OOH Ad Revenue Experiences Highest Growth Rate in the Past Decade
The Out of Home Advertising Association of America (OAAA) recently reported that the OOH ad revenue has experienced major growth. According to OAAA, this type of growth hasn’t been seen in over a decade. They predict that the growth rate will continue to increase.
OOH Ad Revenue Experiences Highest Growth Rate in the Past Decade
According to the OAAA, OOH ad revenue grew by 7.7%, it grew to nearly $2.7 billion for the second quarter of 2019. This figure was compared to the same period in 2018. The figure of OOH ad revenue marks the sector’s highest quarterly growth since 2007. According to OAAA, for the first half of the year, revenue was up 7%. According to OAAA, the strong quarterly growth occurred across all four major OOH channels. These channels are billboards, street furniture, transit and place-based. OAAA revealed that digital OOH ad revenue posted the highest increases across all formats, representing 31% of total OOH ad revenue in the second quarter.
More on OAAA Reports on the Growth of OOH Ad Revenue
OAAA reports also revealed that nearly 70% of the top 100 advertisers in the space increased their spend in the second quarter compared to the same timeframe last year. It showed that 25% more than doubled their OOH investment. The report revealed the brands which spent the most on OOH in the second quarter. These brands include McDonald’s, Geico, Apple, State Farm, Chevrolet, Amazon, Facebook, Anheuser-Busch, AT&T and HBO.
OAAA Speak on its Reports
Stephen Freitas, OAAA’s chief marketing officer spoke on the report. He talked about OOH’s ability to deliver mass reach and maintain an audience. He stated that it still has a significant competitive strength. Freitas shared that Nielsen found 66% of U.S. travellers report taking an action on their smartphone after exposure to an OOH ad. He then talked about how OOH generates engagement in the real world and how its value to brands is stronger than ever. There are other data backing up the OAAA finding. A report by Magna Intelligence found that OOH is the only “traditional” medium experiencing growth. Read the full article