World Out of Home Organisation (WOO) president Tom Goddard used WOO's second Asia Forum in Bali last week to outline a strategy to grow the medium by 1% a year.
APAC is home to four of the world's biggest OOH markets. OOH's share in the region is now 7% compared to a global average of 5%, driven by technical and creative innovation.
OOH globally has recovered strongly from the pandemic with revenues hitting $36bn, exceeding pre-lockdown levels. But the medium has much to do, Goddard said, to reach its merited market share of 10% and he outlined a course of action to grow the medium by 1% a year to reach this goal.
Goddard said that what the industry still needs is: more consolidation - research shows that consolidated markets achieved a bigger market share; more coordinated Adtech Strategies - the adtech industry is booming but too fragmented; more measurement and data across all markets - perhaps the key factor and a constant theme at all WOO"s regional and global events; more collaboration on standards and language - the medium must become easier to plan and buy; and more empowerment and resource for national associations - active and energetic national associations drive best practice, innovation, and sector growth but too many are under-resourced.
Goddard concluded on a high note: "In many ways we can see the future of OOH happening now in Asia Pacific and the medium as a whole has much to learn from the innovation and creative excellence we see here. In that respect our second Asia Forum truly has been an eye-opener. Our challenge now is to harness this energy and desire to improve in a way that drives the whole industry towards that highly achievable 10% global market share."