The out-of-home (OOH) sector has seen year-to-date (YoY) revenue tracking at an increased 16.6 per cent over last year, with the full calendar year set to exceed expectations.
The month of November is the OOH’s eleventh consecutive month of YoY growth, the Outdoor Media Association (OMA) reporting monthly net revenue of $74.3m, compared to last November’s $65.9m.
Industry net revenue was recorded at $606.8m of the 11 months so far, a result sharply up from last year’s $520.7m, and the OMA says OOH audiences have grown 37 per cent over the last five years.
According to the OMA, all formats of OOH media saw YoY growth, and chief executive Charmaine Moldrich says next month will be the same story.
“December will be another strong month for the industry and I predict total revenue for 2015 will surpass our earlier expectations,” she says.
Moldrich attributes the revenue climb to OOH’s unrivalled consumer reach, “Our ‘unmissable’ factor means we cannot be ignored or turned off,” she says.
“Nine out of ten people leave home each day, making four trips on average, meaning OOH can now reach 12.2 million people making 51 million trips on a daily basis, which is a lot of eyeballs on OOH.”
[Related: Future forecasts for OOH]
The positive revenue growth has seen skyrocketing share prices for oOh!Media, which is currently trading at an all time high of $4.69.
Categories with particularly strong numbers for November are roadside billboards at $26.7m, transport at $14.4m and retail and lifestyle at $11.3m.
OOH media is not immune to the print industry’s digital boom, with digital-out-of-home media making up 27.3 per cent of the total year revenue, climbing steadily from last year’s 16.9 per cent.
The OMA says outdoor media is embracing digital as well as continuing to harness the power of print in order to stay relevant.
“Digital is just the icing on top of the tried and true outdoor poster – which allows brands to dominate and own a space,” says Moldrich.
“Digital has given advertisers the ability to develop targeted Outdoor creative, specific to their audience, time of day and mode of transport – which gives OOH more depth than ever before.”
Profit increases for OOH have the OMA forecasting more growth for the industry, and Moldrich says they are confident about the future of outdoor media.
“OOH now makes up 5.2% market share. Revenue results like what we’ve seen through 2015 keep us confident we will soon reach our target of 6%,” she says.
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