Out of Home grows by close to 50 per cent year on year in Q3
The Out of Home (OOH) industry has today announced an increase of 43.7 per cent on net media revenue for the third quarter of 2022, reporting $244.6 million, up from $170.2 million* for the same quarter in 2021. Digital OOH (DOOH) revenue accounts for 62.5 per cent of total net media revenue year-to-date, an increase over the recorded 57.6 per cent* for the same period last year.
Year-to-date net media revenue is sitting at $725.3 million, an increase from 26.5 per cent* on 2021 and sitting behind pre-pandemic 2019 by -2.8 per cent.*
OMA CEO Charmaine Moldrich said, “Quarter three sees the industry almost on par with pre-pandemic revenue, only .8 per cent down from 2019. This continued growth is in line with our projections for recovery. Driving our success is our concerted effort as an industry to launch new research and tools into the market.”
“To-date in 2022 the OMA has 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, and the building of the new measurement platform MOVE 2.0, have undoubtably spurred the raft of new members, with eight so far this year, bringing us close to representing a 100 per cent of the industry,” concluded Moldrich.
The OMA has added three new members this quarter: Blue Tongue Outdoor, SureVision and Veridooh.
*Previously released revenue figures have been updated to reflect changes in the OMA membership.