an adjusted figure of 831.1 million* for 2021.
Quarter four 2022 saw an increase of 30.2 per cent on net media revenue year-on-year, posting $329.7 million, up from $253.2 million* for quarter four 2021.
The best news is that quarter four 2022 exceeded 2019 revenue by 4.1 per cent, the first quarter to exceed pre-pandemic sales.
Digital OOH (DOOH) revenue accounts for 64.1 per cent of total net media revenue year-to-date, an increase over the recorded 58.9 per cent* for the same period last year.
OMA CEO Charmaine Moldrich said, “The industry with its focus on clients and innovation has continued to develop tools including MOVE 2.0 to make it easier to transact Out of Home advertising and measure its impact. The industry has invested $15 million in MOVE 2.0 which will provide more granular measurement data, to be launched in 2024. We will be pushing into programmatic and automation this year, starting with the release of an industry Impression Multiplier. This will make it easier to transact programmatically, realising the power of real-time DOOH for clients.”
The Outdoor industry is projecting an annual compound growth rate of nine per cent over the next four years. The forecast adds to PwC’s conservative projections with the industry’s knowledge of its continued investment in inventory, the launch of the new measurement platform MOVE 2.0, and the growth of programmatic buying.
“In 2022 the OMA launched 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 fuelled the wave of new members (16 in the last 18 months) bringing us close to representing a 100 per cent of the industry and being able to effectively project industry growth.” concluded Moldrich.
*Previously releases revenue figures have been updated to reflect changes in the OMA membership.
