OUTDOOR PRINT FALLS BY $65M IN 2023
The spend on outdoor print dropped by $65m, or 17 per cent, last year, compared with the previous year, while digital outdoor surged to new heights.
Investment by brands in Out-Of-Home (OOH) advertising rocketed, achieving an increase of 12.2 per cent on net media revenue for 2023 over the year before, soaring to a record breaking $1.12bn, up from an adjusted figure of $1bn for the previous year.
However while the appetite for outdoor advertising is increasing strongly, print’s share of it continues to plummet, it now accounts for just over a quarter at 26.1 per cent, compared with more than a third the year before at 35.5 per cent.
A decade ago print accounted for 88.7 per cent of the outdoor spend, with digital at 11.3 per cent. Total spend on out-of-home that year was $543m, print’s share was $482m.
Total spent on outdoor print advertising in 2023 was less than two thirds of the figure from ten years ago, at $312m, and down by $65m from $377m the year before, when outdoor was shrugging off the lingering effects of Covid.
According to oOh! Media outdoor advertising is the fastest growing sector advertising, and now stands at a record 14.5 per cent total share of all spend on media.
For the print industry the ongoing decline in outdoor media has been more than compensated by the surging demand for POS and instore retail display, as brands battle back against online shopping, by providing a shopping experience partly through the use of instore displays, and they are increasingly using POS to encourage impulse buys.
Along with the annual figures for 2023 the came those for quarter four 2023, which saw an increase of 10.9 per cent on net media revenue year-on-year, posting $366.6m up from $330.7m for quarter four 2022.
Outdoor Media Association CEO Elizabeth McIntyre highlighted to the irrevocable trend to digital, she said, “In 2023, we saw our members invest into the future of the Out of Home channel, with the launch of Oasis, the boom of Programmatic buying and the development of Move2. This is a testament to our industry’s commitment to offering transparency and accountability for every dollar spent on OOH.”
“The launch of Move2 will bring change to our industry with the new capacity for seasonal variance, and regional and place-based audiences to be captured in the Audience Measurement System. Our industry will be able to dive into the data and provide accurate insights to OOH buyers. Our efforts are focused on establishing robust systems that ensure exceptional user experience.”