OOH worldwide revenue is forecast to exceed $US40 billion for the first time with a market share against other media of 5.1%, up from 4.7% in 2022, according to the latest World Out of Home Organisation survey.
Pre-pandemic market share was 5.8% with revenue of $36 billion in 2019.
The Global Out of Home Media Spend Index has been expanded to include first party data from 81 territories, accounting for 95% of the world's GDP.
By region, North America’s market share was lowest at 3.05 (although it remains the second biggest territory by revenue behind Asia), Europe 5.9%, Asia 7.2%, Australia/New Zealand 5%, Africa 12.5% and LATAM 5.5%.
Digital continues to increase its share of the global market with $15 billion, 37% of the total, forecast for 2023.
"From the figures we can see that revenue is rising at a healthy rate, in traditional classic OOH as well as digital, and we expect further growth of above 5% as we move from 2023 to 2024," says WOO president Tom Goddard.
"Increasing our global share substantially, even amid the digital tidal wave, has to be the industry's objective. The WOO Global Out of Home Media Spend Index provides an invaluable road map for the industry's future."
In Australia, the outdoor industry posted a record $1.06 billion in net media revenue in 2022, an increase of 27.6% over 2021, according to the Outdoor Media Association (OMA) 2022 Annual Report. OOH is tallying a 12.1% share of total Australian advertising spend, up 1.7% from 2021.
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