Net media revenue for OOH jumped 11.8% to $259.4 million in the March quarter 2023, according to the Outdoor Media Association (OMA).
Digital OOH (DOOH) revenue accounts for 67.6% of total net media revenue year-to-date, an increase over the recorded 57.6% for the same period last year.
The OOH industry is projecting an annual compound growth rate of 9% over the next four years. The forecast adds to PwC’s projections with the industry’s knowledge of its continued investment in inventory, the launch of the new measurement platform MOVE 2.0, and the growth of programmatic buying.
OMA CEO Elizabeth McIntyre said: “The OOH industry has never been as nimble, focussed and unified, with a flurry of activity to start the year.
"From the Healthy Returns OOH campaign reaching 12 million Australians to encourage healthy food choices; to launching the OOH Toolkit which gives greater transparency into Attention, Reach, and Impact metrics for all signs; and, just last week, we hosted our first conference in partnership with the IAB, Powering DOOH, focussed on the potential of programmatic OOH for advertisers.
“Coming off the back of $1 billion in revenue in 2022, the sky is the limit for OOH and I look forward to leading the OMA and MOVE to drive this growth."
The OMA added two new members in quarter one: Gawk, a OOH provider in regional Victoria, and S&J Media Group, who specialise in transit advertising from the Sunshine Coast to the Gold Coast, and Melbourne.
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