{"id":6387,"date":"2023-07-24T16:15:07","date_gmt":"2023-07-24T16:15:07","guid":{"rendered":"https:\/\/mysourcefunding.com\/marketing\/after-a-rough-few-years-out-of-home-advertising-is-back\/"},"modified":"2023-07-24T16:15:08","modified_gmt":"2023-07-24T16:15:08","slug":"after-a-rough-few-years-out-of-home-advertising-is-back","status":"publish","type":"post","link":"https:\/\/mysourcefunding.com\/?p=6387","title":{"rendered":"After a rough few years, out-of-home advertising is back"},"content":{"rendered":"<p><\/p>\n<div>\n<p class=\"dist__StyledText-sc-5a46198a-12 ggMJgB\">As summer roadtrippers likely know, out-of-home advertising is alive and well\u2014or at least alive. The \u201cwell\u201d part is up for debate.<\/p>\n<p class=\"dist__StyledText-sc-5a46198a-12 ggMJgB\">Though OOH advertising is one of the oldest forms of marketing, it\u2019s kept up with the times and has recovered from the massive downturn it experienced at the onset of Covid. Market research firm Magna called OOH \u201cthe success story of 2021 and 2022,\u201d noting that in some countries\u2014including the US\u2014the sector reached pre-pandemic levels by the end of last year, and is on track to \u201ccomplete a full global recovery\u201d this year.<\/p>\n<p class=\"dist__StyledText-sc-5a46198a-12 ggMJgB\">Other recent reports and OOH company earnings indicate brands will continue campaigning alongside highways, at transit hubs, on vehicles, in the sky, and anywhere else in the world they can find real estate, especially given digital advancements.<\/p>\n<p class=\"dist__StyledText-sc-5a46198a-12 ggMJgB\">\u201cOut-of-home really is a pretty durable, relevant portion of the entertainment and media ecosystem globally,\u201d CJ Bangah, a principal in PwC\u2019s customer transformation practice, told Marketing Brew.<\/p>\n<h2 class=\"dist__StyledText-sc-5a46198a-12 hlktdj\"><strong>Get out (of home)<\/strong><\/h2>\n<p class=\"dist__StyledText-sc-5a46198a-12 ggMJgB\">In 2021, as Americans ventured back outside, marketers showed renewed interest in OOH campaigns.<\/p>\n<p class=\"dist__StyledText-sc-5a46198a-12 ggMJgB\">As recently as this year, major OOH companies reported increases in Q1 revenue:<\/p>\n<ul>\n<li>Outfront Media brought in $376 million in revenue in the US, up 6.3% year over year.<\/li>\n<li>Net revenue at Lamar Advertising, a company that operates in the US and Canada, was $471 million, an increase of 4.4%.<\/li>\n<li>Clear Channel Outdoor Holdings, which operates internationally, reported a 3.8% increase in revenue to $545 million, excluding the impacts of foreign exchange rates.<\/li>\n<\/ul>\n<p class=\"dist__StyledText-sc-5a46198a-12 ggMJgB\">Those three companies combined hold a 63% share of the US OOH market, which saw $10.1 billion in revenue last year, according to PwC, making it the biggest OOH market in the world.<\/p>\n<p class=\"dist__StyledText-sc-5a46198a-12 ggMJgB\">That being said, OOH is a small channel compared to TV and online advertising. Global spend on OOH is expected to hit almost $40 billion this year, according to Dentsu\u2019s global ad spend forecasts from May, representing about 5% of all global ad spending.<\/p>\n<h2 class=\"dist__StyledText-sc-5a46198a-12 hlktdj\"><strong>Room to grow<\/strong><\/h2>\n<p class=\"dist__StyledText-sc-5a46198a-12 ggMJgB\">Though OOH doesn\u2019t generate as much ad revenue as some other channels, it has the largest growth rate of any channel, according to GroupM\u2019s midyear forecast, which predicts that global OOH ad revenue will increase by 12.7% this year to nearly $36 billion. Digital OOH (DOOH) is forecast to grow more than 26%.<\/p>\n<p class=\"dist__StyledText-sc-5a46198a-12 ggMJgB\">PwC\u2019s report says that \u201cDOOH is the only growth area of the wider OOH market in the US,\u201d driving growth for the overall market, which it projects will be worth $11.5 billion in 2027. Dentsu, which anticipates about a 3% increase in the global OOH market this year after two years of double-digit increases, also attributes much of this growth to DOOH.<\/p>\n<div class=\"style__InlineSubscribeWrapper-sc-8ccc5960-1 jArFiG\">\n<div id=\"inline-subscribe\" class=\"style__Container-sc-6fdcc87e-0 style__RoundedContainer-sc-6c630ac0-0 iTWzCH wGFGp\">\n<h5 class=\"dist__StyledText-sc-5a46198a-12 cVdxJM inline-subscribe\">Get marketing news you&#8217;ll actually want to read<\/h5>\n<p class=\"dist__StyledText-sc-5a46198a-12 iEaGlZ inline-subscribe\">The email newsletter guaranteed to bring you the latest stories shaping the marketing and advertising world, like only the Brew can.