Out of Home poised to rebound in Q4
The Out of Home (OOH) industry today announced an increase of 50.5 per cent on net media revenue for the third quarter of 2021, reporting $159.2 million, up from $105.8 million* for the same period in 2020. Digital OOH (DOOH) revenue accounts for 61 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 29.3 per cent and is sitting at $533.9 million, an increase from $412.8 million* on 2020 revenue.
“Our recovery to July this year indicated advertiser’s unwavering confidence in Out of Home’s effectiveness when lockdowns end. While the current lockdowns in New South Wales and Victoria have momentarily slowed down our compelling recovery story, we are optimistic that quarter four, usually our best quarter, will really take off with increased spend going into the summer period. High vaccination rates are fuelling this optimism, with more people out and about very soon,” said Charmaine Moldrich, OMA CEO.
“All eyes are now on what we are doing to innovate the channel and make it an even more attractive buy into 2022. In November the industry will launch a suite of initiatives at a virtual OUT-FRONT event for agencies and advertisers that will set the stage for future audience measurement and campaign planning and buying,” Moldrich continued.
This announcement comes after the OMA in early-September released the findings of its neuroscience study into the impact of OOH signs on the human brain. The research, conducted by Neuro-Insight, will introduce a qualitative measure that is being built into the industry’s audience measurement system MOVE (Measurement of Outdoor Visibility and Exposure) as an additional tool to help agencies and advertisers plan and buy their OOH campaigns.
“For us it’s full steam ahead to get our new programs and initiatives into the palms of agencies’ and clients’ hands in the new year. And with freedom just around the corner, there is much to celebrate about being finally back out, about and together again,” concluded Moldrich.