Out of Home Q3 results spring into recovery
The Out of Home (OOH) industry today announced a decrease of 56 per cent on net media revenue for the third quarter of 2020, posting $95.8 million, down from $218.2 million* for the third quarter in 2019.
Digital revenue is sitting at 55.6 per cent of total net media revenue year-to-date, an increase from the recorded 55.3 per cent for the same period last year.
“Although our industry has been hit hard by the global pandemic and the additional lockdown in Victoria, we are seeing the market gradually improve,” said Charmaine Moldrich, OMA CEO.
“In Q2 the OMA reported a drop in revenue of 65 per cent on the year prior, so it is heartening to see advertising spend increase from what was our lowest point. It is especially hopeful as we see lockdown measures lifted across the country in the lead up to what is the industry’s strongest quarter, with Spring, Summer and the Christmas period ahead,” continued Moldrich.
Data shows that as restrictions lift and the weather warms that audiences are returning to Outdoor spaces and places. Traffic is back 75 to 90 per cent of pre-COVID level across Australia^, and there are positive signs of audiences returning to public transport.
“These trends, in addition to lifting of restrictions in Victoria, are hopeful signs that signal the start to industry recovery,” concluded Moldrich.
*Previously released revenue figures have been adjusted to reflect changes in the OMA membership.
^TomTom Traffic Index data (excluding Victoria). The TomTom Traffic Index provides city-by-city urban congestion information. TomTom calculates the baseline per city by analysing free-flow travel times of all vehicles on the entire road network – recorded 24/7, 365 days a year and performs calculations for all hours of each day, providing congestion levels at any time in any city, including morning and evening peak hours.
Editor’s note on how figures are calculated:
The Outdoor Media Association (OMA) estimates that it represents approximately 80% of the Out of Home (OOH) industry in Australia. Figures provided in this media release are net figures (exclusive of commission, production and installation). Figures represent advertiser campaigns posted in each quarter. Figures also include all direct sales which are estimated at 10% of total bookings.