<\/p>\n<\/div>\n<\/div>\n<p class=\"dist__StyledText-sc-5a46198a-12 ggMJgB\">Many OOH companies have recently upgraded their screens and software, according to Dentsu, changes that offered advertisers more digital opportunities in OOH with the likes of 3D projections and interactive experiences, plus better targeting capabilities.<\/p>\n<p class=\"dist__StyledText-sc-5a46198a-12 ggMJgB\">Though the type of targeting that happens with OOH typically isn\u2019t as granular as digital platforms like social, it\u2019s essentially \u201cimmune\u201d to issues like click fraud, according to PwC. \u201cYou may question the models of how cell-phone identifiers and other audience data is measured, but you can\u2019t set up a server farm to have a bunch of humans drive their cars by your out-of-home billboard. It just doesn\u2019t work the same.\u201d Bangah said.<\/p>\n<p class=\"dist__StyledText-sc-5a46198a-12 ggMJgB\">Still, OOH hasn\u2019t been spared from the industry\u2019s move toward more privacy-oriented ways of targeting audiences. While the sector might not rely on trackers like the third-party cookie, it still uses customer data\u2014like mobile IDs from opted-in devices\u2014in digital campaigns. Recently, companies like Clear Channel have invested in privacy-centric tools like clean rooms.<\/p>\n<h2 class=\"dist__StyledText-sc-5a46198a-12 hlktdj\"><strong>Looking up<\/strong><\/h2>\n<p class=\"dist__StyledText-sc-5a46198a-12 ggMJgB\">Like any advertising channel, OOH is subject to changing economic conditions. For instance, PwC\u2019s report points out that entertainment and media companies, who are among the biggest OOH spenders, would likely \u201crefocus their budgets\u201d if an economic downturn leads to fewer new movies and shows to promote (though the report does not take the current writers and actors strikes into account). But, the report says that digital OOH opportunities will \u201coutweigh\u201d that potential change.<\/p>\n<p class=\"dist__StyledText-sc-5a46198a-12 ggMJgB\">Kevin Bartanian, founder of OOH media sales company Kevani, said 90% of its inventory is digital, which brands appreciate because it lets them create campaigns that are \u201ccontextually relevant\u201d to changing situations, like quickly updating creative to incorporate masks during the early era of Covid.<\/p>\n<p class=\"dist__StyledText-sc-5a46198a-12 ggMJgB\">Bartanian also said he hasn\u2019t noticed a pullback in spending associated with talk of a recession, even though entertainment is one of Kevani\u2019s biggest verticals.<\/p>\n<p class=\"dist__StyledText-sc-5a46198a-12 ggMJgB\">Though OOH is \u201ccoming in from a place where we have a very small portion of the overall advertising pie,\u201d Bartanian said the industry has a bright future. Recently, brands ranging from Supergoop to Tinder have upped their investments in OOH advertising.<\/p>\n<p class=\"dist__StyledText-sc-5a46198a-12 ggMJgB\">\u201cDigital tools are now helping us really make that transaction process a lot easier for brands and agencies to conduct, and the measurement is there now, and all sorts of attribution data is available,\u201d he said. \u201cI think all those things represent a lot of growth for us.\u201d<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketingbrew.com\/stories\/2023\/07\/24\/after-a-rough-few-years-out-of-home-advertising-is-back?utm_source=&#038;utm_medium=syndication&#038;utm_campaign=feed\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As summer roadtrippers likely know, out-of-home advertising is alive and well\u2014or at least alive. The \u201cwell\u201d part is up for debate. Though OOH advertising is one of the oldest forms of marketing, it\u2019s kept up with the times and has recovered from the massive downturn it experienced at the onset of Covid. Market research firm [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6388,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[78],"tags":[],"class_list":{"0":"post-6387","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-marketing"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>After a rough few years, out-of-home advertising is back | Brandiary<\/title>\n<meta name=\"description\" content=\"As summer roadtrippers likely know, out-of-home advertising is alive and well\u2014or at least alive. 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