DIGITAL HITS TWO THIRDS OF OUTDOOR, PRINT DIPS BUT FORECAST POSITIVE

Revenue from digital outdoor media hit two thirds of total spend for the first time in the Q1 figures, sending print revenue into decline, but forward forecasts look positive for print.

The Out of Home (OOH) industry saw an increase of 11.8 per cent on net media revenue for Q1 2023, reporting $259.4m, up from $232.1m for the same quarter last year.

Digital OOH (DOOH) revenue now accounts for 67.6 per cent of total net media revenue year-to-date, an increase over the recorded 57.6 per cent for the same period last year.

Print’s share has slipped to less than a third of revenue for the first time, and in cash terms the first quarter of this year saw $84m spent on print compared with $98m in the same period last year.

The Outdoor industry is projecting an annual compound growth rate of nine per cent over the next four years, which will add almost 50 per cent to the current $1bn a year revenue, meaning even with declining market share the volume of cash spent on print will likely increase.

New 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 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, focused 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,” concluded McIntyre.