PRINT'S OUTDOOR SHARE FALLS
The amount spent on outdoor print fell again in the first quarter of the new year, as marketers continue to invest in digital outdoor media.
Print’s share of the spend fell to 25.9 per cent in the quarter, down from the 29.3 per cent in the same period last year. However, print’s share of outdoor appears to be stabilising, the 25.9 per cent almost the same as the full year 26.1 per cent for 2023.
The amount spent on print has been falling significantly quarter-on-quarter for almost a decade, from the point where it accounted for the majority of the outdoor media spend, to around a quarter today. The latest fall though is the smallest yet recorded.
In cash terms, $74m was spent on outdoor print this quarter, compared with $76.75m in the same quarter last year.
The total amount spent on outdoor advertising, including digital and print, increased by 9.26 per cent in Q1 this year compared to last, at $287.6m, up from $263.2m.
OMA CEO Elizabeth McIntyre said, “The OOH industry has never been as nimble, focused, and unified, with a flurry of activity to start the year. From the ‘Fresh veg, deliciously affordable’ OOH campaign being our industry’s largest campaign yet, valued at more than $12.3m, to launching the next phase of Move which gives greater transparency into Attention, Reach, and Impact metrics for all signs; and just last week, we hosted our second conference in partnership with the IAB, Powering DOOH, focused on the potential of programmatic OOH for advertisers.
“After achieving $1.2bn in revenue in 2023, I am eager to lead the OMA and Move initiatives to propel the continued expansion of the OOH sector,” McIntyre concluded.
The Out of Home (OOH) industry is projecting an annual compound growth rate of nine per cent over the next four years. The forecast adds to PwC’s conservative projections, with the industry’s knowledge of its continued investment in inventory, the launch of the new measurement platform Move, and the increase of programmatic buying all indicating growth.