Global Out of Home revenue looks set to exceed 2022's $36.8bn, with six factors set to drive further growth in 2024 and beyond according to World Out of Home Organisation (WOO) president Tom Goddard speaking at its first in-person Africa Forum in Cape Town.
The factors driving growth were identified as: digital transformation (improving presentation standards, delivering 100% illumination and reducing lead times to hours instead of weeks); media ownership consolidation (statistics show how consolidated markets win a larger share of ad expenditure): better measurement (which builds trust, improves buyer confidence, compares well to other media and enables a common trading currency); automation (which improves efficiency and enables programmatic trading); value for money (OOH compares favourably with all other media in its reach and impact. Better-funded, more unified trade bodies are key to getting this particular message across); winning the contest with online (with the global ad market bedevilled by fears over brand safety, fraud, and fake news, there’s an enormous opportunity for a trusted medium like OOH).
Globally, said Goddard, a big challenge for OOH, aside from the seemingly remorseless rise of digital, remains sustainability. Major brands and media agencies have set fixed goals to reach carbon net zero by 2030 and not only do they expect media suppliers to follow suit, but many have also stated they will only buy media from Ad Net Zero-rated suppliers. That’s why WOO has set up a special task force and a dedicated website to help members achieve this goal.