Further Out-of-Home Growth
Growth continues for Out-of-Home (OOH) with the industry boasting a strong set of results in the third quarter, recording 8.6% growth for the quarter and an increase in sales revenue to $132.3 million, up from $121.8 million for the same period last year. Year to date revenue has increased by 5.6%, taking the amount to $381 million, up from $360.8 million for the same period last year.
“We are pleased that advertisers are recognising that Out-of-Home is the number one broadcaster in today’s fragmented media market. We are the one traditional media channel still able to reach mass audiences and we do that very cost efficiently,” said Charmaine Moldrich, CEO of the Outdoor Media Association (OMA). “We are in an exceptionally good position with technology, as it makes our media channel stronger and shifts OOH from being a passive glance medium to a more active channel with the adoption of QR Codes, NFC and other digital advancements.”
Growth continues in the area of Digital Out-of-Home (DOOH) as advertisers take advantage of the flexibility of its displays. Digital revenue currently represents 10.8% of sales revenue, increasing from 7.5% share of revenue estimated at end of year 2012. Globally, DOOH advertising is the fastest growing format in Outdoor, so continued growth in Australia is expected as new inventory is made available.
The recently released figures from the Commercial Economic Advisory Service of Australia (CEASA) also paints a rosy picture for OOH, ranking it as the third strongest medium for the first half of 2013, with a market share of 4.7% up from 4.4% for the corresponding period last year, in a flat overall media market which saw minimal growth of 0.3%.